[Consolidated management of the securities industry enters a critical period] September 19th, as the securities industry’s collectivization and integrated operations accelerate, securities companies are incorporating domestic and foreign subsidiaries into the same “risk control map.” Reporters recently learned from the industry that the Securities Association of China conducted a special survey on consolidated management to the Risk Management Professional Committee in the early stage and formed a research report. The report shows that since the release of the "Guidelines for the Consolidated Management of Securities Companies (Trial)" in April 2025, most securities firms have established a basic framework for consolidated management and have entered the stage of tackling key areas as a whole. Under the transition period arrangement of 1 to 3 years, there are obvious differences in the pace of advancement among institutions. The report suggests that after the consolidated risk control indicators are stable, research can be conducted to allow qualified securities firms to implement risk control indicator supervision on a consolidated basis, guide institutions to allocate capital flexibly and efficiently, and promote a healthy balance between risk management and business development; at the same time, a dynamic evaluation mechanism for consolidated risk control indicators should be established in a timely manner to truly realize "where the risks are, supervision will extend to them" and lay a solid institutional foundation for the high-quality development of the industry. (China Securities News)