Citic Securities and Haitong Securities, which have long-term and steady growth in performance, will solve the capital bottleneck of China Merchants Securities and operate Southwest Securities with distinctive characteristics.

Haitong Securities: The strength of capital intermediary does not diminish Haitong's "striving for victory in stability". Rich in customer resources, self-operated performance has been greatly improved.

CITIC Securities: Refinancing, Breaking the Bottleneck of Capital

China merchants securities: qianhaiqi brokers, executives promote transformation.

Southwest Securities: The geographical advantages are obvious, and the increase will boost development.