Now the strict definition has come out, the first echelon, three middle schools and one middle school, CICC, CITIC Securities, CITIC Jiantou Securities and Huatai Securities (United). The second echelon, Haitong Securities, Guotai Junan, China Merchants Securities and other comprehensive top ten brokers. Basically, three middle schools and one middle school are recognized as heads, and the recruitment of the second echelon often calls itself a head broker anyway. As the name implies, it is mainly an all-round business ranking. Sanzhong Yihua has done a good and balanced job in investment banking, research, asset management and brokerage business. The core is that everyone recognizes this "brand". The other top ten brokers are basically strong in all aspects and have balanced strength. The high ranking of securities industry associations depends on brokerage business.