China International Capital Corporation's Research Reports state that Chinese top Brokerages are currently facing a critical period for significant development and moving towards becoming internationally first-class: 1) In terms of regulatory ecology, high-level opening up broadens business boundaries, prioritizing excellence and limiting disadvantageous practices creates a favorable development environment, cost reductions drive model upgrades, and industry.mergers and acquisitions. mergers and acquisitions support the advancement of China's Huaan CSI All Share Investment Banking & while adhering to strict regulations and risk prevention towards a new stage of high-quality development; 2) In terms of market environment, the development of globally leading first-class investment banks has historically benefited from opportunities such as economic globalization, financial liberalization, electronic trading, and integrated business development. With the transformation of China's economy and the increasing maturity of the Capital Markets, as well as the increasingly diverse and complex financial needs of Chinese enterprises/Institutions/residents in the new era, significant space has been created for top Chinese Brokerages to showcase their strengths; 3) In terms of business models, by focusing on three core Sectors: comprehensive investment banking, financial markets, and wealth management, creating a complete customer service system and strong comprehensive financial capabilities, forming a balanced business structure and excellent risk resistance capabilities, top Brokerages are expected to expand their leading advantages locally, increase market share, and also perform better in international markets, seizing more incremental opportunities. Overall, it is anticipated that Chinese Brokerages will greet growth opportunities, particularly in cross-border/internationalization, wealth management, and over-the-counter products, potentially achieving faster growth.