According to the CITIC Securities Research Report, 54 listed brokerage firms achieved a total net profit of 32,557 billion yuan, a year-on-year decrease of 32.5% and a year-on-month increase of 57.2%. 2024Q1 As performance pressure, regulatory expectations, and credit risk are clarified, potential risks in the securities industry continue to be unleashed. Guided by the “National Nine Rules” and the spirit of the Central Working Conference, securities companies are expected to continue to return to their roots, improve and become stronger around the goal of building first-class investment banks. We recommend leading brokerage firms with reasonable valuations and effective cost control, as well as medium-sized brokerage firms with mergers, acquisitions and restructuring potential and excellent integration capabilities.