券商自评底稿报送完成，分类评级新规落地后首次操作静待结果

Core Points - The China Securities Regulatory Commission (CSRC) has revised and officially implemented the "Securities Company Classification Evaluation Regulations" as of August 22, 2025, with self-assessment work already completed by brokerages [1] - The evaluation results are expected to be announced by the end of September or early October [1] Group 1: Key Changes in Regulations - Change 1: Adjustment of the deduction rules, with a broader coverage. Brokerages can reduce their deduction by up to 1 point if they actively apply for administrative enforcement commitments or conduct advance compensation [2] - Change 2: Emphasis on "cracking down on major violations," with stricter regulations. Brokerages involved in severe violations such as misappropriation of client assets or false financial information may be directly downgraded to a D rating [3] - Change 3: Focus on functional roles while downplaying purely operational indicators. The new regulations emphasize that brokerages should not only focus on profitability but also serve national strategies and the real economy [4] - Change 4: Support for differentiated development of small and medium-sized brokerages. The regulations remove the revenue ranking bonus for total operating income and expand the bonus range for brokerage, investment banking, and asset management income from the top 20 to the top 30 [5]