五篇大文章评价办法正制定，科技金融为重点考核指标

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry is encouraged to enhance its technology financial services, with a focus on the evaluation of the "Five Major Articles" by the China Securities Association, emphasizing the importance of technology finance [7][14]. - Recent regulatory developments aim to improve corporate governance and enhance the operational mechanisms of enterprises, which is expected to positively impact the capital market ecosystem [15][27]. Summary by Sections Investment Recommendations - The evaluation framework for securities firms includes a total score of 100 points, with technology finance accounting for 50 points, highlighting the regulatory emphasis on this sector [14][29]. Market Review - During the week of May 26 to June 1, 2025, the CSI 300 Index and the ChiNext Index experienced declines of 1.08% and 1.40%, respectively, while the non-bank financial index rose by 0.17%, ranking 16th among 31 sectors [16][19]. - The total trading volume in A-shares was 5.47 trillion yuan, with an average daily turnover of 1.09 trillion yuan, reflecting a decrease of 6.77% week-on-week [16][21]. Industry Key Data Tracking 1) Market Performance and Scale: Major indices showed varying degrees of decline, with the Shanghai Composite Index down by 0.03% [16][21]. 2) Credit Business: As of May 30, 2025, the market had 3,123.03 million shares pledged, accounting for 3.86% of total equity, with a margin balance of 1.80 trillion yuan [21][24]. 3) Fund Issuance: In May 2025, new fund issuance totaled 657.59 billion units, a decrease of 28.90% from the previous month [21][23]. 4) Investment Banking: The equity underwriting scale in May 2025 was 16.795 billion yuan, with IPOs amounting to 3.456 billion yuan [21]. 5) Bond Market: The total price index of bonds decreased by 0.94% since the beginning of the year, with the 10-year government bond yield at 1.67%, up by 6.35 basis points [21][27]. Regulatory Policies and Industry Dynamics - The central government has issued opinions to enhance the modern enterprise system, aiming for significant improvements in corporate governance and operational efficiency by 2035 [27][28].