Core 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].

Investment Rating - The report assigns an "Overweight" rating to the investment banking and brokerage industry, indicating an expected performance that exceeds the Shanghai and Shenzhen 300 Index by more than 15% [6]. Core Insights - The report emphasizes that the gradual standardization of derivative business regulation will lead to steady long-term development, favoring high-quality leading brokerages that benefit from scale effects [2][6]. - The recent public consultation on the "Derivatives Trading Supervision Management Measures (Trial) (Draft for Comments)" is aimed at implementing the new "National Nine Articles" and enhancing the regulatory framework for derivatives [6]. - The report highlights that the derivatives business remains a blue ocean, with significant growth potential as market activity increases and stable business models emerge [6]. Summary by Sections Regulatory Developments - The report discusses the recent public consultation on the derivatives trading supervision measures, which aims to promote a healthy and standardized development of the derivatives market [3][6]. - Key modifications in the draft include clearer regulations on counter-cyclical adjustments, risk management, and cross-border trading cooperation with foreign regulatory bodies [6]. Market Outlook - The derivatives business is expected to grow steadily due to increased market activity and the advantages of scale, particularly for leading brokerages with strong customer bases and professional capabilities [6]. - The report suggests that the evolution of brokerage self-operated models and the growth certainty provided by derivatives will be critical for differentiation in the future [6]. Investment Recommendations - The report recommends focusing on leading brokerages such as China International Capital Corporation (CICC) and Huatai Securities, which are expected to benefit from the regulatory changes and market dynamics [6][7].