Group 1 - As of now, 19 listed securities firms have reported their 2021 performance, showing a year-on-year increase in both revenue and net profit, with four leading firms entering the "100 billion club" for net profit [1] - The demand for capital replenishment among listed securities firms is increasing, with three firms recently having their refinancing plans approved by the CSRC, aiming to raise a total of no more than 30.6 billion yuan [1][2] - The capital raised will primarily be directed towards capital intermediary businesses, which include margin financing and securities lending [2][4] Group 2 - The CSRC has expressed ongoing support for securities firms to enhance their capital strength in a compliant manner, leading to multiple refinancing approvals [2] - China Galaxy Securities plans to raise no more than 7.8 billion yuan through convertible bonds, with 3 billion yuan allocated for capital intermediary business, accounting for 38% of the total [2] - Orient Securities aims to raise up to 16.8 billion yuan through A-share and H-share placements, with 6 billion yuan earmarked for wealth management and securities finance, focusing on capital intermediary business [2][3] Group 3 - Capital intermediary business is becoming a focal point for securities firms, as it allows them to leverage their capital advantages to facilitate client transactions and provide liquidity [4] - The income share from capital intermediary business has been steadily increasing, with firms focusing on expanding margin financing and securities lending [4][5] - Several firms, including Guohai Securities and Changcheng Securities, are also directing significant portions of their fundraising towards capital intermediary business, indicating a trend in the industry [5]