Galaxy Securities: The brokerage market is steadily progressing, with dual empowerment from policies and funds

Galaxy Securities pointed out that the national policy goals of "stabilizing growth, stabilizing the stock market" and "boosting the capital market" will continue to set the tone for the future direction of the sector. Factors such as a moderately loose liquidity environment, continuous optimization of the capital market environment, and the rebuilding of investor confidence are jointly driving the upward trend of the securities sector's prosperity. In the current environment, medium- and long-term funds are accelerating into the market, market activity remains high, and the capital market is showing a "healthy bull" trend. The transformation of wealth management, expansion of international business, and empowerment of financial technology are all expected to become the driving forces for the industry's improvement in ROE. Currently, the sector's valuation is at a historical low, providing a defensive rebound that balances offense and defense