券商板块“异动”频频 注册制下证券行业马太效应或将加剧

Group 1 - The recent merger news among brokerages has led to significant movements in the brokerage sector, attracting attention from institutions and investors [1] - The current macroeconomic environment remains unstable due to ongoing foreign pandemic issues and complex international relations, which has resulted in high market volatility affecting the brokerage sector [1] - The regulatory authorities are focusing on financial supply-side reforms, which will benefit the brokerage sector as a key participant in the capital market [1] Group 2 - The brokerage sector's valuation stands at 2.02 times, which is at the historical median level, indicating potential investment opportunities given the clarity of regulatory policies and liquidity [2] - The trend towards creating large-scale brokerages continues, with leading brokerages expected to benefit from their strong capital and risk management capabilities [2] - The implementation of the registration system for IPOs is anticipated to enhance the growth potential for brokerage investment banking businesses, with larger brokerages likely to gain a competitive advantage [1][2]