就在12月6日，证监会主席吴清在中国证券业协会第八次会员大会上，提出"对优质机构优化评价指标、适度拓宽资本空间与杠杆上限，提 升资本利用效率"，吴清讲话释放了较多令市场振奋的信息，但券商可适度加杠杆的消息，无疑最是令市场关注的消息，无论是从证券行业 本身，还是整个资本市场，对此都有较多讨论。 S CN 剑联社电报 4 i 市 7- UT 2025-12-06 15:32:16 星期六 【吴清:适度拓宽券商资本空间 与杠杆上限 从价格竞争转向价值 竞争】 财联社12月6日电,在中国证券业协会第八 次会员大会上,证监会主席吴清发言时提到 ,行业机构需立足自身资源禀赋,从价格竞 争转向价值竞争。头部机构应增强资源整合 能力、力争形成若干家具有国际影响力的标 杆机构;中小机构需聚焦细分领域、特色业 务与重点区域,深耕细作打造"小而美"的 精品服务商。监管层面将强化分类监管,对 优质机构优化评价指标、适度拓宽资本空间 与杠杆上限、提升资本利用效率;对中小机 而这也是继2024年9月证监会修订《证券公司风险控制指标计算标准规定》，优化资本使用效率后，时隔一年，再次对提升券商杠杆的明确 表述。 证监会主席吴清提到，在监管政 ...

Investment Rating - The report maintains a "Positive" investment rating for the agricultural products sector [11]. Core Insights - The pig farming industry has entered a clearing phase since 2021, with capital expenditure from large enterprises continuing to contract, leading to a recovery trend in industry ROE levels. Current industry capacity remains relatively excessive, and if policies are effectively implemented, it is expected to enhance profitability and stability in the sector. Attention should be paid to investment opportunities in leading enterprises [2][6][9]. Summary by Sections Industry Overview - The pig farming industry is in a mature stage, characterized by a significant increase in the scale of operations over the past 20 years. The proportion of large-scale farms (over 500 heads) has risen from 8.8% in 2000 to 70% in 2024, indicating a shift towards concentration and professionalization in the industry [7][16]. Policy Impact - Recent policies have emphasized capacity control and high-quality development. The current breeding sow inventory exceeds the normal level of 39 million heads, indicating an oversupply in the industry. The government has been proactive in promoting capacity control through various policy documents [30][31]. Trends and Investment Opportunities - The report identifies two major trends in the pig farming industry: 1. An expected increase in industry ROE levels with reduced volatility, highlighting the advantages of quality enterprises. The average ROE is projected to rise from -10% in 2021 to 21% in 2024 [9][45]. 2. An increase in free cash flow levels, leading to significant shareholder returns for quality enterprises. The industry is expected to generate a total free cash flow of 23 billion yuan in 2024, a 100% increase year-on-year [54][60]. Recommended Companies - The report specifically recommends investing in leading companies in the sector, including Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group, as their valuations are currently at historical lows [2][9].