Xin Lang Cai Jing·2025-12-31 09:37Core Viewpoint - The approval of 18 new brokerage firms for non-financial corporate debt financing tool underwriting qualifications enhances the competitive landscape in the fixed income market in China [1] Group 1: New Brokerage Firms Approved - The China Interbank Market Dealers Association has released the list of 2025 non-financial corporate debt financing tool underwriting qualifications, adding 18 new brokerages this year [1] - Among the new additions, six brokerages, including Caitong Securities and First Capital Securities, are designated as general lead underwriters for non-financial corporate debt financing tools [1] - Zhongyin Securities has been approved as the lead underwriter for technology innovation non-financial corporate debt financing tools, which includes the underwriting of bonds supporting technological innovation [1] Group 2: Implications for Brokerage Firms - The approval of these qualifications is expected to assist brokerages in enhancing their fixed income business layout and improving their comprehensive bond business system [1]