EBSCN(SH:601788) Zheng Quan Ri Bao Wang·2025-12-12 04:50Group 1 - The core viewpoint is that leading investment banks are not exclusive to top-tier institutions, and smaller firms should leverage their advantages and develop in niche areas to create "small but beautiful" boutique investment banks and specialized service providers [1] - The statement from the China Securities Regulatory Commission (CSRC) indicates a shift in regulatory logic from "scale priority" to "functional adaptation" and "value creation," providing a strategic path for sustainable development for smaller brokerages [1] - Smaller institutions can gain unique competitive advantages by focusing on specific industry chains (such as new energy, semiconductors, and biomedicine), regional economies (like the Yangtze River Delta, Chengdu-Chongqing, and Guangdong-Hong Kong-Macao Greater Bay Area), or specific client groups (such as specialized and innovative enterprises, family offices, and high-net-worth clients in counties) [1] Group 2 - The regulatory framework will lower barriers and provide institutional support for the distinctive development of smaller brokerages through differentiated evaluation and business access policies [1] - The revised classification supervision regulations will expand the scope of additional points for main business income, allowing smaller brokerages' efforts in specialized business areas to gain regulatory recognition, thus encouraging a path of "boutique and specialized" development [1] - Recent adjustments by the National Financial Regulatory Administration regarding risk factors for insurance companies have expanded the investment scope to include stable core assets and continued support for technology innovation, reflecting a regulatory intent to guide insurance funds towards high-dividend, low-volatility, and long-term investment value assets [2]