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Original title: every time after hot reviews, securities firms put on a "tight hoop" investors are expected to usher in a good opportunity for layout.

Wang Yandan, a commentator of every classics

On April 12, the new "National Nine articles" ("on strengthening Supervision, preventing risks and promoting the High-quality Development of the Capital Market"LivestrippokerA number of opinions ") issued. Later, the CSRC issued a major new regulation to solicit public opinions on the revision of the regulations on strengthening the Supervision of listed Securities companies. In the evening, CITIC Securities (rights protection) and Haitong Securities (rights protection) issued announcements that were placed on file for investigation because of the titanium dioxide (rights protection) issue. Huaxi Securities also announced that it had been suspended by Jiangsu Securities Regulatory Bureau for six months because of investment bank violations.

In just a few hours, all the information is intertwined. For more than a hundred securities companies, although regulation has continuously emphasized "zero tolerance" in recent years, and the industry regulatory storm has continued, it has comprehensively revised the policy in black and white, and vigorously set up three typical cases. and related to the absolute leader Citic Securities, still caused a major shock in the industry.

However, the author believes that upgrading supervision and putting on a "tight hoop" for securities firms at this stage is not a bad thing for the securities industry with serious homogenization competition. Strict regulation will bring short-term labor pains, but in the long run, it will be the best opportunity for the industry to reinvent itself; even for investors, there may be a good opportunity for long-term layout of the brokerage sector.

In history, the securities industry has experienced several cycles of development-standardization-development. In this process, some brokerage brands have disappeared forever in history, but other relatively sound companies have taken advantage of mergers and acquisitions to reshape the new pattern in the crisis. The most typical is Citic Securities, which has established today's leading position in the industry through many mergers and acquisitions, and set an example of "counter-cyclical mergers and acquisitions" for the industry.

The comprehensive comprehensive management from 2004 to 2007 seems to be bad for the securities industry, but it actually clears the risk and brings the super market of the brokerage plate. In the case of post-restoration rights, Citic Securities rose from a lowest price of less than 5 yuan in 2005 to a peak of nearly 120 yuan in 2007, with a range of more than 20 times, far exceeding the five-fold increase of the Prev from 998 to 6124.

Twenty years later, the capital strength and risk control level of the securities industry have not been compared with each other. However, as Shen Bing, director of the Securities Fund Institution Supervision Department of the CSRC, said, at present, listed securities companies still face the problem of "big but not strong". There is still a big gap between the standards and requirements of first-class investment banks and investment institutions in terms of development concept, investor protection, internal control governance, information disclosure and so on. This time to strengthen the supervision of the securities industry, seems to be strict, in fact, it is the protection of the overall development of the industry. It can be predicted that in the short term, it is inevitable that some securities firms will still expose the compliance problems caused by extensive development and excessive involution, but after this battle, the image of the entire industry will be reshaped and the ability to resist cyclical fluctuations will be greatly improved.

More significantly, since 2019, the CSRC has indicated that it will promote the building of aircraft carrier-class head brokerages. On November 3, 2023, the Securities Regulatory Commission also said that it supports head securities companies to become better and stronger through mergers and acquisitions and other means to build a first-class investment bank. History does not simply repeat itself, but history often has similarities. It is also the risk release coupled with the expectation of mergers and acquisitions, the brokerage sector may once again usher in a good opportunity for long-term value investment.