On July 1st, Guotai Junan Research Report pointed out that Founder Securities (601901.SH) is a large and medium-sized brokerage company with wealth management as its core. As historical burdens are gradually lifted, the fundamentals are entering an upward channel, and it is expected that the company's profitability will still remain relatively advantageous compared with the same industry in the future. Give the company a target price of 9.57 yuan and a "shareholding" rating. Since the resumption of the issuance of corporate bonds by securities companies in 2022, the company has been guided by the direction of "enlarging profits and enhancing value", and the leverage ratio has gradually increased from 3.4x at the end of 2021 to 4.3x in 24Q1, and margin trading business has recovered lost ground and proprietary business has continued to increase. The main contradiction now gradually turns to the progress of resolving industry competition issues. China Ping An also controls Ping An Securities and Founder Securities, and needs to resolve industry competition issues within 5 years, so follow-up progress is worth attention.