CITIC Securities: The securities industry is expected to usher in significant structural opportunities in investment banking, derivatives, and other businesses.

CITIC Securities pointed out that inclusive reform is the core content of capital market reform during the "15th Five-Year Plan" period. The core of inclusive improvement lies in constructing a capital market system of "expanding financing + strengthening investment + refined regulation + opening up deeply." The continuous strengthening of the capital market system supply will become an important support for promoting technological innovation, optimizing industrial structure, enhancing residents' wealth, and constructing a financial powerhouse. In this process, the securities industry is expected to encounter significant structural opportunities in investment banking, derivatives, wealth management, and internationalization. It is recommended to focus on two investment themes: 1) leading securities companies aiming to compete with top international investment banks; 2) medium and large-sized securities companies with the potential to enter the top tier.