Capital market reform continues to advance, the policy environment and ecosystem of the securities industry continue to improve, at present, the PB valuation of securities companies is 1.85 times, located below the historical center, with a high margin of safety. Industry wealth management transformation has achieved initial results, sales revenue has increased, with the growth of residents' wealth management demand, the outbreak of equity funds, securities companies will fully benefit from the deepening reform of the capital market, it is expected that the performance in 2021 will be good, the 3-year compound growth rate of net profit is expected to maintain more than 40%, the current valuation repair, with allocation value.
![Based on data from two telescopes, astronomers have drawn images of the early evolution of the Milky Way[fig]](data:image/gif;base64,R0lGODlhAQABAIAAAP///wAAACwAAAAAAQABAAACAkQBADs=)