大消息！“牛市旗手” “大考”来了

Core Viewpoint - The regulatory authorities have initiated the classification evaluation work for securities companies for 2025, marking the first evaluation under the newly revised regulations, which covers 107 firms and has already seen the submission of self-assessment reports by these institutions [1][2]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released the revised "Securities Company Classification Evaluation Regulations" on August 22, which is the fourth modification since the implementation of the classification rating system in 2009, with the last change occurring five years ago [3]. - Significant changes in the new regulations include the removal of the "operating income" scoring item, which reduces the redundancy of scale-related indicators [3]. - The new rules enhance the scoring for Return on Equity (ROE), with specific points awarded based on the previous year's net profit ranking and ROE positioning within the industry [3]. Group 2: Evaluation Criteria - The evaluation will include special assessments on securities companies' social responsibility, industry culture, service to small and medium enterprises, and participation in the Beijing Stock Exchange market reform [2]. - Companies that perform well in special regulatory tasks will receive additional points, while those that do not comply will face point deductions [2]. Group 3: Impact on the Industry - The classification evaluation results will directly influence new business pilot qualifications, investor protection fund contributions, regulatory resource allocation, credit ratings, and financing costs [4]. - The shift in business focus encourages smaller institutions to deepen their engagement in niche areas, promoting a more differentiated and specialized competitive landscape within the industry [4].