Guosen Securities(SZ:002736)2022-12-08 03:21Group 1: Shareholding and Market Position - Shenzhen Municipal Government holds a total of 45.85% of shares directly and indirectly [2] - The company's market share in brokerage business was 5.78% in the first half of 2015, based on commission income [2] Group 2: Commission Levels and Client Base - The company maintains higher commission levels than the market average due to differentiated services and a strong base of high-net-worth clients [3] - The company does not adopt a low-price competition strategy, which supports its commission levels [3] Group 3: Investment Banking and Debt Business - Investment banking revenue accounted for approximately 6.6% of total revenue in the first half of 2015, down from the normal range of 15% to 20% [3] - The issuance of corporate bonds is expected to increase in the second half of 2015, following a shift in the review system from the CSRC to the stock exchange [3][4] Group 4: Asset Management - As of June 30, 2015, the net asset value managed by the company was approximately 147 billion yuan [4]