CMS(600999)2024-10-08 10:21Group 1: Financial Performance - In the first half of 2024, the company's proprietary investment income increased by 21.31% year-on-year, primarily driven by fixed income investment growth [1] - The total investment business income reached 4.75 billion yuan, excluding long-term equity investment income, reflecting a significant increase [1] Group 2: Asset Allocation Strategy - The company aims to enhance investment returns and stability by optimizing resource allocation while managing risks [1] - Fixed income investments will be strengthened, and the company will actively seek new growth points in derivative investments [1] - The stock investment strategy focuses on absolute returns, targeting long-term stable returns across market cycles [1] Group 3: Wealth Management Development - The company plans to grow its wealth management business by focusing on client product profitability and investment experience, transitioning from a "sales-oriented" to a "retention-oriented" strategy [2] - A diversified product system will be established to meet comprehensive wealth management needs, including investment, insurance, and service products [2] - The company emphasizes client-centric advisory services and aims to enhance investor education to improve client experience during market volatility [2] Group 4: Regulatory Changes and Strategic Response - The new regulations on public fund commission reductions aim to enhance the long-term returns for investors and improve service quality in the industry [2] - The company plans to strengthen its research capabilities to support institutional investors in achieving better long-term returns [2] Group 5: Industry Competition and M&A Strategy - The recent "National Nine Articles" encourages mergers and acquisitions in the securities industry to strengthen leading firms and promote differentiated development for smaller institutions [3] - Mergers and acquisitions are viewed as a key strategy for capital expansion and resource integration, enhancing the company's ability to contribute to building a strong financial nation [3]