Xin Lang Cai Jing·2025-09-07 14:20Core Viewpoint - The China Securities Association has introduced a new evaluation system focused on the financial "Five Major Articles" to enhance the responsibilities of securities firms and align their services with national strategies [1][2]. Group 1: Evaluation Framework - The evaluation method consists of 25 articles divided into four chapters: general principles, evaluation indicators and scoring methods, implementation and results application, and appendices [1]. - The evaluation aims to guide securities firms to invest resources in key national strategic areas, enhancing risk control and promoting high-quality industry development [1][2]. Group 2: Evaluation Indicators - The evaluation includes quantitative indicators for the five areas: technology finance (50 points), green finance (10 points), inclusive finance (10 points), pension finance (10 points), and digital finance (10 points) [2][3]. - Specific indicators for technology finance include amounts and numbers of technology innovation bond underwriting, equity financing for technology companies, and direct investments in non-listed technology firms [1][3]. Group 3: Industry Impact - The introduction of the evaluation system is expected to shift the focus of securities firms from scale expansion to deeper functional development, promoting a more differentiated competitive landscape [2][5]. - The evaluation encourages firms to enhance their service capabilities in technology, green, and inclusive finance, moving away from short-term profit-seeking behaviors [2][8]. Group 4: Performance Rankings - The top firms in technology finance include CITIC Securities with 128.19 billion yuan in technology innovation bond underwriting, followed by CITIC Jiantou and Guotai Junan [5][6]. - In the inclusive finance sector, the leading underwriters for private enterprise bonds are招商证券 and 广发证券, both exceeding 30 billion yuan [7]. - The rankings reflect a competitive landscape where leading firms dominate core areas while smaller firms carve out niches in specific segments [5][8].