The channel business of securities companies mainly refers to the channel through which securities companies can provide investors with services such as trading, issuance and listing. And establish contact with the stock exchange. This is a unique business of securities companies. Also known as brokerage business and traditional IPO business. At present, these businesses are fully competitive and the profit rate is getting lower and lower.

Non-channel services mainly refer to services other than traditional channel services. It mainly includes the agency business of providing funds and wealth management products in brokerage business, financial consulting business provided by investment banks, asset management business, establishment and issuance of wealth management products, margin financing and securities lending, stock pledge repurchase, bond quotation repurchase and other capital intermediary businesses.