Guoxin Securities·2025-07-02 05:19Investment Rating - The report maintains an "Outperform the Market" rating for the securities industry [3][20]. Core Insights - The recent revision of the "Securities Company Classification Evaluation Regulations" by the CSRC marks a significant shift in the regulatory landscape, emphasizing functional orientation over scale, promoting differentiated development, and enhancing comprehensive risk management [1][11]. - The report highlights that while the "Matthew Effect" continues to favor leading firms, smaller securities firms can find opportunities through differentiation in niche markets [2][14]. Summary by Sections Regulatory Changes - The new regulations introduce three strategic shifts: from scale-oriented to function-oriented evaluation, from homogeneous competition to differentiated development, and from compliance baseline management to comprehensive risk management [1][11]. - The evaluation system now balances scale and efficiency indicators, increasing the emphasis on Return on Equity (ROE) while expanding the coverage of traditional business income rankings from the top 20 to the top 30 [12][14]. Business Development - The revised evaluation criteria support differentiated competition by allowing smaller firms to achieve favorable ratings through specialized services in areas like fund advisory and market-making [2][14]. - New development indicators focus on promoting businesses with high equity asset ratios, rewarding firms with significant equity investments in self-operated, asset management, and fund distribution [12][14]. Market Performance - In June, the average daily trading volume of A-shares reached 1.336 trillion yuan, a 10.0% increase month-on-month and an 84.8% increase year-on-year [19]. - The IPO market saw 24 new listings in June, raising 9.153 billion yuan, with a significant increase in refinancing and bond underwriting activities [19]. Investment Recommendations - The report recommends leading securities firms such as CITIC Securities and Huatai Securities, as well as firms with strong traffic advantages like Dongfang Caifu and Guolian Minsheng [20][40].