证监会主席吴清：适度拓宽券商资本空间与杠杆上限 从价格竞争转向价值竞争

Core Viewpoint - The chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the need for the industry to shift from price competition to value competition, focusing on resource integration and the development of benchmark institutions with international influence [1] Group 1: Industry Development - Leading institutions should enhance their resource integration capabilities to form several benchmark institutions with international influence [1] - Smaller institutions are encouraged to focus on niche markets, specialized services, and key regions to create "small but beautiful" boutique service providers [1] Group 2: Regulatory Framework - The regulatory framework will strengthen differentiated supervision, optimizing evaluation indicators for quality institutions and appropriately expanding capital space and leverage limits to improve capital efficiency [1] - For smaller and foreign institutions, differentiated regulatory policies will be explored to promote specialized development [1] - Strict legal supervision will be applied to problematic institutions [1] Group 3: Wealth Management Services - Securities firms and investment institutions are expected to adapt to the evolving landscape in equity investment, price discovery, and risk management [1] - Securities firms should provide a rich and precise wealth management service tailored to different risk preferences, scales, and timeframes, aiming for mutual growth and shared economic benefits with investors [1]