CITIC Securities: We recommend focusing on leading brokerage firms that are challenging international top investment banks and mid- to large-sized brokerage firms with the potential to enter the top tier.

CITIC Securities pointed out that during the "15th Five-Year Plan" period, the securities industry is expected to undergo a deep reshaping, promoting the industry to achieve differentiated development, and 10 comprehensive institutions leading the industry's development will gradually take shape. The regulatory cycles of investment banking, derivatives business, futures business, and asset securitization business are expected to gradually warm up, and securities companies are expected to achieve significant development through organic growth and mergers and reorganizations. Asset allocation, integrated services, and internationalization capabilities are expected to become the determining factors for industry differentiation. It is recommended to pay attention to leading securities companies that have the potential to challenge international top investment banks, as well as mid-sized securities companies with the potential to enter the top tier.