2025-09-04 12:18Group 1: Industry Development and Opportunities - The Chinese capital market is currently in a development stage focused on "high-quality development," emphasizing financial strength as a national strategy [1] - The new "National Nine Articles" highlight the principles of serving the real economy and market-oriented legal frameworks [1] - Regulatory measures are centered around risk prevention, strong regulation, and promoting high-quality development, leading to a transformation in development paradigms [1] Group 2: Strategic Opportunities for Securities Firms - Capital market reforms have expanded the dimensions of securities firms' operations, providing strategic opportunities for transformation [2] - In wealth management, there is an upgrade towards a client trust model [2] - In investment banking, firms are evolving into roles that empower industries [2] - In trading, firms are becoming providers of risk management and asset allocation solutions [2] - In cross-border business, firms are building platforms for global resource allocation [2] Group 3: Investment Banking Business Development - The company focuses on serving the high-quality development of the real economy, aligning with national strategies and regulatory requirements [2] - It aims to strengthen industry leadership and resource accumulation in key sectors, particularly in the Greater Bay Area and Yangtze River Delta [2] - The company is enhancing cross-border collaboration and talent development to support Chinese enterprises' international expansion [2] Group 4: Derivatives and Asset Management - As a primary dealer in OTC derivatives, the company leverages its pricing and trading expertise to enhance product offerings and client services [3] - The investment management segment includes asset management, public fund management, and private fund management, focusing on a diverse product supply system [3] - The company aims to build a leading asset management brand through superior strategies and diverse product offerings [3] - As of June 2025, the public fund management scale of the company ranks third in the industry, while its partner ranks first [3]