中信证券：证券行业在投行业务、衍生品等业务领域有望迎来重大结构性机遇

Core Viewpoint - Inclusive reform is identified as the core content of capital market reform during the "14th Five-Year Plan" period, emphasizing the construction of a capital market system based on "expanding financing + strengthening investment + precise regulation + deep opening" [1] Group 1: Capital Market Development - Continuous strengthening of capital market institutional supply will support technological innovation, optimize industrial structure, enhance resident wealth, and build a strong financial nation [1] - The securities industry is expected to encounter significant structural opportunities in investment banking, derivatives, wealth management, and internationalization [1] Group 2: Investment Recommendations - Two investment themes are suggested: 1) Leading securities companies aiming to become international first-class investment banks; 2) Medium to large securities companies with the potential to enter the top tier [1]