国泰海通证券研究·2026-01-19 14:03Core Viewpoint - The article emphasizes that the regulation of derivative trading is becoming more standardized, which will lead to steady long-term development, favoring high-quality leading brokerages with scale advantages [1][3]. Group 1: Regulatory Developments - On January 16, the China Securities Regulatory Commission (CSRC) solicited public opinions on the "Interim Measures for the Supervision and Administration of Derivative Trading" [2]. - The new measures aim to implement the "National Nine Articles" and improve the regulatory framework for derivative business, promoting a healthy and standardized market [2]. - Key modifications include: 1. Implementing counter-cyclical adjustments in derivative trading regulation to maintain reasonable leverage levels and market size [2]. 2. Further optimization of specific rules regarding business qualifications, risk management, and trading management [2]. 3. A cautious innovation approach, allowing for the development of complex derivative contracts rather than restricting it [2]. 4. Strengthening cross-border regulatory cooperation with foreign regulatory bodies [2]. Group 2: Market Outlook - The demand for derivative business remains a blue ocean, with expectations for steady growth as regulation becomes more standardized [3]. - The derivative business benefits from market activity and expansion, characterized by stable models and strong scale effects [3]. - The investment suggestion indicates that the evolution of brokerage self-operated models and the growth certainty provided by derivative business will be key differentiators in the future [3].