In 2020，with the deepening of financial supply side reform，reform measures such as new refinancing regulations，gem and registration system pilot were successively implemented，which greatly improved the financing efficiency of the capital market. After experiencing the low performance in 2018 and 2019，the securities industry has ushered in a significant improvement in the performance of the whole industry，completely reversing the continuous decline in performance. In 2020，the cumulative operating revenue of 41 listed securities companies increased by nearly 30% over the previous year；The net profit increased by nearly 40% over the previous year，more than 10 percentage points higher than the industry average. Investment business and brokerage business account for a large proportion in the profit composition of listed securities companies，but since 2019 Since，the proportion of investment banking business has been shrinking and the proportion of brokerage business has continued to expand. Compared with other financial listed companies，the average market value of Listed Companies in the securities industry accounts for 30% of the average market value of Listed Companies in the banking industry and 20% of the average market value of Listed Companies in the insurance industry. The average operating income of Listed Companies in the securities industry is less than 10% of that of banks and insurance. As an important part of the capital market，securities companies need to be further expanded and strengthened. Today，with the accelerated opening of finance，securities companies，especially listed securities companies，should improve their own quality and enhance their business ability，so as to remain invincible in the competition with the world’s large investment banks.