Core Viewpoint - Tianfeng Securities has reported significant growth in revenue and market value, attributed to the strategic initiatives implemented by Hubei Hongtai Group, marking a successful transformation under the "New Tianfeng" strategy [1][2]. Financial Performance - From January to September, Tianfeng Securities achieved a total revenue of 2.112 billion yuan, representing a year-on-year increase of 57.53% [1]. - As of the end of October, the company's total market value reached 59.23 billion yuan, an increase of 27.57 billion yuan since March 2023 [1]. Strategic Initiatives - Hubei Hongtai Group has taken substantial steps to strengthen its control over Tianfeng Securities, including completing the share transfer in February 2023 and increasing its shareholding to 28.14% through a 4 billion yuan private placement [1][2]. - The "Second Entrepreneurship" initiative launched in April 2025 has been pivotal in driving performance improvements across various business lines [2]. Business Development - The investment banking segment has shown strong performance, ranking 8th in corporate bond underwriting and 12th in IPO underwriting during the first nine months of the year [2]. - Tianfeng Securities has also excelled in proprietary investments, significantly outperforming the Shanghai Composite Index during the same period [2]. Governance and Management - Under the leadership of Hubei Hongtai Group, Tianfeng Securities has enhanced its corporate governance, focusing on efficiency and streamlined management [2][3]. - The company's regulatory evaluation and credit ratings have improved, with the Shanghai Stock Exchange rating upgraded from C to B, and maintaining an AAA rating domestically [3]. Future Outlook - Tianfeng Securities aims to leverage new opportunities in the evolving market landscape, focusing on high-quality development and establishing itself as a new type of brokerage firm with strong governance and operational excellence [3].

Group 1 - Hubei Hongtai Group became the controlling shareholder of Tianfeng Securities in 2023, leading to a strategic transformation of the company as the only securities firm in Hubei Province, providing strong financial support for local development through the "urban investment bank" strategy [1] - Over the past three years, Tianfeng Securities has facilitated over 120 billion yuan in financing for Hubei enterprises, achieving significant results in IPO services, including projects for Jin Ying Heavy Industry, Youzhiyou Biotechnology, and Xingfu Electronics [1] - In 2024, the company helped local entities issue 15 bonds, raising 12.52 billion yuan, and its subsidiary Tianfeng International assisted Wuhan Metro Group in issuing overseas bonds [1] Group 2 - Tianfeng Securities has established multiple provincial investment liaison stations through its subsidiary Tianfeng International to actively support the attraction of foreign capital to Hubei [2] - The company has innovated financial products by launching the first local government bond basket in the national interbank market, effectively reducing financing costs for local governments [2] - As the state-owned enterprise reform approaches its conclusion, Tianfeng Securities aims to align with Hubei's development strategy, focusing on technology finance and continuing to advance the "urban investment bank" strategy to contribute to the region's growth [2] Group 3 - In the first four months of the year, 37 new IPOs were launched nationwide, raising a total of 24.745 billion yuan, with Tianfeng Securities ranking fifth in the industry for the number of companies it helped go public, including Xingfu Electronics and Zhongjie Automotive [4]