Core Viewpoint - The growth of the Chinese securities industry is benefiting from economic development and capital market reforms, with leading Chinese brokers expected to accelerate their progress towards becoming world-class investment banks during the "14th Five-Year Plan" period, enhancing their business scale, professional capabilities, and profitability [2][7]. Industry Future Trends - The industry is poised to leverage diverse and complex financial needs from enterprises, institutions, and residents, leading to opportunities and higher service demands. Key strategies include creating "industrial investment banks" and "asset investment banks" to support economic transformation, enhancing global sales and multi-asset trading capabilities, and addressing wealth management needs through a "wealth investment bank" model [6][14][15]. Investment Value Understanding - The securities sector has historically been underweighted by investors due to competition homogenization and earnings volatility. However, improvements in industry structure, stability, and profitability are expected to enhance long-term investment value. Factors include regulatory emphasis on supporting strong firms, balanced business structures among leading brokers, and a focus on high-quality development [3][39][42]. 2026 Investment Opportunities - The industry is expected to maintain a relatively high level of prosperity, with an overall profit growth forecast of 12%. Key investment lines include the performance of investment banks and private equity leaders, brokers with strong institutional sales and trading services, and firms with significant international business growth [4][58][59].