Core Viewpoint - The report maintains the AAA/stable rating for Great Wall Securities Co., Ltd. based on its strong backing from its actual controller, China Huaneng Group, and its diversified business lines, while also highlighting challenges from increasing market competition and regulatory pressures [3][4][5]. Financial Overview - Total assets are projected to grow from 1,002.45 billion in 2022 to 1,232.56 billion in 2024 [6]. - Shareholder equity is expected to increase from 280.81 billion in 2022 to 304.90 billion in 2024 [6]. - Net profit is forecasted to rise from 9.14 billion in 2022 to 15.93 billion in 2024 [6]. - The average capital return rate is projected to be 5.35% in 2024 [8]. Business Segments Wealth Management - Wealth management remains a significant revenue source, with a focus on client-centric services and a slight decrease in revenue due to intensified competition [14][15]. - The company has established a comprehensive wealth management ecosystem, enhancing its product distribution capabilities [14][15]. Investment Banking - The investment banking segment has seen a significant decline in equity underwriting, while bond underwriting has increased by 55.87% to 464.85 billion in 2024 [19][20]. - The company has successfully entered the public REITs market, completing its first issuance [19]. Asset Management - The asset management business has maintained stable revenue, with a total asset management scale of 614.50 billion [24]. - The company has launched multiple asset securitization products, totaling 68.16 billion in issuance [22][23]. Securities Investment and Trading - The securities investment segment has shown a substantial increase in total investment returns, reaching 27.89 billion in 2024 [25][26]. - The company has adjusted its investment strategy to focus on high-quality assets, with a significant portion of its investments in AAA-rated bonds [26]. Industry Outlook - The Chinese economy is expected to maintain a stable growth trajectory, supported by policy measures and increasing domestic demand [9]. - The securities industry is projected to experience a trend of consolidation, with larger firms gaining advantages over smaller ones due to regulatory pressures and market dynamics [9][10].