证券业，放榜！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) announced the classification evaluation results for securities companies for 2025, with 107 companies evaluated, including 53 classified as A, 43 as B, and 11 as C, indicating a stable distribution across categories [1] Group 1: Evaluation Results - A total of 107 securities companies were evaluated, with 53 classified as A, 43 as B, and 11 as C [1] - Among A-class companies, 14 were rated as AA, representing approximately 25% of A-class companies [1] - The overall distribution of A, B, and C class companies remains stable, with A-class companies making up about 50%, B-class about 40%, and C-class about 10% [1] Group 2: Evaluation Criteria - The evaluation criteria consist of four main parts: penalties for regulatory measures, performance-based scoring, a set of 47 specific indicators across six categories, and additional scoring based on industry culture and social responsibility [2] - The six categories include capital adequacy, governance and compliance, risk management, information technology, customer rights protection, and information disclosure [2] Group 3: Focus Areas - The evaluation emphasizes guiding securities companies to enhance their functions, maintain market stability, and attract long-term capital [3] - New indicators have been added to encourage companies to engage in equity fund sales, fund advisory services, and the development of equity asset management products [2][3] Group 4: Professional Capability and Compliance - The evaluation aims to improve the professional capabilities of securities companies, particularly in mergers and acquisitions, and to enhance the quality of investment banking services [3] - The evaluation includes comprehensive assessments of compliance and risk management capabilities across various entities, including subsidiaries and key personnel [4]