Core Viewpoint - The new classification evaluation system for securities companies aims to shift the focus from scale to value creation, enhancing the industry's ability to serve the real economy and support national strategies [1][2][5]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the revised classification evaluation regulations, emphasizing the importance of guiding securities companies to better fulfill their roles [1][2]. - The revised regulations will introduce a new evaluation framework focusing on risk management, compliance, business development, and functional performance, particularly in serving the real economy and national strategies [2][3]. Group 2: Focus on Profitability - The new regulations will prioritize net asset return as a key indicator of capital efficiency, encouraging securities firms to concentrate on high-profitability businesses and improve operational efficiency [4][5]. - The adjustments will eliminate certain revenue-based incentives while increasing the weight of net asset return, thus promoting a shift towards a more quality-focused development model [4][5]. Group 3: Evaluation Mechanism - A new specialized evaluation for functional performance will be conducted by the Securities Association, with standards focusing on the effectiveness of securities companies in executing key financial strategies [3][6]. - The evaluation will adapt over time to reflect industry developments and the need for securities firms to enhance their functional roles [3]. Group 4: Compliance and Penalties - The revised regulations will enhance penalties for major violations, aiming to deter misconduct and improve market fairness [7][8]. - Adjustments to the scoring system for administrative penalties will ensure a more balanced approach, allowing firms with minor infractions to recover more easily while imposing stricter scrutiny on those with serious violations [8].

Core Points - The China Securities Regulatory Commission (CSRC) has recently solicited public opinions on the revised draft of the "Securities Company Classification Evaluation Regulations" [1][2] - The regulations aim to support the differentiated development of small and medium-sized securities firms by optimizing business development scoring indicators [1] - The regulations emphasize the protection of small and medium investors and encourage securities firms to apply for administrative enforcement commitments or to conduct advance compensation [1][2] Group 1 - The revised regulations cancel the scoring indicator for total operating revenue and increase the scoring weight for return on net assets, raising the maximum score from 1 point to 2 points [1] - The coverage of certain scoring indicators has been appropriately increased, expanding the scoring range for return on net assets and major business income from the top 20 to the top 30 firms [1] - The regulations guide small and medium-sized firms to explore differentiated development paths based on their own endowments [1] Group 2 - To strengthen comprehensive penalties for serious violations and better protect the legitimate rights and interests of small investors, the regulations highlight the "crack down on major violations" approach [2] - The revised regulations lower the ratings of securities firms involved in major malicious cases and encourage the effective use of various regulatory measures [2] - The regulations increase the penalty points for "qualification penalties," enhancing the institutional deterrence of self-regulatory management [2]

Core Viewpoint - The frequent violations by licensed securities investment consulting firms highlight the need for a fundamental reshaping of industry values rather than merely reducing the number of penalties [1][9]. Regulatory Actions - As of June 22, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus issued 45 regulatory letters to 40 licensed securities investment consulting firms, with over half of these firms being named [5]. - Multiple firms, including Jinzheng Investment Consulting and Fujian Zhongxun Securities Research, have been ordered to suspend new client acquisitions for 3 to 6 months due to violations such as inadequate internal controls and misleading marketing practices [2][3][4]. Common Violations - Common issues among the firms include inadequate internal systems, misleading marketing, promises of investment returns, and unregistered personnel providing investment advice [5][8]. - The industry has seen a pattern of violations, with many firms failing to provide reasonable bases for investment advice and lacking adequate risk warnings [6]. Industry Challenges - Factors contributing to the high incidence of violations include profit-driven motives, lack of professional training among staff, and the rapid development of the industry outpacing regulatory frameworks [7]. - Intense competition within the industry has led some firms to lower service standards and resort to non-compliant practices to attract clients [7]. Recommendations for Improvement - Establishing a correct industry value system and enhancing internal management are crucial for improving service quality and compliance [10]. - Firms should focus on long-term investment principles, strengthen compliance training, and develop robust internal oversight mechanisms to detect and correct violations [10][12]. Regulatory Enhancements - There is a call for stricter regulatory measures and faster responses to violations, including the use of modern technology for dynamic monitoring of firms [12]. - Increased penalties for violations are suggested to create a more effective deterrent against non-compliance [11][12].

