金吾财讯 | 中信建投证券研究指，证券行业投资逻辑已从板块齐涨齐跌的β博弈，转向以大财富闭环、大投行闭环及资产负债表管理能力三大壁垒为核心的个股α挖掘时代。核心在于识别三大壁垒：大财富闭环以经纪为入口沿代销、投顾、资管实现客户全生命周期经营；大投行闭环从承销保荐向直投、跟投、并购及综合服务延伸；资产负债表管理能力则以资本运用质量而非规模为核心，衡量高ROE杠杆方向的拓展效率。历史复盘表明，政策驱动期个股α暂不凸显，但进入基本面驱动期后，特定业务弹性标的独立领涨、板块分化加剧，α从不缺席。
金吾财讯 | 中信建投证券研究指，证券行业投资逻辑已从板块齐涨齐跌的β博弈，转向以大财富闭环、大投行闭环及资产负债表管理能力三大壁垒为核心的个股α挖掘时代。核心在于识别三大壁垒：大财富闭环以经纪为入口沿代销、投顾、资管实现客户全生命周期经营；大投行闭环从承销保荐向直投、跟投、并购及综合服务延伸；资产负债表管理能力则以资本运用质量而非规模为核心，衡量高ROE杠杆方向的拓展效率。历史复盘表明，政策驱动期个股α暂不凸显，但进入基本面驱动期后，特定业务弹性标的独立领涨、板块分化加剧，α从不缺席。
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