Analysis of competitive and cooperative relationships among securities companies based on the 3-species lotka-volterra model

There exists an analogical relationship between ecosystems and securities markets. The concept of an ecosystem in the context of capital markets pertains to the intricate relationships and interactions among diverse participants and their surrounding environments. The dynamics of competition and cooperation, transparency, and stability within the securities market are pivotal factors influencing market health and efficiency. This paper undertakes an analysis of the competitive and cooperative dynamics among three securities companies: CITIC Securities, GF Securities, and First Capital Securities, utilizing the three-species Lotka-Volterra model in conjunction with the grey estimation method. The study selects the quarterly operating revenue market share from 2015 to 2023 as the indicator and empirically predicts the evolutionary trends of the market shares of these three companies. The findings reveal that, despite the presence of predatory or competitive relationships in the short term, in the long run, the three companies will coexist in the market, occupying market shares of 13.14%, 6.52%, and 0.67%, respectively. Ultimately, the paper proposes that securities companies should adopt differentiation strategies, deepen supply-side reforms, and augment their service quality. Concurrently, the government should recalibrate policy orientations, strengthen information disclosure obligations, and foster market transparency and stable development.