Boh Xiaoxu, an Analyst from China Aviation Securities in the non-banking sector, stated that competition in the Huaan CSI All Share Investment Banking & is becoming increasingly intense, with market concentration continuously rising. In the context where small and medium-sized brokerages are squeezed for survival, cases of shareholders transferring their equity may gradually increase. Boh Xiaoxu expects that as cases of mergers and acquisitions in the industry gradually increase, industry concentration is also expected to rise—with a divergence between leading and trailing brokerages, the pattern of 'leading brokerages + small and medium-sized specialty brokerages' will gradually become clearer.