Gelonghui, April 10 | Zhongyuan Securities Research Report indicates that in 2023, the share of net revenue and investment income (including changes in fair value) from China Galaxy (601881.SH) asset management business increased, and the share of brokerage, investment banking, interest, and other revenue declined. The company invigorates high-net-worth customers, and buyers' investment capacity has been further improved; the customer demand business is used as a starting point to improve the quality and efficiency of the investment business, and investment income (including changes in fair value) has clearly picked up; the international business has achieved differentiated competition, and revenue has grown steadily. As a brokerage firm of Central Huijin Holdings, the company's operations focus on serving the country's major strategies and the real economy, and it is expected that in the future, it will continue to benefit from the policy direction of regulating and supporting advantages and disadvantages and building first-class investment banks. Based on the closing price of 11.53 yuan on April 8, the corresponding P/B was 1.20 times and 1.15 times, respectively, maintaining an investment rating of “increase in holdings”.