Guosen Securities(SZ:002736)2022-12-07 08:11Group 1: Market Reform and Business Impact - The registration system reform will accelerate the development of the capital market and expand market capacity, providing more opportunities for capable securities firms [3] - The capital market will see a significant increase in diversity with the introduction of new boards and mechanisms for different types of companies [3] - Market efficiency will improve, enhancing the marketization of traditional investment banking services such as IPOs and mergers [3] Group 2: Company Performance and Market Position - The company ranks fifth in the number of completed projects and second in market-making on the New Third Board, with the highest trading volume recently [4] - The company's system can support the current trading volume, which has reached a daily average of 2 trillion [4] - The company's commission rates are under pressure but remain above market levels due to differentiated services [4] Group 3: Margin Financing and Business Growth - The average maintenance guarantee ratio in the market is around 240%, with the company's overall level higher than the market average [5] - The new regulation limits margin financing scale to no more than four times net capital, which may slow growth [5] - The company dynamically selects stocks for margin financing based on indicators like price increase, P/E ratio, and P/B ratio [5] Group 4: Account Management and Wealth Management - The market share for new account openings has remained stable despite policy changes [6] - The company leads in account openings and trading volume in the Shanghai-Hong Kong Stock Connect [6] - The company is focusing on talent development and product diversification in wealth management [6] Group 5: Opportunities from Overseas Listings - The company is positioning itself to capture investment banking opportunities from internet companies returning to A-shares, which are expected to be well-received in the market [6]