券商分类评价新规点评：突出功能性导向，支持中小券商差异化发展

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Insights - The revised classification evaluation rules focus on enhancing the functional orientation of securities companies, optimizing the evaluation framework, and supporting differentiated development for small and medium-sized brokerages [2][5] - The new rules emphasize profitability over scale, encouraging firms to improve return on equity (ROE) and pursue high-quality development [5] - The evaluation system has been adjusted to penalize companies with significant legal violations more severely, while also refining the scoring system to ensure a balanced approach between penalties and rewards [3][4] Summary by Sections Section 1: Regulatory Changes - The new classification evaluation rules were publicly solicited for opinions on June 20, focusing on enhancing the functional capabilities of securities firms [1] Section 2: Business Development Indicators - The revised rules eliminate the revenue ranking bonus, reduce repetitive scale indicators, and increase the emphasis on net asset return [2] - New indicators have been added for proprietary investment in equity assets, fund advisory development, and management scale of equity asset management products [2] Section 3: Evaluation Adjustments - The rules clarify that companies with major legal violations can have their evaluation results directly downgraded [3] - The penalties for disciplinary actions have been increased to enhance self-regulatory measures [3] Section 4: Special Issue Handling - The rules summarize previous evaluation experiences and clarify the handling of special issues, including risk management indicators for bond trading and asset management [4] Section 5: Industry Impact - The new rules favor small and medium-sized brokerages with distinctive operations, promoting a competitive advantage in niche markets [5] - The focus on functional orientation may serve as a significant reference for the effectiveness of securities companies in executing financial strategies [5]