[Significant Room for Mergers and Acquisitions in the Securities Industry] According to a report by Golden Finance on June 29, citing Securities Daily, under the policy direction of regulatory authorities continuously encouraging securities firms to improve and strengthen, several securities firms' mergers and acquisitions have recently made new progress. Among them, major cases such as China International Capital Corporation's (CICC) 'three-in-one' significant asset restructuring, Soochow Securities' acquisition of controlling interest in Donghai Securities, and Orient Securities' merger with Shanghai Securities are being actively advanced, clearly highlighting the warming trend of consolidation in the securities industry. Unlike the early-stage merger logic of the industry, the current wave of securities firm mergers has shifted toward deep collaboration based on precise matching of the business strengths of both parties. Securities firms at different levels are exploring fully differentiated integration paths.