Core Viewpoint - The self-operated business of securities firms has shown significant growth in the first three quarters of this year, driven by a stable bond market and a recovering stock market, with a shift towards a "subjective + quantitative" integration model [2][3][6] Group 1: Performance Overview - The self-operated business of securities firms includes four main segments: fixed income, equity investment, alternative investment, and capital intermediary business, with fixed income being the largest and most stable [3] - In the first three quarters, 37 out of 42 securities firms reported positive growth in self-operated business net income, with a notable performance from leading firms like CITIC Securities, which achieved a net income of 31.603 billion yuan, a year-on-year increase of 45.88% [3][4] - Smaller firms also performed well, with Changjiang Securities reporting a net income of 3.044 billion yuan, a staggering year-on-year growth of 289.68% [4] Group 2: Strategic Shifts - The integration of subjective and quantitative strategies is becoming a core competitive advantage for securities firms, moving from a focus on scale to a focus on quality [8][10] - The trend of increasing equity investment and multi-asset allocation is expected to continue, with firms adapting to market conditions through dynamic hedging and diversified asset strategies [6][7] - The introduction of quantitative tools and a unified risk framework is seen as essential for enhancing the sustainability of self-operated businesses [8][9] Group 3: Market Dynamics - The Shanghai Composite Index rose by 15.84% in the first three quarters, with sectors like high-dividend, energy, and electronics performing particularly well, benefiting firms that strategically invested in related ETFs and stocks [6] - The ability to short government bond futures has also contributed significantly to the revenue of securities firms, allowing them to hedge against market fluctuations effectively [6][7] Group 4: Future Outlook - As the capital market continues to deepen reforms, securities firms are expected to enter a new growth phase, with equity investment remaining a primary focus [6][7] - The shift from a "racehorse" model to a collaborative approach in managing self-operated teams is anticipated to enhance overall performance and risk management [10]