Core Viewpoint - The integration of Guolian Securities and Minsheng Securities marks a significant milestone in the ongoing wave of mergers in the securities industry, with a focus on enhancing research capabilities and expanding international reach [1][4]. Group 1: Integration Progress - The research business integration between Guolian Securities and Minsheng Securities has been completed, leading to the establishment of the new Guolian Minsheng Securities Research Institute, which is managed by Hu Youwen and includes over 30 research teams [2][3]. - The merged research team has achieved a balanced integration, with each original team contributing equally, thus creating complementary advantages in personnel, expertise, and industry experience [3]. Group 2: Performance Metrics - Despite a general decline in commission rates across the industry, Guolian Minsheng Securities Research Institute reported a significant increase in commission revenue, reaching 463 million yuan, a year-on-year growth of 347.73%, and achieving a market share of 4.22%, ranking sixth in the industry [4]. Group 3: Strategic Goals - The research institute aims to establish itself among the industry leaders while expanding its international presence, focusing on optimizing team structure and enhancing research quality to maintain competitiveness [4][5]. - The institute plans to leverage financial technology and artificial intelligence to build a robust research framework, with initiatives such as the establishment of an AI research institute and the recruitment of international research experts [5]. Group 4: Business Line Integration - The integration of various business lines, including investment banking and wealth management, is progressing rapidly, with Guolian Securities completing the acquisition of 99.26% of Minsheng Securities by the end of December 2024 [6]. - The company has also transitioned its trading systems to support the wealth management business integration, laying a solid foundation for future operations [7].

Core Viewpoint - The integration of brokerage firms and financial technology is driving the development of the financial industry, with Guolian Minsheng Securities being a notable example of successful merger and integration efforts in this context [1][2]. Group 1: Financial Technology Integration - Guolian Minsheng Securities is actively promoting its business integration and financial technology initiatives, including hosting an AI competition for its subsidiaries to enhance understanding of AI products in the financial data sector [1]. - The firm has established a "technology + business" dual-engine model, leveraging AI to accelerate digital transformation across various business areas, including intelligent auditing of prospectuses and credit rating [2][3]. Group 2: Investment Banking Digital Transformation - The company has implemented a systematic approach to digital transformation in investment banking, enhancing efficiency in deal sourcing, due diligence, underwriting, and post-transaction monitoring through intelligent tools and platforms [3]. - By utilizing a business opportunity system and risk screening platforms, Guolian Minsheng Securities aims to improve project quality and enhance collaboration among internal and external resources [3]. Group 3: Investment and Research Synergy - In the investment sector, the firm has developed a digital platform for online management of self-operated, private equity, and alternative investments, facilitating early engagement and continuous tracking of client needs [4]. - The company has also established a robust research framework supported by AI technologies, significantly improving research efficiency and quality, and positioning itself among the top firms in the industry with a market share of 4.22% in commission income [5]. Group 4: Strategic Goals and Future Outlook - Guolian Minsheng Securities aims to become a technology-driven investment bank, focusing on digital platform construction and enhancing risk control and customer experience through big data and AI [7]. - The establishment of an AI research institute and an advisory committee reflects the company's commitment to advancing its capabilities in AI and contributing to national strategies in this field [5][7].