证券公司投行业务质量评价办法迎修订，五大要点值得关注

Core Viewpoint - The China Securities Association has revised the "Evaluation Method for the Quality of Investment Banking Business of Securities Companies" to enhance the quality of practice and guide securities firms towards functional-oriented operations, effective from the date of publication [1]. Group 1: Evaluation System Updates - The overall structure and classification of evaluation results remain consistent with the previous version, while specific evaluation indicators have been modified and new indicators for "supporting listed companies in mergers and acquisitions" and "new stock valuation and pricing" have been added [1]. - The "Quality of Stock Sponsorship Business" evaluation indicators have been refined, incorporating experiences from the evaluation of sponsored projects on the Shanghai and Shenzhen stock exchanges, with clearer standards for deducting points based on specific review situations [1]. - The "Internal Control System Execution" evaluation indicators have been updated to emphasize problem orientation, particularly focusing on "conflict of interest review" and quality control responsibilities, alongside new indicators for project fee details and negative public opinion deductions [1]. Group 2: New Evaluation Indicators - The "Investment Banking Support for High-Level Technological Self-Reliance" evaluation indicators have been optimized, adding two new criteria: breakthroughs in key core technologies in new industries and technologies, and recognition of core technologies as internationally leading or significant for national strategy [2]. - In line with the requirements of the "Opinions on Deepening the Reform of the Mergers and Acquisitions Market for Listed Companies," securities firms are encouraged to increase investment in financial advisory services, with the addition of a special evaluation indicator for "supporting listed companies in mergers and acquisitions" [2]. - A new special evaluation indicator for "new stock valuation and pricing" has been introduced to enhance the pricing capabilities of new stocks and improve the quality of investment value reports [2].