行业研究、行业年度策略：模式换新，乘势而上

Group 1 - The report emphasizes the need for the securities industry to enhance its service quality to better support the real economy, aligning with the "14th Five-Year Plan" which aims to improve the adaptability and inclusiveness of the capital market [13][14] - The report highlights the importance of policy-driven reforms in the capital market, focusing on supporting technological innovation, meeting diverse investor needs, and facilitating high-level institutional openness [16][15] - The securities industry is expected to benefit from ongoing capital market reforms, with a shift from "incremental expansion" to "stock optimization," creating significant opportunities for securities firms [4][3] Group 2 - The report identifies a major shift towards long-term investment systems, with a notable increase in equity investments driven by the transfer of household wealth towards equity assets [24][25] - In 2025, the issuance of public funds reached 1,553, with equity funds seeing explosive growth, indicating a strong demand for equity investment products [25][26] - The report notes that the asset management sector is experiencing a transition towards active management, with a significant increase in the scale of asset management by securities firms [29][30] Group 3 - The report discusses the explosive growth of mergers and acquisitions (M&A) in the capital market, with a notable increase in the number of disclosed M&A transactions in 2025 [37][38] - It highlights the diversification of transaction mechanisms and payment methods in M&A, indicating a more innovative and efficient market environment [38][39] - The report emphasizes that leading securities firms are leveraging their full industry chain capabilities to dominate complex transactions, particularly in high-growth sectors like semiconductors and renewable energy [38][39] Group 4 - The report outlines the acceleration of internationalization in the securities industry, driven by policy support for cross-border business development and the expansion of overseas operations [41][42] - It notes that securities firms are increasingly focusing on serving domestic enterprises' overseas financing needs and facilitating international asset allocation for domestic clients [42][43] - The report indicates that both large and small securities firms are adopting differentiated strategies in their international business development, with a focus on specific regional markets [43][44] Group 5 - The report highlights a trend towards differentiation in business models among securities firms, moving from scale-driven strategies to quality-driven approaches [44][45] - It notes that while larger firms maintain a strong market position, smaller firms exhibit greater elasticity in performance during market fluctuations [44][45] - The report emphasizes the need for securities firms to enhance their operational efficiency and adapt to a low-interest-rate environment by improving their fee structures and service offerings [45][46]