FCSC(SZ:002797)2025-01-09 09:44Group 1: Company Strategy and Performance - The transfer of shares from Shouchuang Group to Beijing Guoguan is a strategic arrangement to enhance the operational efficiency of state-owned capital [2] - The company has been focusing on a trading-driven transformation strategy since 2021, aiming to enhance pricing and trading capabilities to provide liquidity to the market [3] - The company plans to continue adjusting its leverage based on regulatory and risk management requirements, maintaining an appropriate level of leverage in bond investments [5] Group 2: Investment and Asset Management - The company’s fixed income self-operated assets are flexibly adjusted based on market changes and risk management, with a high proportion of high liquidity bonds [4] - The company aims to achieve stable returns through absolute return strategies in equity investments, dynamically adjusting the scale based on market conditions [7] - The company has established a strong fixed income asset management system and is a pioneer in ESG research and FOF investment, enhancing its competitive edge in the market [9] Group 3: Market Outlook and Trends - In 2025, a moderately loose monetary policy is expected to make fixed income funds more attractive compared to bank deposits, supporting the stability of fund management scale [8] - The public fund industry is anticipated to gradually lower comprehensive fee rates to enhance product competitiveness, leading to a favorable industry development pattern [8]