今日视点：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 evaluation system and promote high-quality development in the securities industry [1][2]. Group 1: Regulatory Changes - The name change from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" reflects an optimization in regulatory thinking, focusing on correcting institutional positioning and improving governance levels [1]. - The new regulations aim to guide securities firms back to their core role as financial intermediaries, directing resources towards areas aligned with national strategies and the needs of the real economy [1][2]. Group 2: Key Adjustments - The new regulations emphasize abandoning the scale-centric mindset, shifting towards a path of intensive development, with a focus on quality indicators such as net asset return and professional service capabilities, rather than total assets or revenue [3]. - The adjustment in scoring criteria aims to encourage firms to enhance operational efficiency and prioritize professional services over mere scale [3][4]. Group 3: Support for Small and Medium-sized Firms - The regulations address the challenges faced by small and medium-sized securities firms, expanding the scoring coverage for major business income from the top 20 to the top 30, allowing more firms to gain recognition in niche areas [4]. - This change is expected to foster a competitive landscape characterized by differentiation, reducing resource waste from homogeneous competition and promoting a more diverse service system [4]. Group 4: Focus on Core Competencies - The new regulations introduce specific indicators to assess business capabilities, encouraging firms to strengthen their roles in long-term investment and wealth management, thereby enhancing their ability to serve the real economy [5]. - The increased emphasis on equity asset allocation is anticipated to drive firms towards long-term value investment, reinforcing their function as stabilizers in the market [5]. Group 5: Strategic Reassessment - Securities firms are urged to reassess their business models and strategies in light of the new regulations, moving away from reliance on scale expansion and license advantages [6]. - Leading firms are expected to take on the responsibility of innovation, while smaller firms should focus on developing competitive advantages in specialized areas, contributing to a more balanced industry structure [6].