Aiming at quantitative and convertible bond assets! The remarks of this large brokerage executive send signals

Recently, executives from China Galaxy attended the Q3 2025 performance briefing.

This large brokerage firm has a unique approach in international business, wealth management, and institutional business. The executives answered investors' questions regarding these competitive business areas and released valuable information.

Among them, the allocation logic of major asset classes in a low-interest environment has become a topic of high concern for investors.

Zhitang has organized the content of this briefing as follows for readers.

Strengthening Overseas Layout

The company's investment banking business adheres to a functional-first positioning, focusing on enhancing the quality and effectiveness of services aligned with national strategies, concentrating on key industries of the 14th Five-Year Plan, actively promoting business collaboration, deepening integrated development at home and abroad, creating benchmark cases in equity and debt financing, as well as mergers and acquisitions, and enhancing the scale of equity and debt financing and mergers and acquisitions.

The company's international business network covers Hong Kong, Singapore, Malaysia, Indonesia, Thailand, and other regions, making it one of the Chinese brokerage firms with the widest network in Asia. Moving forward, the company will continue to strengthen the penetrating management of overseas subsidiaries, deepen the efficient collaborative operation system of the entire business chain at home and abroad, and consolidate its core market position in Southeast Asia.

The company's wealth management business consistently aligns with national resonance, co-creating with partners, and progressing together with clients, focusing on the needs of different customer groups, continuously iterating and upgrading the trading system, and forming a more diverse, stable, and sustainable service ecosystem.

The company's institutional business aims to become a full-chain service provider that clients rely on, continuously promoting the deep integration of technology and business, continuously improving the institutional service ecosystem, and focusing on providing a one-stop solution that balances diverse business scenarios, personalized and comprehensive services, covering research services, over-the-counter derivatives, institutional wealth management, custody and fund services, prime brokerage (PB) business, equity services, and more.

Shift in Investment Business

In the current low-interest environment, traditional fixed-income investments face challenges of low spreads and high volatility. FICC investments, while maintaining traditional fixed-income investments, are primarily expanding into quantitative investments, neutral investments, structured products, and other investment tools to enrich investment strategies and categories, thereby improving investment returns.

In terms of OCI investments, the company utilizes its own funds while actively responding to new financial policy support tools such as central bank swap facilities, maintaining the basic stability of OCI account investment scale under reasonable dividend yields.

Focus on Convertible Bond Market Opportunities

In terms of equity business, facing the recent gradual decline in the scale of the convertible bond market, the company's convertible bond investments will continue to leverage traditional professional advantages, combining the characteristics of convertible bond assets with the characteristics of the brokerage's proprietary business, maintaining a relatively stable investment style, reasonably controlling investment scale and direction, striving to manage volatility, and achieving stable returns.

New Round of Strategic Planning

Regarding the company's new round of strategic planning, the company is currently conducting in-depth discussions and rigorous evaluations. This is a crucial plan for the company's development over the next five years and beyond. We need to comprehensively assess the macroeconomic environment, capital market policy requirements, changes in the securities industry, financial technology transformations, and our own development foundation to ensure that the final strategy is clear, feasible, and capable of creating long-term value for all shareholders