According to the CITIC Construction Investment Research Report, the investment paradigm in the securities industry is undergoing a transition from “beta gaming” to “alpha mining.” The business model has been restructured five times in 30 years, driving the industry to evolve from a single model of high-commission brokerage and directional stock ownership to a comprehensive financial service system with diversified income. While improving the stability of brokers' performance, transformation has opened up a new alpha opportunity space: differences in industry competition strategies have increased, and deep differentiation among individual stocks has become a source of excess income. The two major closed-loop businesses, Big Wealth and Big Investment Bank, are forming a clear second growth curve among leading brokerage firms, and policy support is also shifting from short-term impulses to long-term institutional empowerment. Brokerage investment is entering a new alpha era driven by in-depth research.

According to the CITIC Construction Investment Research Report, the investment paradigm in the securities industry is undergoing a transition from “beta gaming” to “alpha mining.” The business model has been restructured five times in 30 years, driving the industry to evolve from a single model of high-commission brokerage and directional stock ownership to a comprehensive financial service system with diversified income. While improving the stability of brokers' performance, transformation has opened up a new alpha opportunity space: differences in industry competition strategies have increased, and deep differentiation among individual stocks has become a source of excess income. The two major closed-loop businesses, Big Wealth and Big Investment Bank, are forming a clear second growth curve among leading brokerage firms, and policy support is also shifting from short-term impulses to long-term institutional empowerment. Brokerage investment is entering a new alpha era driven by in-depth research.