Gelonghui, March 22 | Shanxi Securities Research Report indicates that in 2023, Fangzheng Securities (601901.SH)'s proprietary business achieved revenue of 1.705 billion yuan, an increase of 53.54% over the previous year, mainly driven by performance, and the rest of the business declined. The brokerage business remains the company's largest revenue contributor. The brokerage business achieved revenue of 3.274 billion yuan, a year-on-year decline of 9.06%. During the reporting period, the company's financing costs were reduced and the asset scale expanded steadily. The company's comprehensive financing cost was reduced to a record low of 3.13%, the financial leverage ratio increased to 3.69, an increase of 26%, and the total asset size increased by 22.48%. The company's shareholder dispute has settled, the shareholding structure is clear, and the majority shareholder background is strong, and it has entered a new stage of development. Maintain an “Accumulated Holding-A” rating.