国联民生证券：政策明确券商职能定位 完善行业发展生态

Core Viewpoint - The report from Guolian Minsheng Securities maintains a "stronger than the market" rating for the securities industry, highlighting a recovery in market sentiment following a series of policy announcements, and emphasizes the potential for further elasticity in the brokerage sector if market conditions improve [1] Group 1: Policy and Regulatory Developments - The China Securities Association released the "28 Measures for High-Quality Development of the Securities Industry," which outlines 28 measures across seven areas aimed at enhancing self-regulation and promoting high-quality development within the industry [1] - The overall goal of the "28 Measures" is to establish a self-regulatory management system that aligns with the high-quality development of the securities industry, fostering a more effective operational function, stable business philosophy, concentrated development model, sound corporate governance, and proactive compliance and risk management [1] Group 2: Self-Regulation in Underwriting and Sponsorship - The "28 Measures" emphasize the need for securities firms to strengthen self-regulation in underwriting and sponsorship, including refining self-regulatory rules for issuance and underwriting, and ensuring the quality of pricing reports [2] - Specific requirements include clarifying standards for project selection, due diligence, and ongoing supervision post-listing, as well as prohibiting improper competitive practices in fee structures [2] Group 3: Incentive Mechanisms and Ethical Standards - The "28 Measures" call for the establishment of scientific, reasonable, and effective incentive mechanisms and integrity management systems within securities firms to enhance overall ethical standards and prevent conflicts of interest [3] - The initiative encourages leading firms to set examples while promoting specialized and distinctive operations among smaller firms, aiming for a balanced ecosystem within the industry [3]