Zhongyuan Securities pointed out that judging from the current policy strength of the regulatory authorities for investment-side reforms, there is strong certainty that the external business environment of the securities industry will gradually improve in 2024. The overall operating performance of the industry is expected to improve further, and the growth rate is expected to surpass the level of 2023. However, due to uncertainty about the operating results of the self-operated business and the progress of the relaxation of the equity financing business, it is not appropriate to expect too much for the time being. Maintain the securities industry's “simultaneous market” investment rating. The brokerage sector is expected to continue to repair its overall valuation in 2024. As investment-side reforms continue to advance, the brokerage sector is expected to revive and become the leading sector of the Chinese military during the phased strengthening of the market, actively maintaining continuous attention to the brokerage sector. Among them, the extent to which leading brokerage firms benefit from investment-side reform policy dividends is higher than that of small and medium-sized brokerage firms. They will give full play to the leading role of the Chinese military in sector valuation restoration and are the first choice for a steady allocation of the brokerage sector; the policy guides small and medium-sized brokerage firms to be refined and refined to achieve characteristic and differentiated development, and focus on undervalued, high-quality small and medium-sized brokerage firms.