Guotai Junan Securities: Top securities firms with significantly stronger comprehensive advantages and better cross-border asset allocation capabilities are given priority.

Guotai Wealth Securities Research Report states that fixed-income self-employment, as the mainstay business of the securities industry, is in urgent need of transformation in the new era. The change in a single business should be seen as one aspect of industry supply-side reform. During the transition and exploration period, it is suggested to focus on certainty in uncertainty, prioritize the top securities firms with significant comprehensive advantages and stronger cross-border asset allocation capabilities.