[Two-wheel drive of policy and market, securities firms’ mergers, acquisitions and reorganizations are accelerating] September 22nd, according to statistics, as of September 21, nearly 30 listed securities firms have held 2026 semi-annual performance briefings or participated in investor reception days in their jurisdictions. Judging from the questions raised by investors, the word "mergers and acquisitions" appears frequently. According to industry insiders, with the advancement of multiple mergers and acquisitions cases, mergers and acquisitions and reorganizations in the securities industry have entered a stage of implementation driven by both policy and market forces, and industry concentration continues to increase. Enlarging the scale is only the first step. Business synergy and profit improvement after integration are the real test.