行 业 报 告 非银行金融 2025 年 06 月 22 日 行业点评 优化证券公司分类监管制度，更好发挥"指挥棒"作用 行情走势图 相关研究报告 【平安证券】行业深度报告*非银行金融*险资举牌研 究暨 2024 年报分析：风起资产端*强于大市 20250403 【平安证券】行业点评*非银行金融*深化个险营销体 制改革，头部险企具备高质量发展优势*强于大市 20250420 【平安证券】行业点评*非银行金融*规范万能险经 营，推动行业健康发展、回归保障本源*强于大市 20250427 证券分析师 王维逸 投资咨询资格编号 S1060520040001 BQC673 WANGWEIYI059@pingan.com.cn 李冰婷 投资咨询资格编号 S1060520040002 LIBINGTING419@pingan.com.cn 强于大市（维持） 事项： 6 月 20 日，证监会就《证券公司分类评价规定（修订草案征求意见稿）》（以 下简称《规定》）公开征求意见。 平安观点： 证 券 研 究 报 告 行 业 点 评 优化证券公司分类监管制度，更好发挥"指挥棒"作用。证券公司分类评 价是指以证券公司风险管理能力、持 ...

[Table_Date] 2025 年 06 月 22 日 [Table_Title] 连涨七周，迎首批数据中心 REITs [Table_Title2] 公募 REITs 周速览（2025 年 6 月 16-20 日） [Table_Summary] 本周（2025 年 6 月 16-20 日）中证 REITs 全收益指数收 于 1124.63 点，周度上涨 0.88%，2025 年 4 月 30 日以来市 场连续七周上涨。中证 REITs（收盘）指数收于 893.99 点， 周度上涨 0.87%。我国 REITs 市场已上市 66 个项目，本周总 市值收于 2066 亿元，继 6 月初突破 2000 亿元后环比再涨 1.21%，主要是租赁住房、仓储物流板块拉动。 从大类资产角度，本周 REITs 的交通基础设施板块下 跌，其余品类均上涨，整体跑赢股票（沪深 300、中证 500、 中证 1000 和恒生科技）、债券（中证全债、中证国债、中证 公司债、中证转债）和期货（沪金、沪银、COMAX黄金）。 证券研究报告|固收研究报告 ►二级市场 本周七大 REITs 板块中，高速公路板块整体下跌 1.1%， 其余 ...

AI卷起的财富风暴。 以下文章来源于AGI接口 ，作者丸都山 AGI接口 . 该诉讼已被旧金山联邦法院受理立案，包括公司CEO库克、CFO凯文·帕雷克和前任CFO均被列为 被告。 出品 | 虎嗅科技组 作者 | 丸都山 编辑 | 苗正卿 头图 | 视觉中国 在Apple Intelligence饱受争议的当下，苹果的股东们率先向这家公司开出了第一枪。 需要说明的是，在美国"企业问责制"的体系中，关于"误导性陈述"的相关指控一旦被找到证据， 几乎再无上诉成功的可能。比如英伟达在2018年被股东起诉，称黄仁勋在当年虚假地描述了加密 货币为GPU营收带来的增幅，在随后的6年中，英伟达曾多次上诉，但最终在去年被美国最高法院 驳回上诉。 回到此次事件，苹果被股东集体上诉，可能都不需要去特意地搜集证据。 因为在去年的WWDC大会上，苹果软件高级副总裁克雷格·费德里吉就曾明确表示过，"更加智能 的Siri"将在iOS 18的后续版本上推出，而直到今年iOS 26发布，这个存在于演示动画中的Siri仍然 没有看到。 就连苹果官方，现在也无法给出"Siri+Apple Intelligence"的准确时间。在今年3月，苹果在官 ...

