东海证券：券商行业马太效应强化 关注并购与ROE提升等主线

Group 1: Core Insights - The current trend shows that residents' assets are increasingly shifting towards equity assets, driven by a low interest rate environment and high volatility in real estate investment returns [1] - Regulatory reforms in public funds are promoting a floating fee rate system linked to performance, enhancing investor participation and satisfaction [1] - The wealth management transformation is essential for brokerages, with a focus on developing intelligent advisory platforms and diversified investment strategies [1] Group 2: Self-Investment Insights - The financial investment business of brokerages is characterized by total expansion and structural optimization, with a CAGR of over 15% in financial investment assets over the past six years [2] - Self-investment in equities is expected to expand in scale but contract in proportion, reflecting a cautious risk preference among brokerages after two years of market decline [2] - Fixed income investments have increased to over 90% due to declining interest rates, solidifying their core position in brokerage self-investment [2] Group 3: Market Trends and Innovations - The industry is witnessing a continuous strengthening of the Matthew effect, with leading institutions showing significant competitive advantages in risk hedging and derivative products [3] - Ongoing mergers and acquisitions in the brokerage sector are under scrutiny, with a focus on the performance outcomes of "1+1" integrations [4] - The approval of virtual asset trading licenses is accelerating, indicating a maturation and normalization of regulatory frameworks [4]