智通财经网·2025-12-31 07:12Core Insights - The securities industry is undergoing a structural transformation towards a synergy between light and heavy asset businesses, driven by regulatory changes that shift focus from scale expansion to efficiency and return assessments [1][4] - The industry is entering a new phase characterized by profound changes and a shift in growth momentum, with regulatory support for equity public funds and index investment favoring leading brokers [2][3] Industry Trends - The brokerage, asset management, and investment banking sectors are forming organic linkages under policy drivers and market changes, enhancing profitability without significantly increasing capital usage [3] - The industry is transitioning from a single-channel service provider to a comprehensive financial solution provider, with a focus on professional capabilities and ecological synergy as core competitive advantages [3] Market Outlook - By 2026, as the starting year of the "14th Five-Year Plan," the policy environment is expected to continue improving, with capital market expectations recovering and trading activity remaining high, potentially leading to a dual resonance of valuation and profitability for brokerage firms [4] - The regulatory framework is promoting institutional openness and encouraging long-term capital inflows, with the balance of margin financing expected to exceed 2.5 trillion yuan by 2025, supporting brokerage, margin financing, and investment businesses [4] - The expectation of a slow bull market is leading to an increase in the proportion of equity asset allocation by brokerages, alongside enhanced capabilities in index investment and public fund distribution, creating structural opportunities in wealth management [4] Recommendations - The securities industry is rated as "recommended," with leading brokers expected to achieve performance recovery and valuation enhancement due to their capital strength, customer base, and comprehensive service capabilities [1] - Companies such as CITIC Securities (600030.SH) and Guotai Junan (601211.SH) are suggested for attention as they are well-positioned to benefit from these industry trends [1]