Recently, China Great Wall Securities Co.,Ltd. conducted an in-depth exchange with Yan Yilan, a non-bank financial analyst from Gf Securities Co.,Ltd., in an investor relations activity, disclosing key information about the company's various business segments.

**Key Information from Investor Relations Activity**

Activity Type: Specific Target Research Time: August 18, 2025, 14:00 - 15:00 Location: Conference Room 1, 18th Floor, South Tower of Energy Building, No. 2026 Jintian Road, Futian District, Shenzhen Participating Institution: Gf Securities Co.,Ltd. Company Representatives: Zhou Zhongshan, Vice President and Board Secretary (acting as President and CFO); Mo Li, Head of Brand and Public Relations Department; Long Jing, Information Disclosure Officer of the Board Office

**Key Business Highlights**

**Proprietary Equity Investment and Fixed Income Business:** China Great Wall Securities maintains a "high dividend plus" strategy for proprietary equity investments, using "low volatility" high dividend assets as the profit foundation. The company employs a "flexible and balanced" strategy for agile allocation while strictly controlling drawdowns, utilizing swap facilities to revitalize existing assets and optimize structural allocation, building a "pyramid-type" asset portfolio. Facing low bond market yields, the fixed income business is actively transforming by strengthening the construction of asset allocation systems, exploring diversified bond strategies, enhancing bond market analysis, and enriching interest rate-neutral strategies.

**Brokerage Business Features:** China Great Wall Securities' brokerage business has three distinctive features. First, it has built a wealth intelligence platform to provide personalized, refined, and highly matched precision services for clients. Second, it develops specialized businesses such as "Alchemy Tips" and "Super Grid" to meet residents' diversified wealth management needs. Third, it enriches the product shelf with fixed income and ETF arbitrage products, creating the "Wealth Great Wall" management business brand.

**Incremental Business and Strategic Planning:** In the first half of 2025, China Great Wall Securities' wealth management and proprietary investment businesses achieved stable growth, while investment banking and asset management businesses recovered rapidly year-over-year. The company adheres to the "industrial securities + first-class investment bank" strategy, leveraging its advantages as a state-owned enterprise-controlled securities firm to build professional capabilities in industrial finance, construct a new ecosystem for industrial finance, and serve the real economy.

**Technology Empowerment:** In 2025, China Great Wall Securities continues to increase investment in AI technology, big data analytics, and cloud computing. The IT budget focuses on infrastructure upgrades and data platform construction. The Zhiyuan AI Center has already played a role in account services, customer churn analysis, precision marketing, and wealth business management.

**Synergy with Shareholders and Subsidiaries:** As a financial platform under China Huaneng Group, China Great Wall Securities has established a Group and Strategic Client Department, implementing a "1+N" service model to assist China Huaneng and its subsidiaries from multiple aspects including bond issuance, equity financing, capital market operations, research projects, and strategic emerging industry deployment.

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