中证协发布自律管理实施意见，全方位推动证券业高质量发展

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [1] Core Insights - The implementation opinions released by the China Securities Association aim to promote high-quality development in the securities industry through comprehensive self-regulation and optimization of the industry ecosystem [2][3] - The focus is on transitioning from "scale expansion" to "efficiency improvement," encouraging securities firms to shift from license-driven operations to capability-driven operations, thereby enhancing the quality of services [3] - The report emphasizes the importance of enhancing the comprehensive financial service capabilities of investment banks and actively participating in the construction of a multi-level capital market system [2][3] Summary by Sections Section 1: Planning and Mechanism - Establish a long-term working mechanism to promote the construction of first-class investment banks and investment institutions, guiding securities companies to better support the development of new productive forces [2] Section 2: Financial Services and Compliance - Enhance the financial advisory capabilities of investment banks, increase investment in M&A advisory services, and improve internal control systems [2] - Encourage more securities firms to apply for fund advisory qualifications to meet diverse investor needs [2] Section 3: Market Development - Promote the development of the over-the-counter market and derivatives market to enhance market stability and better serve long-term capital [3] - Encourage high-quality securities firms to engage in cross-border business to meet international market demands [3] Section 4: Self-Regulation and Market Mechanisms - Strengthen self-regulation in underwriting and sponsorship, optimizing investor management to create a market-driven constraint mechanism [7] - The report outlines 28 measures across seven areas to enhance self-regulation and support the high-quality development of the securities industry [7]