Guoxin Securities·2025-07-02 06:47Investment 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 Business Development - The new evaluation system balances scale and efficiency indicators, increasing the emphasis on ROE while expanding the coverage of traditional business income rankings from the top 20 to the top 30 [1][12]. - New development indicators are introduced to encourage growth in businesses with high equity asset ratios, benefiting firms with significant equity investments in self-operated, asset management, and fund distribution sectors [1][12]. Risk Control and Compliance - A tiered penalty mechanism is established to strictly control major risks, with significant violations directly classified as D-level, and a reduction in penalties for administrative violations [2][13]. - The report emphasizes the importance of compliance incentives, which aim to balance investor protection with regulatory efficiency [2][13]. Industry Impact - The report anticipates a restructuring of the securities industry landscape, with leading firms solidifying their advantages while smaller firms leverage unique strategies to break into the top rankings [2][14]. - The focus on ROE improvement will be crucial for traditional leaders, while smaller firms can capitalize on emerging sectors like fund advisory and derivatives trading [2][14]. Market Performance - In June, the average daily trading volume in A-shares reached 1.336 trillion yuan, reflecting a 10.0% month-on-month increase and an 84.8% year-on-year increase [3][19]. - The IPO market saw 24 new listings raising 9.153 billion yuan, a 164.8% increase from the previous month, while refinancing reached 542.058 billion yuan, up 3963.9% [3][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 [3][20].