Guosen Securities(SZ:002736)2022-12-08 03:18Group 1: Market Impact and Business Operations - The current market situation is expected to have a significant negative impact on the company's IPO business, while the impact on equity refinancing is relatively smaller [1] - The scale of bond issuance for urban investment enterprises has shown a noticeable decline in the first half of 2015 due to related policy impacts [1] - The new three-board listing business has not been significantly affected and is experiencing rapid market expansion [2] Group 2: Revenue and Commission Rates - The new three-board business contributes revenue through a large number of projects, despite lower individual project listing fees [2] - The company's commission rate has seen a slight decline but remains above the market average [2] - The company maintains a higher commission level than the market average due to its early provision of differentiated and diversified services, resulting in strong customer loyalty [2] Group 3: Financial Metrics - As of the end of June, the balance of margin financing and securities lending was 105.3 billion yuan [3] - The company's self-owned equity securities and derivatives/net capital ratio was 43.85% as of the end of June, remaining within regulatory standards even after investing 20% of net assets in blue-chip stock ETFs [3]