证券行业重大事项点评：证券公司全面风险管理规范修订，强化对境外子公司、衍生品等风险管理

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index by more than 5% compared to the benchmark index in the next 3-6 months [16]. Core Insights - The recent release of the "Comprehensive Risk Management Norms for Securities Companies (Revised Draft)" and "Market Risk Management Guidelines for Securities Companies" by the Securities Industry Association aims to enhance risk management practices within the industry, particularly focusing on overseas subsidiaries and off-balance-sheet businesses [4][5]. - The revised norms emphasize the importance of comprehensive risk management for overseas subsidiaries, which have become increasingly significant due to the expansion of securities companies into international markets and the development of cross-border derivative products [4]. - New management requirements for off-balance-sheet derivatives and other off-market businesses have been introduced, addressing liquidity and trading risks that have been exposed in recent times [5]. Summary by Sections Regulatory Changes - The revised norms strengthen the regulatory framework for overseas subsidiaries, requiring securities companies to include all subsidiaries in their comprehensive risk management systems [4]. - Specific requirements for risk management personnel, risk appetite management, and unified monitoring have been established for subsidiaries [4]. Risk Management Enhancements - The new guidelines mandate a thorough risk management approach for off-market derivative products, including detailed asset and funding flow analysis, as well as leverage levels [5]. - A unified risk monitoring and analysis system for the same business and client has been introduced, ensuring consistent risk control measures across all departments and subsidiaries [5].