(Citic Construction Investment: the structural market of individual stocks in the brokerage plate may be significantly stronger than that of the plate as a whole)-- the CITIC Construction Investment Research report said that economic growth is expected to pull down the implied risk premium, and the demand for equity finance is gradually picking up, leading to the block market of securities firms. However, from the perspective of industry policy, although the protracted battle to prevent and defuse major financial risks is in the final stage of consolidating results, standardizing the qualifications of securities business, compacting the responsibilities of intermediaries and promoting investment-side reform are still the main themes of the year. Only in the direction of building a valuation system with Chinese characteristics, deepening connectivity with overseas markets, and serving the real economy, the attitude towards innovation is obvious, due to the different directions of policy benefits. The structural market of individual stocks in the brokerage plate may be significantly stronger than that of the plate as a whole.