CITIC Securities: Regional Integration Accelerates, Merger and Acquisition Become Dual Mainline Restructuring the Securities Industry Landscape.

The CITIC Securities research report stated that Dongwu Securities is planning to acquire Donghai Securities, opening a new phase of integration of provincial financial resources. Since 2025, industry mergers and acquisitions have been intensively implemented, forming a dual-line pattern of top-tier strong alliance to build a first-class investment bank, and regional integration led by local state-owned assets to build the leading domestic enterprises. The driving logic has shifted from policy-led to a two-way resonance between policy and market, promoting the industry's transition from dispersed competition to hierarchical stratification. The top-tier pattern has been restructured to have multiple strong players, while the tail-end securities firms are accelerating their exits. Regional integration of small and medium-sized securities firms is opening up a development path for them.