Ge Long Hui A P P·2025-11-20 23:53Core Insights - The report from CITIC Securities indicates that the securities industry is expected to enter a new upward cycle, aligning with the "14th Five-Year Plan" to enhance the inclusiveness and adaptability of the capital market [1] Policy Opportunities - The first key opportunity is the policy guidance for the capital market to serve new productive forces, with reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market enhancing the investment banking sector's value creation capabilities, thereby meeting the financing needs of high-tech enterprises throughout their lifecycle and opening up long-term growth space for investment banking [1] - The second opportunity involves the improvement of the long-term investment ecosystem, where channels for medium to long-term funds such as social security and insurance are continuously opened, stimulating the brokerage asset management and institutional business growth through the expansion of equity products, thus driving the industry towards a configuration-driven transformation [1] - The third opportunity is the promotion of top-tier investment banking cultivation alongside internationalization, where Chinese securities firms can leverage the Hong Kong market and interconnectivity policies to accelerate breakthroughs in international business, with mergers and acquisitions facilitating the concentration of industry resources towards leading firms, enhancing their capital strength and international competitiveness [1]