强化功能发挥、优化业务发展加分指标，券商分类评价制度再迎修订

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has proposed revisions to the classification evaluation system for securities companies, focusing on enhancing their functional roles, optimizing business development indicators, and emphasizing the crackdown on major violations [1][2]. Group 1: Business Development Indicators - The revised regulations eliminate the revenue-based scoring system while increasing the emphasis on return on equity (ROE), raising the maximum score from 1 to 2 points [4]. - The coverage of scoring indicators for major business revenues, including brokerage, investment banking, and asset management, has been expanded from the top 20 to the top 30, with scores ranging from 0.25 to 2 points based on rankings [4]. - The adjustments aim to guide securities companies towards a more efficient and differentiated development approach, encouraging smaller firms to explore unique paths in specific business segments [4][5]. Group 2: Functional Role Enhancement - The revisions stress the importance of securities companies in serving as direct financing facilitators and gatekeepers of the capital market, with specialized evaluations being conducted to assess their capabilities in mergers and acquisitions [2][3]. - The evaluation framework has been updated to include risk management, compliance status, business development, and functional performance, with a new focus on functional performance evaluations organized by the Securities Association [2][3]. Group 3: Regulatory Measures - The revised regulations enhance the penalties for securities companies involved in major violations, expanding the scope of rating downgrades to include significant illegal activities [6]. - The scoring system for disciplinary actions has been adjusted to increase the penalties for "qualification penalties," thereby strengthening self-regulatory measures [6]. - Companies under investigation for violations will incur a minimum score deduction of 1.5 points, while those that voluntarily compensate affected investors may receive a score reduction of up to 1 point, promoting timely remediation and protecting investors' rights [6].