非银金融：风控指标标准落地，放松与严管并存

Investment Rating - The industry investment rating is "Outperform the Market" [3][16]. Core Insights - The report highlights that the acceleration of reforms in the trading sector is improving expectations for the securities industry [3]. - Regulatory changes are actively being pursued, with future reform policies anticipated to be promising [3]. - Continuous progress in investment reforms aims to enhance the inherent stability of the capital market [3]. - A series of policies are being implemented to fulfill the spirit of the Two Sessions, with ongoing reform measures [3]. Summary by Sections Risk Control Indicators - On September 20, the China Securities Regulatory Commission (CSRC) revised the "Calculation Standards for Risk Control Indicators of Securities Companies," effective from January 1, 2025 [4][5]. - The revision emphasizes both "promoting functional performance" and "strict regulation," adjusting relevant indicators and regulations in four main areas: optimizing risk control indicators for stock investments, enhancing classified management, covering all business activities under risk control indicators, and tightening controls on high-risk businesses [6][10]. - The new rules reflect a balance between relaxation and strict regulation, allowing capable firms to improve capital efficiency while maintaining stringent oversight on high-risk activities [10][11]. Impact on Industry Development - The revised regulations are expected to promote business development by integrating all existing securities business into the risk indicator system, thereby enhancing risk management [10][11]. - Differentiated regulation will improve capital efficiency, allowing top-tier firms to release capital space and incentivize them to strengthen their market position, while smaller firms will face higher risk management requirements [11]. - The adjustments in risk capital preparation standards for major stock indices and ETFs are anticipated to guide institutional funds towards long-term quality investments and support the real economy [11][12]. - The emphasis on risk management will require firms to refine their funding stability based on business risk characteristics, enhancing the scientific nature of risk control indicators [11].