券商分类评价结果出炉：发挥“指挥棒”作用，引导高质量发展

Core Points - The annual classification evaluation results for securities companies have been released, with 107 companies evaluated, resulting in 53 classified as A, 43 as B, and 11 as C, with 14 companies rated as AA within the A category [1][2] - The classification evaluation system has become a fundamental regulatory arrangement, guiding compliance, risk management, and service to the real economy [1][2] - The evaluation is based on the revised "Securities Company Classification Evaluation Regulations" released in August, which emphasizes high-quality development and encourages differentiated operations for small and medium-sized institutions [2][4] Evaluation Categories - The classification evaluation indicators are divided into four parts: compliance status, business development status, risk management capability, and special work conditions [3] - Compliance status is assessed based on regulatory measures or administrative penalties, while business development is evaluated through operational indicators like revenue and return on equity [3] - Risk management includes 47 specific indicators across six categories, and special work conditions consider contributions to industry culture and social responsibility [3][6] Regulatory Focus - The evaluation aims to enhance the functionality of securities companies in serving the real economy, with new indicators added to promote long-term capital market participation and wealth management services [4][5] - The focus is on improving professional capabilities in mergers and acquisitions, underwriting quality, and supporting small and medium enterprises [5][6] - The regulatory approach emphasizes strict compliance and risk management, incorporating various entities and actions into the evaluation process [7] Future Directions - The China Securities Regulatory Commission (CSRC) plans to enhance the transparency and fairness of the evaluation process for 2025, providing guidance through regulatory updates and training [8]