On November 23, the Economic Daily article said that under the guidance of the policy, the pace of mergers and acquisitions in the securities industry has accelerated significantly since the beginning of this year, especially the integration process of small and medium-sized securities firms. A number of projects such as Guolian Securities and Minsheng Securities, Guosen Securities and Wanhe Securities, Zheshang Securities and Guodu Securities are being promoted. In the context of the regulator's active stance in support of mergers and acquisitions, and the development bottlenecks encountered by some securities companies, the mergers and acquisitions of the securities industry may be accelerated. Leading securities firms have built world-class investment banks through extension expansion, while small and medium-sized securities firms have improved their capital strength, complemented their business resource advantages, and exerted synergies to enhance their market competitiveness and comprehensive customer service capabilities through mergers and acquisitions. Some people in the industry pointed out that the overall strength of brokerages will definitely increase after the merger, but whether the effect of "1+12" can be truly realized depends on the follow-up integration.