After the disclosure of the 2024 annual report and the first quarter report of 2025, A-share listed securities firms have recently held intensive performance briefing meetings, facing hot issues such as market value management and dividend arrangements, merger and acquisition planning, and strategic transformation that investors are concerned about. Several senior executives from securities firms have stated that the securities industry is entering a new period of development opportunities. In the future, they will optimize their business layout based on market trends, and enhance investor returns and industry competitiveness through increasing dividend frequency and prudently promoting mergers and acquisitions. Market value management has attracted attention to enhance returns. Since the beginning of this year, the focus on investor concerns, diversified presentation forms, and normalized performance communication have become important labels for listed securities firms' performance briefings. Securities firm executives and investors have enthusiastically participated in the "double high" event. According to statistics from Shanghai Securities News reporters, since May, nearly 20 listed securities firms such as Shenwan Hongyuan, Northeast Securities, Western Securities, and Changjiang Securities have actively interacted with investors through channels such as performance briefings and investor reception days. Under the advocacy of regulatory policies, dividends have become the focus of investors' attention. Several securities firms have emphasized that they will maintain a prudent dividend policy and enhance investor confidence through market value management measures. Shanxi Securities stated in a recent investor forum that since its listing, the company has implemented cash dividends every year. This year, the company will continue to maintain a high proportion and frequent cash dividends. In order to improve the efficiency of profit distribution decisions, the shareholders' meeting has authorized the board of directors to distribute mid-term profits. For the shareholder return plan from 2024 to 2026, the proportion of profits distributed annually through cash dividends to the distributable profits realized in the current year will increase from no less than 10% to no less than 30%. Regarding measures related to market value management, Changjiang Securities stated that: firstly, it adopts a prudent cash dividend policy, insisting on bringing long-term, stable, and sustainable investment returns to investors. Since its listing, it has continuously distributed cash dividends for 17 years, ranking among the top listed securities firms in terms of dividend ratio; Secondly, we will continue to comprehensively improve the quality of information disclosure, truthfully, accurately, completely, and timely disclose significant company information to investors in accordance with laws and regulations, and safeguard investors' right to know; The third is to strengthen investor relations management, establish multi-level positive interaction mechanisms and other measures, continuously improve the quality of the company, safeguard investor rights and the long-term investment value of the company. Northeast Securities stated that the company attaches great importance to market value management and has established a full process management mechanism covering value creation, value dissemination, and value realization. In the future, the company will actively respond to the call of regulatory authorities, closely monitor the market's evaluation of the company's value, establish a long-term mechanism to enhance investment value, comprehensively improve the value creation ability of various business lines, comprehensively use various tools to enhance the attractiveness of long-term investments, and better improve the level of investor returns. The cautious promotion of mergers and acquisitions accelerates industry integration. Against the backdrop of the continuous rise of mergers and acquisitions in the securities industry, the progress of mergers and acquisitions and equity changes has received high attention. The acquisition of Guorong Securities' controlling stake by Western Securities, the merger and acquisition of Guosheng Securities by Guosheng Financial Holdings, and the acquisition of Guodu Securities by Zheshang Securities have all been mentioned by investors. Western Securities stated that the company is actively promoting the acquisition of Guorong Securities' controlling stake, and the China Securities Regulatory Commission has officially accepted the relevant administrative license application in the early stage. Currently, the matter is in the regulatory review stage. In response to the progress of the merger, Guosheng Financial Holdings stated that the merger involves various aspects and links such as the inheritance of securities qualifications and licenses, the cancellation and change of market registration by all parties, and the integration of personnel and business. The company is currently in communication with relevant departments to confirm and actively promote the relevant matters. Deng Hongguang, Secretary of the Board of Directors of Zheshang Securities, introduced the integration situation with Guodu Securities. He stated that the company will actively develop an integration plan in accordance with the requirements of the China Securities Regulatory Commission, and will submit it to the commission after completion. According to the Enterprise Accounting Standards, Guodu Securities currently accounts for its financial statements using the equity method, and investment income depends on Guodu Securities' profit and loss situation. Despite the recovery of the securities industry performance in 2024 and the first quarter of 2025, securities firms still face pressure such as a decrease in commission rates and a reduction in investment banking projects. Zhongyuan Securities stated in an institutional survey that the competitive pressure faced by the company is mainly reflected in three aspects: firstly, the trend of increasing industry concentration is further strengthening, and the competitive pressure faced by small and medium-sized securities firms continues to increase; Secondly, the fee rates for securities firms' fee based businesses are showing a downward trend year by year, which puts forward new requirements for the comprehensive service capabilities of small and medium-sized securities firms. The development of characteristic differentiation is still in the process of practical exploration; Thirdly, compared with large securities firms, small and medium-sized securities firms have certain deficiencies in strategic capabilities, capital strength, professional capabilities, and cope with the increasing pressure of industry transformation. Faced with industry competition, small and medium-sized securities firms are laying out distinctive strategies, while top securities firms are continuously improving their comprehensive service capabilities. Shanxi Securities stated that in 2024, the company built its own financial AI platform based on Alibaba's Qianwen big model, and deployed DeepSeek this year. Currently, it has implemented practical applications such as digital employees and bond trading robots. In the future, the company will continue to deepen AI applications, expand more intelligent scenarios, and enable investors to enjoy more efficient and high-quality financial services. Shenwan Hongyuan stated that the securities industry is currently facing valuable opportunities such as medium and long-term capital entry into the market and new quality productivity services, as well as challenges such as profit model transformation and competition restructuring. Shenwan Hongyuan adheres to a blueprint, anchors the goal of building a first-class investment bank and investment institution, strengthens functional positioning, insists on customer centricity, adheres to the business strategy of "promoting lightness with emphasis and integrating lightness with lightness", continuously deepens business transformation, promotes the improvement of market competitiveness of light capital business, enhances the stable investment return level of FICC, equity and derivatives business, continuously improves the comprehensive financial service system, strengthens core professional capabilities such as product design, asset allocation, risk pricing, industry research, and financial technology. (New Society)