The Wanhe Securities Research Report pointed out that the securities industry's performance in the third quarter bottomed out, seizing the upward space in the sector under policy dividends. Affected by market turmoil and downturn, the contraction of trading, and the slowdown in the pace of IPO issuance, various businesses in the securities industry were under pressure in the first three quarters of 2023. Investment-only business achieved high growth at a low base, and the fundamentals of the industry bottomed out. In the long run, we believe that future economic recovery and the introduction of subsequent reform policies to activate the capital market will promote the restoration of the performance of listed brokerage firms, promote a steady rise in the ROE center of the securities industry, and open up room for growth in the industry. As of November 10, 2023, the PB valuation of the Shenwan Securities Index is 1.26 times, at 22.44% of the historical quartile of the past five years. It has a high price/performance ratio and safety margin, is optimistic about the sector's subsequent market, and maintains the industry's strength over market ratings.