Galaxy Securities: Multiple factors driving the prosperity of the securities sector upward.

Galaxy Securities research report stated that the policy goals of "stabilizing growth, stabilizing the stock market" and "boosting the capital market" will continue to guide the future direction of the securities sector. Various factors such as the continuing moderately loose liquidity environment, continuous optimization of the capital market environment, and reshaping of investor confidence will collectively drive the prosperity of the securities sector. In the current environment, medium and long-term funds are entering the market at an accelerated pace, market activity remains high, and wealth management transformation, international business expansion, and financial technology empowerment are expected to become drivers for industry ROE improvement. The current valuation of the securities sector is at historically low levels, providing both defensive and rebound potential. It is recommended to focus on leading brokerages with strong overall capabilities, as well as brokerages with differentiated competitive advantages in areas such as wealth management, proprietary trading, and cross-border businesses.