万联证券：证券业仍有增量业务空间 建议关注细分赛道突出中小券商等

Group 1 - The securities industry has significant incremental business opportunities, with leading brokerages expected to enhance their strength through mergers and acquisitions and increased leverage, while smaller firms may receive more policy support for differentiated development [1][2] - The industry landscape is likely to optimize rapidly under the guidance of differentiated and specialized development, with a focus on resource integration and the use of M&A mechanisms by leading firms [1][2] - Regulatory policies will strengthen differentiated supervision, allowing for more flexibility for quality institutions while promoting specialized development for smaller and foreign brokerages [1][2] Group 2 - Since the introduction of policies supporting leading institutions through M&A and organizational innovation, there has been a noticeable increase in M&A activities among top firms, which is expected to accelerate further [2] - Domestic leading brokerages currently have lower leverage ratios compared to their international counterparts, and easing leverage restrictions could enhance their capital utilization and return on equity (ROE) [2] - The industry is expected to see more policy support for differentiated and specialized development for smaller brokerages [2] Group 3 - The securities industry is encouraged to innovate financial products, services, and organizational structures while maintaining risk control, to better meet the needs of various investors [3] - There is a focus on enhancing cross-border financial services and promoting internationalization, particularly along the Belt and Road Initiative [3] - The potential business space for the securities industry is vast, with expectations for more measures to support innovation and internationalization, which could catalyze performance growth [3]