CITIC Securities: The securities industry is expected to usher in an opportunity for investment value reshaping.

CITIC Securities research report points out that high-quality institutions in the securities industry are expected to continue to have high performance in 2026, with 15 listed securities firms achieving a profit in the first quarter of 2026 that surpasses the industry's previous peak in the third quarter of 2025. With the implementation of favorable policies in the second half of the year and the realization of liquidity support functions, the industry is expected to usher in an opportunity for investment value reshaping. Industry differentiation is expected to become the core theme of the securities industry layout, with large wealth management, investment banking, institutional business, and industry mergers and acquisitions continuing to drive industry concentration. Focus on the top ten securities firms, as well as the medium-sized securities firm Orient Securities.