Merger and acquisition consolidation in the securities industry still has significant room for growth.

Under the policy guidance of regulators encouraging securities firms to become better and stronger, there have been new developments in several recent mergers and acquisitions in the securities industry. Among them, CICC's "three-in-one" major asset restructuring, Dongwu Securities acquiring the controlling stake of Donghai Securities, and Orient Securities merging with Shanghai Securities are all advancing rapidly, showing a clear trend of consolidation and heating up in the securities industry. Different from the merger logic in the early stage of the industry, the current round of securities mergers has shifted towards deep coordination based on precise matching of the business endowments of both parties, with securities firms at different levels exploring completely differentiated integration paths.