In the first quarter of 2020，China’s economy was severely affected by COVID-19. In the second quarter，with the situation of epidemic prevention and control in China better，enterprises resumed work and resumed production in an orderly way，and the economy promoted the capital market to restore vitality. The prosperity of the securities industry continues to rise on the basis of 2019，and the industry performance continues to improve，reaching the highest level in the last three years. In terms of brokerage business，the overall commission rate of the industry continues to decline due to the dual impact of the increase of trading volume and the decrease of commission rate，but brokerage business has become the main source of annual performance growth of small and medium-sized securities companies. In terms of underwriting business，with the normalization of new share issuance and the easing of new refinancing regulations，the underwriting market is hot，and the underwriting income has become an important supporting source for the income growth of securities companies，but the industry competition is more intense，and the advantages of large securities companies are obvious. In 2020，the operating revenue and net profit of securities companies showed an upward trend. Many leading securities companies have achieved brilliant financial performance with their stronger capital strength，anti risk ability and investment ability. Some small and medium-sized securities companies have achieved steady growth with their own characteristic businesses，but some small securities companies with weak anti risk ability have poor performance.