券商从“规模竞速”向“功能提升”转型

Core Viewpoint - The recent release of the "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission marks the fourth revision since the implementation of the classification rating system in 2009, aiming to enhance the industry evaluation system and promote high-quality development in the securities industry [1] Group 1: Regulatory Changes - The new regulations change the name from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations," reflecting an optimization in regulatory thinking aimed at correcting industry positioning and enhancing governance [1] - The primary legislative purpose now emphasizes guiding securities companies to better perform functional roles and improve professional capabilities, marking a shift from a focus on scale to high-quality development [2] Group 2: Industry Development Focus - The new regulations encourage the industry to abandon the scale-centric mindset and adopt a path of intensive development, replacing traditional metrics like total assets and revenue with quality indicators such as return on net assets and professional service capabilities [2] - The regulations aim to break the homogenization of competition, providing opportunities for small and medium-sized securities firms to differentiate themselves and escape the vicious cycle of price wars [3] Group 3: Core Competency Enhancement - The new rules introduce specific indicators to assess securities firms' business capabilities, focusing on areas such as proprietary investment in equity assets and wealth management, thereby enhancing their role as stabilizers in the market [4] - By increasing the proportion of equity asset allocation, the regulations encourage firms to focus on long-term value investment, contributing to the long-term healthy development of the capital market [4] Group 4: Strategic Implications - Securities firms must reassess their business models and development strategies in light of the new regulations, moving away from reliance on scale expansion and license benefits [5] - Leading firms are expected to take on the responsibility of innovation and guide industry development, while smaller firms should focus on niche markets to build competitive advantages [5]