事关期货公司分类评价！新规消除重复扣分、优化加分标准，有何影响？

Core Viewpoint - The new classification evaluation system for futures companies aims to comprehensively assess their business operations, overall profitability, capital strength, and core competitiveness, promoting compliance and high-quality development in the industry [1][5]. Group 1: Key Changes in Evaluation Criteria - The new regulations, effective from September 12, 2025, replace the previous classification supervision rules with a focus on a comprehensive evaluation system that includes nine indicators across three main categories, while retaining the net profit indicator [1][5]. - The evaluation criteria have been refined to include specific indicators for brokerage income and futures trading consulting income, as well as new indicators for market making and derivative trading [3][5]. - The assessment of asset management has shifted from average derivative equity to average margin of asset management products, and the net capital evaluation has changed from year-end to monthly averages [3][5]. Group 2: Implications for Futures Companies - The revised regulations are expected to reshape the qualifications for business trials and the entry of innovative businesses, with a clear basis for point deductions linked to regulatory measures [2][5]. - The new evaluation system encourages futures companies to focus on serving the real economy and innovating their business models, moving away from a sole emphasis on scale and profit [6]. - Companies are expected to adapt their business strategies, emphasizing the development of trading clients in the industrial sector and reducing focus on financial institutions [6]. Group 3: Industry Trends - The industry is witnessing a shift from traditional brokerage models to diversified profit models, with companies like Ruida Futures and Nanhua Futures reporting growth through asset management and international business [6]. - The performance of companies such as Yong'an Futures indicates a trend of declining revenue from traditional brokerage services, highlighting the need for adaptation to new market conditions [6].