资本市场改革发展系列点评：分类评级规定修订，突出功能性和经营效率，支持中小机构差异发展

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance relative to the benchmark index [12]. Core Insights - The new regulations emphasize the functional role of securities firms, aiming to enhance operational efficiency and support differentiated development for small and medium-sized institutions [1][2]. - The revised classification framework focuses on high-quality development, moving away from a strict compliance-oriented approach to one that encourages firms to improve their service capabilities and contribute to the real economy [1][3]. - The new rules introduce specific indicators for self-operated investment in equity assets and wealth management, guiding firms to attract long-term capital and optimize their investment structures [2]. Summary by Sections Regulatory Changes - The new regulations replace the previous focus on compliance with an emphasis on functional performance, aiming to guide firms towards high-quality development and operational efficiency [1][2]. - Key modifications include the removal of revenue ranking bonuses and an increase in the weighting of net asset return rates, promoting a more efficient operational model [2]. Impact on Firms - Larger firms may face challenges due to the removal of revenue-based advantages, while smaller firms can benefit from relaxed constraints on classification evaluation, allowing them to pursue differentiated development paths [3][7]. - The new rules are expected to favor firms with balanced operations and cost advantages, particularly those with potential for unique business models [3]. Market Performance - The industry has shown strong performance metrics, with absolute performance over 12 months at 74.3% and relative performance at 42.2% compared to the benchmark [5]. - The total market capitalization of the industry stands at 6,908.6 billion, with a circulating market value of 6,607.5 billion, indicating a robust market presence [3].