Dongwu Securities released a research report saying that with regard to the development process of mature markets in the US and Japan, the domestic securities industry is expected to continue the long-term evolution trend of concentrated leaders and strong players. Superposition policies will continue to promote the normalization of mergers and acquisitions in the context of first-class investment bank construction, high-barrier business resources will continue to gather at the top, and the performance stability and long-term growth space of leading large brokerage firms will have a significant advantage. Referring to the hierarchical development experience of mature markets in the US and Japan, the domestic securities industry will form a three-tier steady pattern: ① leading brokerage firms rely on strong capital to lay out heavy capital and cross-border business to create all-round aircraft carrier brokerage firms; ② regional medium-sized brokerage firms are based on local or deep segmentation tracks and follow a boutique route; ③ profit pressure on tail brokerage firms may be pressured by mergers and acquisitions or shrinking to basic channel business.

Dongwu Securities released a research report saying that with regard to the development process of mature markets in the US and Japan, the domestic securities industry is expected to continue the long-term evolution trend of concentrated leaders and strong players. Superposition policies will continue to promote the normalization of mergers and acquisitions in the context of first-class investment bank construction, high-barrier business resources will continue to gather at the top, and the performance stability and long-term growth space of leading large brokerage firms will have a significant advantage. Referring to the hierarchical development experience of mature markets in the US and Japan, the domestic securities industry will form a three-tier steady pattern: ① leading brokerage firms rely on strong capital to lay out heavy capital and cross-border business to create all-round aircraft carrier brokerage firms; ② regional medium-sized brokerage firms are based on local or deep segmentation tracks and follow a boutique route; ③ profit pressure on tail brokerage firms may be pressured by mergers and acquisitions or shrinking to basic channel business.