Core Insights - The traditional brokerage offline outlets are undergoing significant structural adjustments due to the deepening of digital transformation, with over 100 branches closed by more than 20 brokerages this year [1][3] - Brokerages are consolidating branches and focusing resources on core areas and high-potential businesses, transitioning from "extensive expansion" to "refined operations" [1][3] Summary by Sections Current Trends - As of this year, 25 brokerages have closed a total of 116 branches, with a noticeable acceleration in consolidation since September [3] - Notably, some brokerages are closing branches in major cities, breaking the previous trend of focusing on lower-tier cities [3] Challenges Faced - Brokerages face three main challenges: high customer acquisition costs, outdated service models, and homogenized services that weaken customer loyalty [4] - Traditional branches struggle to meet the growing demand for personalized services and wealth management, leading to a need for redefined value propositions and operational efficiency [4] Shift to Centralized Operations - A growing number of brokerages are adopting a centralized strategy for branch operations, emphasizing platform empowerment and resource integration [6] - The industry is shifting from a scale-driven model to a quality-driven approach, with a focus on enhancing customer service through technology and data [6][7] Future Outlook - In the next 3 to 5 years, brokerages are expected to see three major trends: an upgrade in service models, a shift towards centralized operations, and an expansion of branch functions to include diversified services [6] - The transition from traditional brokerage to wealth management is accelerating, with brokerages enhancing service efficiency and customer experience through the closure of inefficient branches and a focus on high-value businesses [7]