ROE重要性提升！券商分类评价规则修订，最新解读！

Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" aims to optimize the classification evaluation system, emphasizing functional orientation and promoting differentiated development for small and medium-sized securities firms, aligning with the new "National Nine Articles" and the financial "Five Major Articles" requirements [1] Group 1: Functional Orientation - The revised regulations prioritize guiding securities companies to better fulfill their functional roles and enhance professional capabilities, incorporating the evaluation of "functional performance" into the existing framework [2][3] - The new evaluation framework shifts from a traditional focus on "risk management + compliance + business development" to a new system that includes "risk management capability + ongoing compliance + business development and functional performance" [3] Group 2: Differentiated Development - The regulations eliminate the revenue-based bonus points, reducing repetitive scale-based incentives, while increasing the emphasis on return on equity (ROE) to encourage firms to focus on operational efficiency rather than mere scale expansion [5][6] - The adjustment allows for a broader range of firms to benefit from the evaluation, encouraging small and medium-sized firms to explore differentiated paths based on their resource endowments [5][6] Group 3: Encouraging Long-term Investment - The revision introduces new indicators related to self-operated equity investments, fund advisory development, and management scale of equity-related products, aiming to optimize investment structures and enhance services for long-term capital entry into the market [7] Group 4: Enhanced Regulatory Measures - The revised regulations strengthen the punitive measures and risk mitigation strategies, expanding the scope for rating downgrades due to significant violations and enhancing the penalty mechanisms for misconduct [8][9] - The introduction of a self-rescue incentive mechanism allows for reduced penalties for firms that proactively correct issues, promoting accountability and investor protection [9]