智通财经网·2025-07-01 02:18Group 1 - The report from Guotai Junan highlights the evolution of equity proprietary trading in the past few years, indicating a shift towards a new mission and strategy in the current market environment [1] - The equity proprietary trading has undergone two significant transformation phases: the exploration of multi-strategy trading before 2010 and the increased allocation to high-dividend OCI strategies since 2022 [1][2] - The allocation to high-dividend OCI strategies has accelerated significantly since 2022, with an estimated 200 to 250 billion yuan attributed to this strategy, representing over half of the industry's equity allocation [2] Group 2 - The new mission for equity proprietary trading is to achieve high-quality balance sheet expansion, with a focus on increasing the certainty of earnings rather than just improving yield [3] - The "OCI+" model is expected to become a new starting point, with potential incremental assets reaching 497.2 billion yuan if brokers allocate OCI strategies to 40% of net capital [3] - This model allows brokers to more steadily promote strategy trading transformation and enhances their tolerance for equity volatility, thereby solidifying the foundation for subjective proprietary trading expansion [3]