According to the CITIC Securities Research Report, on the value side, in an environment of improved fundamentals, pressure on valuations, and stable dividend ratios, the securities industry has value investment attributes supported by dividend dividends for the first time. It is expected that the dividend rate in 2027 will be comparable to the traditional dividend sector, and the dividend attribute will continue to be strengthened under the trend of rising lower ROA and steady expansion of leverage ratios. On the growth side, first-class investment banks have a promising future. Focusing on improving the wealth management capabilities of retail customers, optimizing comprehensive service capabilities for corporate customers, and improving institutional customer transaction support capabilities, the securities industry has room for development at the buyer's investment, corporate banking and investment transaction business levels. Policy reforms in the fields of leverage expansion, tripartite depository, license reform, and mergers, acquisitions and restructuring are worth looking forward to. It is recommended to focus on high-growth securities companies that have fully demonstrated their potential for price investment.

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