FCSC(SZ:002797)2022-12-03 09:06Group 1: Industry Trends - The future of wealth management and investment banking in the Chinese securities industry shows good growth potential, particularly with the establishment of the Sci-Tech Innovation Board [1] - The Chinese securities industry's concentration has been on the rise since 2015, with the market share of the top six listed brokers reaching nearly 51% in the first three quarters of 2018 [2] - The shift towards wealth management is a significant trend, requiring firms to provide comprehensive financial services [2] Group 2: Company Strategy - The company aims to become a securities firm with a focus on fixed income and asset management, as outlined in its 2018-2020 development plan [2] - The company is restructuring its brokerage business to enhance its wealth management capabilities, focusing on product, client, and team improvements [2] - The company emphasizes a client-centered management philosophy to build a future-oriented client management system [2] Group 3: Market Competition - The entry of internet giants into the securities industry has not yet brought revolutionary changes, but firms are leveraging fintech to enhance customer service and marketing [2] - The company recognizes the importance of adapting to technological advancements in the industry [2] Group 4: Risk Management - Derivatives are seen as a crucial component for managing portfolio risks, with the company focusing on bond derivatives for effective hedging [1]