国泰海通：优先配置综合优势显著，以及跨境资产配置能力更强的头部券商

Group 1 - The core viewpoint of the report emphasizes the need for transformation in the fixed income proprietary trading sector of the brokerage industry, which is considered a pillar business [1] - The changes in single business lines are viewed as a reflection of supply-side reforms within the industry, indicating a period of transformation and exploration [1] - The report suggests prioritizing investment in leading brokerages that exhibit significant comprehensive advantages and stronger cross-border asset allocation capabilities [1]