《关于加强自律管理，推动证券业高质量发展的实施意见》的点评：强化功能引领，引导行业高质量发展

Investment Rating - The industry investment rating is not explicitly stated in the report, but it implies a positive outlook for the securities industry due to the new regulations aimed at enhancing self-regulation and promoting high-quality development [21]. Core Insights - The report discusses the implementation of new self-regulatory measures by the China Securities Association to foster a more effective, stable, and compliant industry ecosystem [4][8]. - It emphasizes a shift from reactive to proactive regulation, focusing on prevention and clear operational standards in investment banking [5][12]. - The report highlights the need for a transformation in the operational models of securities firms, moving towards comprehensive services and technology-driven approaches [16]. Summary by Sections Policy Background - The capital market is undergoing significant reforms, with the new "National Nine Articles" outlining the direction for high-quality development and risk prevention [9][10]. - The implementation of the registration system has raised the standards for intermediary institutions, emphasizing compliance and risk management [9]. Main Content - The new regulations stress the importance of a forward-looking and preventive self-regulatory framework, moving away from post-violation penalties [12]. - It establishes comprehensive standards for investment banking practices, including a prohibition on tiered pricing and a focus on the quality of pricing reports [12][13]. - The regulations aim to create a balanced pricing ecosystem by enhancing the responsibilities of brokers in managing offline investors [13]. Impact on the Industry - The new measures are expected to strengthen the competitive advantage of leading securities firms while pressuring smaller firms to seek niche markets [16]. - The operational models of securities firms will evolve towards integrated services, technology-driven solutions, and specialized divisions [16][17]. - The regulations will encourage a more professional approach to project quality and service delivery, enhancing the overall pricing capability and professional image of the industry [17].