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recently, the china securities association revised the "securities company comprehensive risk management standards" and drafted the "securities company market risk management guidelines" to further improve the industry's comprehensive risk management self-discipline rules system. the new regulations clearly include subsidiaries and grandchildren companies in the market risk management system. it can be said that the new regulations will escort the better development of the securities industry.

since august 27, 2023, when regulators proposed to "phase tighten the pace of ipos", all parties in the ipo chain have been looking for new ways out: in the primary and secondary markets, investors and investment bankers have turned their attention to mergers and acquisitions; at the corporate level, some ipo-listed companies that have failed in their ipo attempts are no longer obsessed with "rushing to the a-share market", but have instead become targets of mergers and acquisitions, "indirectly" approaching the capital market. and various policy signals also point to encouraging mergers and acquisitions. in april this year, the new "nine national policies" proposed to encourage listed companies to focus on their main businesses and use a combination of mergers and acquisitions, equity incentives and other methods to improve the quality of development; in june, the china securities regulatory commission issued the "eight articles on the science and technology innovation board", which clearly stated that it would support mergers and acquisitions with greater efforts; followed by the "17 articles on venture capital" that proposed to broaden the exit channels for mergers and acquisitions.

market analysts believe that after experiencing this transformation, the fundamentals of the securities industry have "bottomed out". under the current continuous policy support, the future of the industry is still worth looking forward to.

on the evening of september 5, 2024, guotai junan securities and haitong securities announced plans to merge and suspended trading on september 6. the wave of securities mergers and acquisitions is surging, and the ultimate goal is to reduce costs and increase efficiency, prevent risks, and expand and strengthen the industry.

dongwu securities research report stated that the current valuation and earnings of the securities sector are at a historical bottom, and there is a large room for long-term valuation repair. at the same time, the wave of mergers and acquisitions continues to advance, the industry's competitive landscape is expected to be optimized, and restructured securities companies may achieve leapfrog development.