中外券商比较：结束自营、回归服务，代客引流、代持变现：建不如兼、埋不如卖，授人以渔不是鱼

Investment Rating - The report does not explicitly state an investment rating for the industry but discusses the evolution of brokerage services and the importance of transitioning from proprietary trading to service-oriented models [1][4]. Core Insights - The report emphasizes the shift from proprietary trading to service-oriented brokerage, highlighting the need for brokers to focus on client services and asset management rather than self-directed trading [1][4]. - It compares the operational models of Chinese and US brokers, noting that US brokers have evolved into a more integrated service model, while Chinese brokers still heavily rely on proprietary trading [2][3]. - The report suggests that successful brokerage firms will need to adapt by merging services and focusing on client asset management to remain competitive [8][9]. Summary by Sections Section 1: Comparison of Chinese and US Brokers - US brokers have transitioned from proprietary trading to a service model, with revenue streams evenly distributed across brokerage, investment banking, asset management, and wealth management [1][3]. - In contrast, Chinese brokers, except for a few like CITIC and CICC, still rely heavily on proprietary trading, which disrupts the development of a stable brokerage business [2][3]. Section 2: Revenue Structure - Goldman Sachs' revenue is evenly split among its core business lines, while CITIC's revenue structure shows a 50% contribution from proprietary trading, with other services contributing around 10% each [2][3]. - The report highlights that the reliance on proprietary trading in China creates significant risks and conflicts of interest, which can hinder the growth of more stable brokerage services [2][3]. Section 3: Future Trends - The report predicts an increase in mergers and acquisitions within the brokerage industry, emphasizing that acquiring established platforms can be more beneficial than building new ones from scratch [9][12]. - It also notes that the importance of research and sales in investment banking will grow, as execution becomes a key differentiator in a competitive market [8][9].