Core Insights - Guolian Minsheng Securities is advancing its integration process following a market-oriented merger, focusing on five major business areas: "big investment, big investment banking, big research, big wealth management, and big asset management" [1] - The year 2025 is pivotal for the merged entity, with a focus on integrating and deepening business operations to enhance governance, organizational structure, business systems, operational systems, and cultural concepts [1] - The research business integration is nearing completion, aiming for a synergistic effect of "1+1>2" and positioning itself as a core support for the "investment + investment banking + research" flywheel effect [1] Business Strategy - The merged research institute will emphasize "production-research linkage and value discovery," aligning with national strategies and supporting high-quality economic development [1] - The research teams from both companies have combined to form over 30 research teams, achieving comprehensive industry coverage and expanding into overseas markets [3] - The company aims to leverage financial technology to build a research moat, with plans to deepen the integration of the AI platform DeepSeek into research operations by 2025 [3] Research Development - The company is increasing its research coverage of Hong Kong and U.S. stocks, having appointed a leading international analyst to enhance its global research output [3] - A domestic AI research institute has been established, along with an AI industry advisory committee, to support the national AI strategy [3] - The goal is to become a leading institution in the domestic market by optimizing team structure, attracting top talent, and enhancing research evaluation systems [4]