On August 28th, Guolian Minsheng Securities submitted its half year report for 2026. Revenue and net profit have increased year-on-year for two consecutive years, and total assets have steadily expanded - these figures are already within market expectations. But when mergers and acquisitions enter the deep waters, what is more worth questioning than financial data is: what structural changes are happening within this company?

From the comprehensive implementation of the "one headquarters+multiple specialized subsidiaries" structure to the gradual clarification of the three major strategic directions, there are three parallel transformation mainlines hidden in the semi annual report.

Wealth Investment Bank: A billion dollar wealth management subsidiary has surfaced

On August 10th of this year, the company officially announced the transfer of all assets related to wealth management business to Minsheng Securities, while transferring Minsheng Securities' fixed income and equity investment business back to the parent company.

After this transfer is completed, Minsheng Securities' wealth management business will achieve a leap in level. Based on data from 2025, the number of customers of Minsheng Securities after integration has increased from 1.48 million to about 3.55 million, and the sales scale of financial products has jumped from 17.7 billion yuan to over 120 billion yuan. This is not simply asset collection, but the complete integration of retail capabilities that were originally scattered between two companies into the same professional container.

The semi annual report data confirms the initial effectiveness of this integration. During the reporting period, the company's brokerage and wealth management business achieved a revenue of 1.858 billion yuan, a year-on-year increase of 55.49%; The customer's asset size increased by 12.32% compared to the end of last year; The ownership of financial products increased by 15% compared to the end of last year. The company focuses on the core strategy of "buyer advisory" and builds a layered service system for three customer groups: retail, high net worth, and institutional. The retail end adds a combination of large, medium, and low wave fund advisory supply to meet the needs of bank wealth management diversion; Optimizing account customization system for high net worth clients; The institutional end provides one-stop comprehensive financial services.

More importantly, the synchronous injection of fund advisory qualifications. Guolian Minsheng ranks second in the industry in terms of non stock ownership scale in this business, which means that Minsheng Securities has been standing at a high starting point in the wealth management track since its inception. Looking at the profit trajectory from 2022 to 2025, with operating profits of 1.134 billion yuan, 1.075 billion yuan, 1.176 billion yuan, and 1.626 billion yuan respectively, this sector has already proven its stability across cycles. When it is given an independent organizational carrier and complete business qualifications, the next story is no longer "integration", but "release".

Industrial investment bank: "Investment investment bank investment research" is forming a closed-loop chain

Industry finance collaboration is not just an asset restructuring, but rather building a closed-loop system of "investment discovery value, investment bank realization value, and investment research verification value".

Commercial aerospace is a typical case of the operation of this chain. The company clearly regards "industrial investment banking" as its strategic direction, focusing on twelve cutting-edge tracks such as commercial aerospace, integrated circuits, and artificial intelligence, and building a three in one industrial service capability of "investment+investment banking+investment research". In April of this year, the company assisted Wuxi Liangxi Science and Technology City Park Development Group in issuing "26 Xike K2", which is the first commercial aerospace technology innovation company bond in China, focusing on strengthening the cultivation of cutting-edge industries such as commercial rockets and commercial satellites. In June, the company hosted the "Guolian Minsheng Securities Commercial Aerospace Industry Investment Matchmaking Conference" with the theme of "Capital Gathering, Star Journey", bringing together research institutes, industry chain enterprises, and investment institutions to connect the entire chain of "technology research and development, industry landing, and capital empowerment". Gu Wei, Secretary of the Party Committee and Chairman of Guolian Minsheng Securities, has clearly proposed to build a one-stop capital market service system, covering the full cycle capitalization channels of start-up VC/PE, growth stage debt financing, and mature stage IPO. With the support of Guolian Group's 300 billion fund matrix, we will strengthen the high prosperity track and make every effort to promote Wuxi's sprint towards a billion dollar commercial aerospace industry cluster.

This link is also extending to the regional economic level. Focusing on the field of artificial intelligence, Minsheng Capital has joined forces with multiple parties to establish the Wuxi Guolian Zhisheng Fund, investing 320 million yuan in Jieyue Xingchen, and promoting the landing of enterprises in Liangxi District, jointly building the Jieyue Jiangsu Large Model Acceleration Center, establishing an AIoT module production line, and outputting AI computing basic units that can be deployed on a large scale, helping Wuxi seize opportunities for the development of the artificial intelligence industry. For example, in order to meet the demand for industrial construction in Yixing County, a 1 billion yuan fund will be established in conjunction with local state-owned assets, focusing on high-end manufacturing, embodied intelligence and other tracks. Through investment, industrial resources will be introduced first, investment research will continue to output industrial analysis, and investment banks will provide capital operation services at the right time. The three will form a collaborative closed loop with regional industrial upgrading as the ultimate export.

Tech investment bank: AI is transforming from a 'tool' to the 'operating system' of this company

The company has identified "technology investment bank" as one of its three strategic goals and established a committee to promote digital transformation to continue driving the implementation of the strategy. The penetration of AI is already quite specific: in the investment banking field, AI intelligent review systems are applied to the review of IPO coaching materials and self inspection of application documents, greatly improving the quality and efficiency of manuscript review; In the field of investment research, the intelligent review of research reports is processed over 2000 times per month, and the material review time has been reduced from 10 minutes to 30 seconds; On the trading side, "AI+fixed income market making" covers the entire business scenario of daily market monitoring, automatic quotation, and customer docking. The quotation response is compressed from manual 5-10 seconds to milliseconds. The synchronized launch of the "Wendao" employee assistant and AI intelligent agent platform allows knowledge and data to flow freely between various business units. When AI is embedded in every node of investment bank review, research report writing, transaction execution, and compliance management, it transforms from an efficiency tool into the underlying operating system of the organization.

It's not a puzzle completed, it's a system startup. The system architecture behind the semi annual report of Guolian Minsheng Securities - an independent carrier of wealth management, a closed-loop chain of industry finance collaboration, and an AI driven technology base - is the real variable that determines its future direction. The preliminary results of the integration phase have emerged, and the next test is whether this system can continue to output collaborative efficiency.