多家券商对未来一年的业务布局及市场机遇进行研判，普遍对2026年证券行业持乐观态度。业务增长极 包括财富管理、投行、国际化和科技赋能。中金公司预计，2026年市场成交额有望保持高位，降佣降费 下费率压力缓解，券商传统经纪业务收入或维持高位。华泰证券表示，大财富业务进入趋势上行期，A 股和两融新开户强劲，融资余额连续创新高。国泰海通认为，零售业务和国际业务将是行业新亮点。板 块估值修复可期，中信证券预测，2026年证券行业净资产收益率有望提升，估值修复空间与结构性机会 并存。（证券日报） ...

Core Viewpoint - The report highlights the strong performance and resilience of GF Securities, driven by its business transformation and upgrade, with significant growth in revenue and net profit for 2024 [1]. Business Performance - GF Securities achieved total operating revenue of 27.199 billion yuan, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1]. - The wealth management business generated operating revenue of 11.740 billion yuan, reflecting a growth of 11.48% year-on-year [2]. - The company’s financial product distribution and traditional brokerage businesses also saw growth, with the scale of distributed financial products exceeding 260 billion yuan, a growth of approximately 22% year-on-year [2]. Investment Banking and Capital Markets - GF Securities completed 86.66 billion yuan in A-share equity financing as the lead underwriter, increasing its market share despite a significant decline in the overall market [6]. - The company also led 665 bond issuances, with an underwriting amount of 296.322 billion yuan, marking a year-on-year growth of 21.22% [7]. - In the overseas market, GF Securities completed 14 Hong Kong IPOs and 1 U.S. IPO, maintaining a strong position in the industry [7]. Asset Management - As of the end of 2024, GF Securities and its subsidiaries managed over 3.5 trillion yuan in public funds, with E Fund ranking first in the industry [8]. - The company is recognized as a leading market maker for various financial products, providing services for over 800 funds and all ETF options on major exchanges [8][9]. Service Capability Enhancement - GF Securities is focused on enhancing its comprehensive financial service capabilities, emphasizing high-quality customer service and efficient online operations [10]. - The company has been actively involved in the Guangdong-Hong Kong-Macao Greater Bay Area financial cooperation and has received pilot qualifications for cross-border wealth management [10]. Innovation and Development - The company has invested in 30 technology innovation enterprises, raising 147 billion yuan for 42 tech companies through equity and debt financing [13]. - GF Securities is expanding its green finance services, issuing 7 green ABS projects and investing 5.993 billion yuan in green bonds [13]. - The company has implemented 43 AI model applications, maintaining a leading position in the industry [14]. Social Responsibility - GF Securities has committed to social responsibility, with a focus on rural revitalization, education, and healthcare, contributing 22.676 million yuan to public welfare in 2024 [14].