BOCIC(SH:601696) Bank of China Securities·2025-12-17 14:08Investment Rating - The industry investment rating is "Outperform" [12] Core Viewpoints - The new sales regulations are expected to accelerate the transformation of brokerage wealth management towards a buyer-centric model, enhancing the overall capabilities of fund sales institutions [2][4] - In the context of improving industry sentiment, the long-term valuation center of the securities industry is expected to rise, suggesting a focus on leading comprehensive brokerages and differentiated strategies for smaller brokerages [4] Summary by Sections Investment Recommendations - Continued optimism regarding the upward valuation potential of the brokerage sector, with new sales regulations likely to expedite the shift towards a buyer-centric wealth management model [4] - Recommendations to focus on leading comprehensive brokerages expanding their advantages and smaller brokerages developing differentiated competitive strategies [4] Regulatory Insights - The new regulations emphasize the importance of long-term investor returns and fund retention scale as key performance indicators, moving away from a focus solely on sales revenue and scale [6] - The regulations aim to enhance the quality of fund selection and advisory services, promoting a more investor-centric approach in the fund sales industry [6] Performance and Marketing Standards - Strict guidelines on performance presentation and promotional language to prevent misleading claims about returns and to ensure comprehensive risk disclosures [6] - Enhanced risk management protocols for live streaming sales activities, including qualification requirements for personnel and compliance checks on content [6]