2025年7月11日，财联社报道证券业即将迎来全方面自律规则的修订或

Investment Rating - The industry rating is "Outperform the Market" with expectations for the industry to perform better than the market over the next six months [21]. Core Insights - The report emphasizes the importance of self-regulation in the securities industry, highlighting the release of the "Implementation Opinions on Strengthening Self-Regulation and Promoting High-Quality Development of the Securities Industry" by the China Securities Association, which outlines 28 measures for future industry focus and tasks [1][2]. - The report indicates that with the advancement of the registration system, regulatory scrutiny on underwriting and sponsorship will intensify, aiming to protect the interests of investors, particularly small and medium-sized investors [3][4]. - The report suggests that long-term funds, such as social security and insurance funds, should play a more significant role in new stock pricing, addressing the imbalance between financing and investment [4]. Summary by Sections Regulatory Changes - The report discusses the need to refine self-regulatory rules for underwriting and sponsorship, including clearer standards for project selection, due diligence, and ongoing supervision [2]. - It highlights the importance of enhancing the quality of pricing reports and regulating underwriting fees to prevent unfair competition [2]. Market Trends - The report notes a significant increase in net profits for several securities firms, with some firms expecting profit growth exceeding 100% year-on-year [10]. - It mentions that the average daily trading volume for stock funds increased by 63.87% year-on-year in the first half of 2025, indicating a positive market trend [10]. Cross-Border Business - The report identifies cross-border business as a core strategic direction for securities firms, with leading firms achieving notable growth through global expansion and business innovation [9]. - It emphasizes that Hong Kong remains a strategic hub for Chinese securities firms, particularly in IPO sponsorship and underwriting [9]. Wealth Management and M&A - The report anticipates continued support for mergers and acquisitions, urging securities firms to invest more in this area to differentiate themselves [8]. - It also discusses the potential expansion of wealth management services and the need for compliance and risk management in this sector [8].