券商分类评价制度完善 引导行业从“规模竞争”转向“质量竞争”

Core Viewpoint - The recent draft of the "Securities Company Classification Evaluation Regulations" aims to shift the focus of the industry from "scale competition" to "quality competition," promoting differentiated development paths for small and medium-sized institutions [1][2] Group 1: Industry Role and Function - Securities firms play a crucial role in China's capital market and financial system, facilitating a healthy investment and financing cycle, serving the real economy, national strategies, and wealth management for residents [1] - The classification results show a stable number of firms across categories, with A, B, and C class companies accounting for 50%, 40%, and 10% respectively, and approximately 14 firms maintaining an AA rating [1] Group 2: Regulatory Changes and Focus - The revised regulations emphasize guiding securities firms to enhance their functional roles and professional capabilities, with a new evaluation framework focusing on risk management, compliance, business development, and functional performance [2] - A new "functional performance" evaluation organized by the China Securities Association will be incorporated into the classification evaluation to better assess firms' contributions [2] Group 3: Business Development and Performance Metrics - The regulations remove the revenue-based scoring system and increase the emphasis on net asset return, raising the maximum score from 1 to 2 points, encouraging firms to focus on efficiency and quality rather than just scale [4][5] - The projected net asset return for the securities industry in 2024 is 5.5%, a 0.7 percentage point increase year-on-year, with firms like Dongfang Caifu leading at 12.6% [4] Group 4: Differentiated Development for Small and Medium-sized Firms - The regulations expand the scoring criteria for net asset return and major business income from the top 20 to the top 30 firms, allowing smaller firms to explore differentiated development paths [5] - Small and medium-sized firms are encouraged to focus on high-end wealth management and specific industry sectors to create specialized advantages and provide tailored financing solutions [5][6] Group 5: Encouragement of Long-term Investment - The regulations also introduce new indicators to promote long-term capital inflow, including metrics for self-investment in equity assets and management of equity fund products, encouraging firms to enhance their contributions to long-term wealth management [6]