Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company adheres to the "industry brokerage + first - class investment bank" strategic development concept, leveraging its state - owned enterprise - controlled brokerage advantages to build industrial finance capabilities and promote the optimization and upgrading of the industrial chain [26]. - In 2025, the company's various business lines are developing in a coordinated manner, with stable growth in wealth management and proprietary investment, and a rapid rebound in investment banking and asset management [25]. 3. Summary of Related Catalogs 3.1. Research Basic Situation - The research object is Great Wall Securities in the securities industry, and the reception time is August 18, 2025. The reception personnel include the company's vice - president, board secretary (acting as president and financial officer), brand and public relations department head, and board office information disclosure staff [17]. 3.2. Detailed Research Institutions - The research institution is GF Securities, and the receptionist is Yan Yilan, a non - banking financial analyst [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - **Proprietary equity investment structure**: The company adheres to the "high - dividend +" strategy, building a "pyramid - shaped" asset portfolio. The "low - volatility" high - dividend assets are the profit cornerstone, the "flexible and balanced" strategy configures assets flexibly, and the swap convenience business optimizes the structure [24]. - **Fixed - income business transformation**: As bond yields reach historical lows, the company is exploring transformation, including strengthening the construction of the asset allocation system, exploring diversified bond strategies, and enriching strategies such as interest - rate bond neutral [24]. - **Brokerage business features**: The company focuses on customer - centric services, builds a wealth intelligence platform, develops characteristic businesses like "Alchemy锦囊" and "Super Grid", and enriches product shelves to build a "Wealth Great Wall" brand [24]. - **Incremental business and strategic goals**: In the first half of 2025, various business lines of the company developed well. The company adheres to the "industry brokerage + first - class investment bank" strategy to promote the development of the industrial chain [25][26]. - **Technology - enabled investment**: In 2025, the company increased investment in AI, big data, and cloud computing. The IT budget focuses on infrastructure and data platform construction, and the AI center supports multiple business operations [26]. - **Synergy with shareholders**: As a financial platform under China Huaneng, the company has carried out cooperation in five aspects, including debt management, equity financing, financial advisory services, key research projects, and strategic emerging industry layout [27].

Core Viewpoint - The company actively engages in financial services to support the real economy and high-quality development, focusing on five strategic areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, contributing to national strategies and market demands [1] Group 1: Technology Finance - The company emphasizes the strategic importance of technological self-reliance and allocates resources to cutting-edge innovation areas, creating a comprehensive service platform that connects financial support with industrial needs [2] - As the lead underwriter, the company successfully issued 1.5 billion yuan in "digital economy" technology innovation bonds in July 2024, enhancing financial support for technological self-reliance [2] - The issuance of the first technology innovation bonds by a securities company on May 9, 2025, represents a key initiative to implement the national innovation-driven development strategy [2] Group 2: Green Finance - The company integrates green development concepts into its operations, actively responding to the national "dual carbon" goals [3] - It has issued four green bonds totaling 5.21 billion yuan and one sustainable-linked bond of 700 million yuan as the lead underwriter by the end of 2024, highlighting its role in green financing [3] - The launch of the "Longcheng Securities Electric Power Energy Credit Bond Basket" in October 2024 marks a significant innovation in green financial products [4] Group 3: Inclusive Finance - The company aims to lower the barriers to quality financial services, benefiting a broader range of market participants [5] - It is developing a wealth management platform to provide personalized and precise services, enhancing the accessibility of financial products [5] - The company supports rural revitalization by conducting financial literacy training in various counties, improving local financial knowledge and risk awareness [6] Group 4: Pension Finance - The company is actively developing pension finance services in response to the aging population [7] - It has launched an elder-friendly version of its app, enhancing usability for older investors [7] - Regular community-based educational activities are conducted to promote pension investment knowledge among elderly investors [7] Group 5: Digital Finance - The company is driving digital transformation in the securities industry through financial technology, enhancing service quality and risk management capabilities [8] - It has developed a strategic plan for financial technology, focusing on collaboration between technology and business [8] - The company has implemented various digital platforms to improve user experience and operational efficiency, including the "Zhiyuan AI Center" and "Strategic Management Digital Platform" [9]

Financial Performance - In 2024, the company achieved total operating revenue of CNY 4.02 billion, a year-on-year increase of 0.73% [2] - Net profit attributable to shareholders reached CNY 1.58 billion, up 9.82% year-on-year, with a weighted average return on equity of 5.38%, an increase of 0.26 percentage points [2] - In Q1 2025, total operating revenue was CNY 1.28 billion, a 41.02% increase year-on-year, while net profit attributable to shareholders was CNY 605 million, up 71.56% [2] Industry Position - In 2024, the company ranked 30th in the industry by operating revenue and 26th by net profit according to the China Securities Association [2] - In Q1 2025, the company's net profit ranked 17th among listed securities companies [2] Strategic Focus - The company aims to build a new industrial financial ecosystem and enhance service quality through the "Five Major Articles" of financial work [3] - Emphasis on serving the real economy and enhancing service levels through technology and innovation [3] Dividend Distribution - The company plans to distribute a cash dividend of CNY 0.92 per 10 shares, totaling CNY 371 million for 2024 [6] - The total expected cash dividend for 2024 is CNY 524 million, including mid-year distributions [6] Investment Banking Performance - In 2024, the company served as the lead underwriter for 4 refinancing projects with a total underwriting scale of CNY 1.43 billion [8] - The bond underwriting scale reached CNY 46.49 billion, a 55.87% increase year-on-year [8] Technology Investment - In 2024, the company invested CNY 256.22 million in information technology, focusing on system construction and operational expenses [9] - Plans to strengthen internal fintech development and create AI systems tailored to business needs [9] Shareholder Engagement - The company is actively implementing a share buyback plan as announced on April 9, 2025, with updates to be provided as the plan progresses [10] Future Outlook - The company aims to enhance operational resilience, decision-making support, and competitive business development while focusing on high-quality growth [11]