According to citic sec's research reports, in the first half of the year, 44 listed brokerages achieved a net income of 68 billion yuan, a year-on-year decrease of 21%, but a 17% increase compared to the previous period. With clear performance pressure, regulatory expectations, and credit risk, the potential risks of the brokerage industry continue to be released, focusing on the following two investment themes: 1) Once Guojun Haitong's merger is completed, it is expected to deeply promote the industry's resource optimization allocation and open up space for subsequent mergers and acquisitions in the brokerage industry. Under this trend, the industry's vitality and the attention of the capital markets are expected to significantly increase. 2) It is recommended to focus on top brokerages with strong fixed income investment capabilities and cost-effective controls, as well as top brokerages that have already obtained AssetMark's investment income and have valuation cost-effectiveness.