According to the Huatai Securities Research Report, the net profit of 24Q1 listed brokerage firms was -32% year-on-year, and the net profit of large brokerage firms was -28% year-on-year, which is better than that of listed brokerage firms as a whole. Core changes in major brokerage firms: 1) The asset size of most brokerage firms declined compared to the beginning of the year. Some continued to expand their accounts, and the scale of other equity investments increased markedly. 2) Investment performance generally declined, and the scale of revenue and decline were divided. 3) Interest expenses are clearly under pressure, and net interest income has generally declined. 4) Net income from wealth management and investment banks continues to be under pressure. 5) Management costs have generally declined. 6) Some proposed mid-term dividends, and the frequency of dividends is expected to increase. Currently, market trading activity is recovering, and we are optimistic about the flexibility of performance in wealth management, investment, etc.; the popularity of mergers and acquisitions is increasing under policy, and the leading effects of the industry are expected to strengthen.