FCSC(SZ:002797) Jin Rong Shi Bao·2025-09-12 02:04Core Viewpoint - The China Securities Regulatory Commission (CSRC) and industry self-regulatory organizations are implementing a new evaluation framework for securities companies, focusing on the "Five Major Financial Articles" to enhance the quality of service to the real economy [1][2]. Group 1: Evaluation Framework - The newly released "Evaluation Measures" by the China Securities Association (CSA) includes 14 representative evaluation indicators to comprehensively assess the effectiveness of securities companies in implementing the "Five Major Financial Articles" [1][4]. - The evaluation framework aims to guide securities companies to allocate resources to national strategic priorities while strengthening risk prevention and promoting high-quality industry development [1][2]. Group 2: Principles of Evaluation - The drafting of the "Evaluation Measures" follows three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair evaluation [3]. - The evaluation will primarily use quantitative indicators, supplemented by qualitative ones, covering various fields of the "Five Major Financial Articles" [3][4]. Group 3: Focus on Technology Finance - Technology finance indicators are assigned the highest score of 50 points, reflecting regulatory emphasis on the technology sector [4]. - Specific indicators include the amount and number of technology innovation bond underwriting, equity financing for technology enterprises, and direct investments in non-listed technology companies [4]. Group 4: Recent Developments in Securities Companies - In the first half of this year, several listed securities firms have actively engaged in technology finance, such as issuing technology innovation bonds and managing technology-themed public funds [5]. Group 5: Qualitative Evaluation Indicators - Qualitative indicators focus on mechanism construction, including whether the "Five Major Financial Articles" are integrated into the business development strategy and the establishment of specialized organizational structures [6]. - Other qualitative indicators assess the firms' digital capabilities and their involvement in green finance, inclusive finance, and pension finance [6].