In 2018，China’s stock index has dropped sharply. In addition，the new regulations on securities business supervision frequently occur，and the securities market is under great pressure. In 2018，131 securities companies realized operating income of 374.447 billion yuan，net profit of 67.241 billion yuan，and reduced overall profit margin. The total assets of the securities companies totaled 7.69 trillion yuan，a slight increase year-on-year，but the net assets and net capital fell. In the whole year，the net income of brokerage business and the proportion of brokerage business accounted for operating income decreased；the balance of margin financing and securities lending and income showed a downward trend，mainly due to the lack of confidence of market investors；IPO，refinancing，new three boards The size of the underwriting sponsorship business such as listing decreased，and the income of securities companies decreased. In addition，the income from self-operated business and asset management business also decreased. On the whole，traditional businesses are facing increasing market competition pressures，market competition is more intense，and the transformation of securities companies is imperative. The market concentration has been further improved，and the advantages of the head brokers such as CITIC Securities and Guotai Junan are obvious.