The completion of the integration between the two major research institutes, what arrangements can they make? Guolian Minsheng also submitted their answers.

The merger and acquisition between securities firms has become a major event in the securities industry in 2025, with the synergistic effect after integration being the core indicator of measuring the success of the integration. As the first case of securities integration to be completed and approved in one go after the Central Financial Work Conference, Guolian Minsheng Securities has clear annual goals, and is currently in the rapid implementation stage of integrating all business lines, with the research business integration already completed. How will Guolian Minsheng Securities, which were both in a strong position in the industry before the merger, integrate the Minsheng and Guolian research institutes? Obviously, this is a difficult issue in the integration of various businesses. Guolian Minsheng's official Weibo account posted a tweet announcing the completion of the integration of the Guolian Minsheng Securities Research Institute, which undoubtedly signifies the official announcement of the completion of the integration, with personnel arrangements being the focus of attention. The effectiveness of the integration? Cailian Press reporters have investigated. Overall, against the backdrop of industry commission shrinkage triggered by public fund fee changes, this merged securities firm ranked sixth in the industry with a 347.73% year-on-year increase in commission income, by differentiating itself through an "AI empowerment + technology research" path and team integration practices, providing a reference value for the high-quality development model of the industry after mergers and reorganizations. Focus One: Building a Characteristic Brand of "AI Empowerment + Technology Research" First is the strategic alignment. Guolian Minsheng Securities is focusing on the five major business areas of "big investment + big investment bank + big investment research + big wealth + big asset management," continuously deepening its differentiated development strategy of "regional cultivation + industrial binding." By 2025, the main task of this merged securities firm is to focus on the two main themes of integration and deepening of businesses, promote the comprehensive integration of governance systems, organizational structures, business systems, operational systems, and cultural concepts, and drive the comprehensive improvement of its main business market position and significantly enhance core competitiveness. In terms of research business, the goals of the new research institute are clear. Currently, the Guolian Minsheng Research Institute is moving towards promoting the scale and integrated development of investment research operations, achieving a synergistic effect of "1+1 > 2," positioning itself around "industry-research linkage, value discovery," closely following the main channel of new quality production, creating a characteristic brand of "AI empowerment + technology research," fully implementing the national strategy of the "five major articles," and serving as the core support for the "investment + investment bank + investment research" flywheel effect, effectively promoting high-quality development of the real economy. The goal of the Guolian Minsheng Research Institute is to become a leading institution in the country. By continuously optimizing the team structurebringing in top talents and nurturing elites internally, and simultaneously upgrading the research evaluation system to amplify market influence through high-quality reportsit is steadily enhancing its industry influence through close collaboration with regulatory bodies and associations. The company's integration practice provides the industry with multidimensional references. For instance, the "AI Empowerment + Technology Research" has evolved from an optional choice to a necessity. Guolian Minsheng's deepening practice of the Deepseek platform application, aligning with the technological layout of leading institutions in the industry, signifies that an intelligent research system is becoming one of the core competitive strengths of securities firms. In the future, AI technology will permeate the entire investment research process, from report writing to data mining to trend forecasting. The level of investment in financial technology will become a key variable in the differentiation of securities firms, and institutions with inadequate technological investment may face greater competitive pressure. Currently, the securities industry is at a critical juncture of transformation from quantity increase to quality change, with integration and mergers and technological empowerment being the two main themes of industry development. For Guolian Minsheng, how to continue deepening synergistic effects, consolidating technological research advantages, and expanding international layout will be key to its advancement towards becoming a leading institution in the country. Focus Two: Significant Increase in the Number and Competitiveness of Research Teams Talent is a topic that must be focused on. Before the merger, the two research institutes had specialized research forces, with the Guolian Securities Research Institute divided into four teams: total volume, high-end manufacturing, consumption, and technology, accumulating deep industry research experience; while the Minsheng Securities Research Institute had industry-leading research capabilities in areas such as artificial intelligence, bulk commodities, and manufacturing. The combination of these two teams has brought a more comprehensive and diverse research perspective and methodology to the new research institute. On one hand, after the merger and integration, the Guolian Minsheng Research Institute has over 30 research teams, covering the entire industry and expanding into overseas markets, quickly meeting the business needs of global clients. Currently, Guolian Minsheng's research analyst team maintains a high