Cathay Pacific Haitong released a research report stating that the revisions focus on the three major directions of supporting the development of equity funds, standardizing investment operations, and improving operational flexibility. The public equity industry is developing and promoting high-quality development, and medium- to long-term capital can be expected to continue entering the market. I am optimistic that residents' deposits will move to asset management products such as public funds in a low interest rate environment. As equity asset intermediaries, brokerage firms continue to benefit, and it is recommended to increase their holdings in brokerage firms.

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