Core Insights - The recent expansion of the account management function optimization pilot program marks a significant step in the development of a comprehensive account service system among securities firms, increasing the number of qualified firms to 20 [1][4]. Group 1: Pilot Program Expansion - Eight new securities firms, including Dongfang Securities and Dongwu Securities, have been approved to join the account management function optimization pilot, bringing the total to 20 firms [2][4]. - The pilot program, initiated in December 2021, has seen a gradual increase in participating firms, with the first 10 firms approved in 2021 and additional firms added in 2022 [4]. Group 2: Regulatory Requirements - The China Securities Regulatory Commission (CSRC) has set strict guidelines for the participating firms, emphasizing the importance of client fund safety, identity verification, and compliance with regulations [2][5]. - Firms are required to implement robust risk management and investor education measures as part of the pilot program [2][5]. Group 3: Benefits of the Optimization - The optimization of account management functions aims to enhance the efficiency of fund allocation for investors and improve the overall client experience [5][6]. - Securities firms are developing integrated account systems that allow for seamless fund transfers and better asset management, which is expected to meet the diverse wealth management needs of clients [6]. Group 4: Industry Impact - The comprehensive account system is seen as a foundational element for the transformation of securities firms towards a client-centric model, facilitating operational efficiency and innovation [6]. - The pilot program's success is anticipated to strengthen the competitive advantage of participating firms by enabling one-stop management of various account types, thus breaking down financial barriers for investors [6].