scale, ranking seventh in the industry. On the other hand, Guolian Minsheng Securities' research team has the top-tier research strength covering the entire industry, with each track having a dedicated team; total volume, cycle, TMT, high-end manufacturing, consumption, and other major sectors have New Fortune teams leading the way. The talent competitiveness of the Guolian Minsheng Research Institute is diversified across various specialized tracks such as computer, strategy, and metal, with a group of analysts winning awards in industry rankings based on their long-term research accumulation. These members, with years or even over a decade of track-specific research experience, have accumulated rankings in industry evaluations, which not only demonstrate their individual research capabilities but also collectively form the fundamental talent competitiveness of the institution in the field of industry research. For example, Guolian Minsheng's Vice President and General Manager of the Research Department, Hu Youwen, entered the computer industry in 2010 and has been immersed in this field for over a decade. From 2014 to 2020, he was ranked first in the New Fortune Best Analyst in the computer industry for seven consecutive years, earning him the title of "Platinum Analyst" from New Fortune. Furthermore, the Deputy General Manager and Chief Strategy Analyst of the Research Department, Bao Chengchao, has focused on strategy research for many years; the Deputy General Manager and Chief Analyst of the Metal Industry, Qiu Zuxue, has long focused on research in the metal and steel sectors; the Deputy General Manager and Chief Automotive Industry Analyst, Cui Yan, has extensive research in the automotive and automotive parts sectors; the Deputy General Manager and Chief Overseas Research Analyst, Kong Rong, focuses on overseas research layout and analysis; the Deputy General Manager and Chief Household Appliance Industry Analyst, Guan Quansen, has conducted research in the household appliance segment, such as white goods, for many years; the Deputy General Manager and Chief Energy Exploration Industry Analyst, Zhou Tai, has been tracking developments in the energy exploration sector for a long time. Focus Three: Testing the "Pressure Resistance" Capacity under Public Fund Fee Changes Currently, the securities industry is in a key transitional period from quantity increase to quality change. Against the backdrop of homogeneous competition among securities licenses, industry competition intensifies, analyst resources and public fund commission income further concentrate towards the top players. After the public fund fee rate reform in 2024, the overall market size of securities commission income has decreased. In this context, Guolian Minsheng Securities relied on solid research strength to achieve year-on-year growth in commission income. In 2024, it achieved a commission income of 463 million yuan, a year-on-year increase of 347.73%, making it the only securities firm among the top 20 in commission income to achieve year-on-year growth. In terms of rankings, in 2024, Guolian Minsheng Securities' commission income accounted for 4.22% of the overall market size, ranking sixth in the industry. Before the merger, in 2023, Minsheng Securities ranked 17th in commission income, and Guolian Securities ranked 38th. After the merger, Guolian Minsheng Securities saw a significant leap in its commission income rank. Focus Four: Seeking Differentiated Development Directions In the current industry's major changes, the need for forward-looking strategic research, global asset allocation research, cutting-edge technology revolution research, and in-depth industrial chain research is becoming more urgent. Apart from the "merger effect," Guolian Minsheng Securities continues to seek differentiated development directions: First, build a research moat with financial technology. For example, in 2025, Guolian Minsheng Securities will further deepen the integration and application of the artificial intelligence platform Deepseek in research operations, accelerating the construction of an intelligent research system. Second, continuously increase the research coverage of Hong Kong stocks and U.S. stocks. In November, Guolian Minsheng Securities introduced "Overseas Research Queen" Kong Rong as the Deputy General Manager and Chief Overseas Research Analyst of the Research Institute, aiming to produce more high-quality international research products, expand overseas channels, and amplify international influence. Third, actively build an industrial research platform and increase forward-looking and strategic research layouts. In 2023, the first domestic Artificial Intelligence Research Institute was established, along with the establishment of the Artificial Intelligence Industry Advisory Committee, to gather industry wisdom and support the national AI strategy. It can be seen that in the context of intensified homogeneous competition in the industry, differentiated layouts have become the key to securities firms' breakthroughs. Guolian Minsheng's deepening in overseas research, industry research, financial technology, and other areas has provided a feasible path for the industry's differentiated development. Furthermore, as China's capital market continues to open up to the outside world, the coverage of overseas market research and the output of international research products will become important growth points for leading securities firms. Introducing international talent and expanding overseas channels will be important measures for securities firms to enhance their international influence. Moreover, the value positioning of the research business is undergoing a profound transformation. Moving from simple research report output to providing core support for the compound effect of "investment + investment bank + investment research," the research business is transitioning from a cost center to a value creation center, leaping across. This article was reprinted from "Cailian Society." GMTEight Editor: Xu Wenqiang.