SHANXI SECURITIES(SZ:002500)2022-12-08 05:16Group 1: Investor Relations Activities - The investor relations activity involved a specific research meeting with Ping An Securities on July 9, 2014, focusing on the company's perspective on internet brokerage business and the transformation of traditional brokerage services [1][2]. Group 2: Impact of Low Commission Competition - The low commission competition, primarily driven by firms like Guojin and Huatai, has not significantly impacted the company yet, as the commission income is mainly derived from Shanxi Province [2]. - The company recognizes the trend of declining commission prices due to strong substitutability in channel business and has taken necessary measures to address this [2]. Group 3: Strategies to Address Commission Decline - The company plans to expand the scale of channel business to counteract commission price declines by building teams, increasing assets, and expanding network points [2]. - Improving the income structure by reducing the proportion of commission income and increasing the share of non-channel business is a key strategy, with non-channel business income already exceeding 10% by the end of 2013 [2]. Group 4: Enhancing Non-Channel Business Income - The company aims to enhance non-channel business income through better product sales, credit business development, and innovative intermediary services [3]. - The focus is on developing advisory services and derivative business to diversify income sources and improve service capabilities for high-net-worth clients [3]. Group 5: Proprietary Business Scale and Future Plans - The proprietary business scale for 2014 is set at 3 billion, with an increased proportion of equity asset investments compared to 2013 [4]. - The company intends to maintain a prudent investment philosophy, optimize asset allocation, and explore new profit growth points [4]. Group 6: Equity Pledge and Margin Financing - The company has a cautious approach to equity pledge business, focusing on quality of underlying assets rather than just ratings, resulting in a relatively small scale of this business [5]. - The current threshold for margin financing is set at 100,000, with the market maintaining a scale of over 400 billion, indicating a gradual approach to balancing market conditions [5]. Group 7: Financing Channels and Future Tools - The company has been approved to issue up to 2 billion in corporate bonds, with 1 billion already issued in November 2013 [6]. - Future financing plans will be based on market conditions and the company's financial status, with a focus on short-term financing instruments [6].