上 市 公 司 交通运输 2025 年 06 月 21 日 深圳国际 (00152) —— 国企优质资源禀赋，物流园转型升级带来业绩弹性 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 20 日 | | --- | --- | | 收盘价（港币） | 7.60 | | 恒生中国企业指数 | 8527.07 | | 52 周最高/最低（港币） | 8.15/5.68 | | H 股市值（亿港币） | 185.72 | | 流通 H 股（百万股） | 2,443.74 | | 汇率（人民币/港币） | 1.0949 | 一年内股价与基准指数对比走势： -13% 87% 06/20 07/20 08/20 09/20 10/20 11/20 12/20 01/20 02/20 03/20 04/20 05/20 06/20 HSCEI 深圳国际 资料来源：Bloomberg 相关研究 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 郑逸欢 A0230124010001 zhengyh@swsresearch.com 联系人 郑 ...

深交所发布深市监管动态，6月13日至6月19日，本所对2宗违规行为进行纪律处分，涉及信息披露及规 范运作违规；对1宗违规行为发出监管函，涉及信息披露及规范运作违规。本周发出问询函233份、其他 函件10份。6月16日至6月20日，本所共对129起证券异常交易行为采取了自律监管措施，涉及盘中拉抬 打压、虚假申报等异常交易情形；共对23起上市公司重大事项进行核查，并上报证监会2起涉嫌违法违 规案件线索。(深交所) ...

【环球网财经综合报道】6月20日，证监会正式就《证券公司分类评价规定（修订草案征求意见稿）》（以下简称《规定》）向社会公开征求意见。此次修 订旨在优化证券公司分类评价制度，突出功能发挥导向，支持中小机构差异化、特色化经营。 具体来看，修订内容主要包括四个方面。一是突出促进证券公司功能发挥的导向，完善评价框架。《规定》将立法目的明确为"引导证券公司更好发挥功能 作用，提升专业能力"，并将现有评价框架调整为"风险管理能力、持续合规状况、业务发展和功能发挥状况"四大维度。其中，功能发挥情况涵盖服务实体 经济和国家战略的情况，同时授权证券业协会组织"功能发挥情况"专项评价。 | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | 请输入关键字 | | --- | --- | --- | --- | --- | --- | | 八 首页 价 机构概况 | 司 新闻发布 | 圈 政务信息 | 三. 办事服务 | 曰 互动交流 | 000 统计信息 | | ♥ 当前位置： 首页 > 政务信息 > 政府信息公开 > 主动公开目录 > 按体裁文种查看 > 其 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for the revised "Securities Company Classification Evaluation Regulations," marking a significant update to the regulatory framework after five years, aimed at enhancing the functionality of securities firms and promoting high-quality development in the industry [1][2][3]. Group 1: Regulatory Changes - The revised regulations emphasize guiding securities firms to better fulfill their roles and enhance professional capabilities, reflecting the regulatory intent [3]. - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" [1][3]. - The new regulations are aligned with the directives from the 20th National Congress and the Central Financial Work Conference, focusing on improving the service to the real economy and encouraging differentiated development among smaller firms [3][4]. Group 2: Support for Small and Medium-sized Firms - The regulations will optimize business development indicators to support high-quality growth and encourage differentiated operations among smaller firms [4]. - The scoring system has been adjusted to expand the coverage for additional points, allowing more firms to benefit from the evaluation [4]. - New specific indicators have been introduced to promote the development of self-operated investment in equity assets and wealth management services [4]. Group 3: Enforcement and Compliance - The revised regulations include provisions for downgrading evaluation results for firms involved in significant legal violations, enhancing the regulatory response to misconduct [5][6]. - The principle of "proportional punishment" has been emphasized, with adjustments made to the scoring for disciplinary actions and administrative penalties to ensure a balanced evaluation system [6]. - New rules have been established for handling special cases, such as reducing penalties for firms that proactively address legal violations during the evaluation period [6].