Core Viewpoint - The report from Dongwu Securities suggests that the market is poised for a rebound, with brokerage stocks expected to benefit significantly from improving liquidity and favorable policies [1][2]. Group 1: Market Performance and Trends - The average daily trading volume has significantly increased, and the margin financing balance remains high, indicating active trading in the market [2]. - The number and scale of IPOs continue to decline, while the scale of additional issuances has increased year-on-year [2]. - Since the implementation of asset management regulations, the scale of channel-type asset management has been declining, while the proportion of collective asset management has been rising, indicating a clear trend towards active management [2]. - The self-operated business of brokerages faces considerable challenges due to increased market volatility in equity and fixed income markets [2]. - In Q1 2025, the 150 listed brokerages achieved a total operating income of 136.1 billion yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 55.8 billion yuan, a year-on-year increase of 80% [2]. Group 2: Development of Leading Investment Banks - Following the financial work conference's call to cultivate first-class investment banks and institutions, the CSRC supports leading securities firms in enhancing their capabilities through business innovation, group operations, and mergers and acquisitions [3]. - Large brokerages are consolidating their advantages through mergers, while smaller firms may achieve rapid growth through external mergers, creating scale effects and business synergies [3]. Group 3: AI Empowerment in Securities Firms - AI is enhancing existing brokerage and financial technology businesses by integrating AI capabilities into stock trading apps and financial terminals, improving customer engagement and acquisition [4]. - The continued development of financial AI models is expected to create new business scenarios and applications in the financial sector, driving the evolution of the industry [4]. - Financial AI-related products are gradually entering a monetization phase, contributing to new growth in the industry [4].