Galaxy Securities: Steady progress in the securities market, policy funding enabling in both directions.

Galaxy Securities pointed out that the policy goals of the country for "steady growth, steady stock market", and "boosting the capital market" will continue to guide the future direction of the sector. Various factors such as moderate liquidity, continuous optimization of the capital market environment, and rebuilding of investor confidence will collectively promote the prosperity of the securities sector. In the current environment, medium to long-term funds are entering the market at an accelerated pace, market activity remains high, and the capital market is showing a bullish trend. Wealth management transformation, expansion of international business, and empowerment of financial technology are all expected to become drivers of industry ROE improvement. Currently, the sector's valuation is at historical lows, demonstrating both defensive and offensive capabilities in a rebound.