吴清主席在中证协大会的致辞学习：监管态度转向积极，看好券商板块行情

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Insights - The report highlights a positive shift in regulatory attitudes, encouraging financial innovation and mergers, which is expected to catalyze market performance [5][7] - Three main development lines for the industry are identified: serving technological innovation, wealth management, and international business [6][7] - The report emphasizes the potential for significant growth in wealth management services, as current asset allocation in China is low compared to historical levels in the U.S. [6] - The valuation of the sector remains low, presenting strategic investment opportunities, particularly in firms with strong overseas and institutional business advantages [8] Summary by Sections Regulatory Environment - The regulatory framework is becoming more favorable, with a focus on differentiated supervision for quality institutions and encouragement for financial innovation and mergers [5][7] Industry Development Lines - The industry is focusing on three key areas: 1. Supporting technological innovation through capital market functions [6] 2. Expanding wealth management services to meet growing demand [6] 3. Enhancing international investment banking capabilities to support cross-border financing [6] Market Outlook - The report suggests that the improved regulatory stance may act as a catalyst for the sector's performance, with expectations for enhanced return on equity (ROE) for brokerage firms [7] - Specific firms are recommended for investment based on their strengths in overseas and institutional business, as well as wealth management [8]