21世纪经济报道记者崔文静北京报道 证券行业新规即将出炉。 21世纪经济报道记者了解到，中国证券业协会(以下简称"中证协")7月11日向券商下发《中国证券业协 会关于加强自律管理推动证券业高质量发展的实施意见》(以下简称《实施意见》)，这是首份专门针对 证券行业高质量发展的文件。 该文件不仅对券商发展作出系列要求，同时对中证协如何引导证券行业发展作出规定。 记者梳理发现，从行业导向性来看，其最大特点是强调券商的功能性。《实施意见》明确，引导督促证 券公司将功能性放在首位。从近期监管层发布的多个文件来看，功能性均被置于重要地位。这意味着， 强调功能性，而非仅聚焦于经营性，已经成为证券行业发展的新趋势。 功能性之外，薪酬与廉洁从业也被提及。《实施意见》要求证券公司严格落实稳健薪酬制度指引以及廉 洁从业实施细则的各项要求，建立起科学合理、规范有效的薪酬激励机制与廉洁从业管理体系。 值得重点关注的是，细察《实施意见》可以窥见中证协下一步将要出台或修订的系列文件、建立或完善 的相关机制：包括完善发行承销自律规则，将投价报告质量纳入投行执业质量评价体系，建立网下投资 者评价筛选机制，出台证券公司开展私募基金托管业务规定等 ...

Core Viewpoint - The China Securities Association has issued the "Implementation Opinions" to enhance self-regulation and promote high-quality development in the securities industry, emphasizing the importance of self-regulation in serving the industry and regulatory bodies [1][2]. Group 1: Self-Regulation Management - The "Implementation Opinions" aim to establish a self-regulation management system that aligns with the high-quality development of the securities industry, optimizing member services and enhancing compliance and risk management [2][3]. - Key measures include improving the self-regulation management system, strengthening the self-regulation of sponsorship and underwriting businesses, and enhancing the association's internal structure and member management [2][3]. Group 2: Sponsorship and Underwriting Management - The "Implementation Opinions" specify the need to enhance the self-regulation of sponsorship and underwriting by urging securities companies to improve their capabilities in these areas and optimize the management of offline investors [3][4]. - This includes refining self-regulation rules for issuance and underwriting, enhancing pricing capabilities, and ensuring accountability in sponsorship and underwriting responsibilities [3][4]. Group 3: Development of Investment Banks and Institutions - The document emphasizes the need to guide and encourage securities companies to prioritize functional services, providing high-quality financial products and services to support capital market reforms [4][5]. - It outlines a structured approach to develop first-class investment banks and institutions, including enhancing comprehensive financial service capabilities and promoting bond business development [5][6]. Group 4: Compliance and Risk Management - The "Implementation Opinions" stress the importance of strengthening compliance and risk management systems, enhancing risk monitoring, and ensuring timely identification and resolution of risks [7][8]. - It also highlights the need for effective public opinion management to foster a positive image of the securities industry and enhance its social reputation [7][8]. Group 5: Association's Self-Improvement - The document outlines measures for the association's self-improvement, including enhancing governance structures, improving member service levels, and strengthening the association's self-regulation capabilities [8].

Core Viewpoint - The China Securities Association (CSA) has introduced a new set of 28 systematic measures aimed at promoting high-quality development in the securities industry, aligning with the requirements of the China Securities Regulatory Commission (CSRC) [1] Group 1: Implementation Measures - The implementation opinion includes guiding principles, overall goals, and 28 measures across seven areas [1] - Key areas of focus include improving self-regulatory management systems, enhancing self-regulation in sponsorship and underwriting, and promoting service functionality [1] - Additional measures emphasize strengthening compliance and risk management systems, guiding public opinion and expectation management, and promoting Chinese financial culture [1] Group 2: Objectives and Goals - The CSA aims to establish a self-regulatory management system that aligns with the high-quality development of the securities industry [1] - The focus is on enhancing the functionality of the industry and strengthening the CSA's own development [1] - There is a specific emphasis on building first-class investment banks and investment institutions to drive the high-quality development of the securities sector [1]

Group 1 - The core viewpoint of the news is that Hongta Securities expects a significant increase in its net profit for the first half of 2025, with a projected growth of 45% to 55% year-on-year, driven by strategic business optimizations and market conditions [1] - Hongta Securities anticipates a net profit attributable to shareholders of the parent company between 651 million to 696 million yuan, an increase of 202 million to 247 million yuan compared to the same period last year [1] - The company also projects a net profit excluding non-recurring gains and losses to be between 634 million to 679 million yuan, reflecting a year-on-year increase of 40% to 50% [1] Group 2 - The overall performance of Hongta Securities has shown a positive growth trend, with a reported revenue of 2.022 billion yuan in 2024, marking a year-on-year increase of 68.36%, and a net profit of 764 million yuan, up 144.66% [2] - In the first quarter of 2025, the company achieved a revenue growth of 46% and a net profit growth of 147.24% year-on-year [2] - Analysts believe that the profitability of the securities industry is expected to continue its upward trend in the first half of the year, supported by improved market activity and favorable policy conditions [2][3] Group 3 - The long-term development logic of the securities industry is evolving towards high-quality growth, with an emphasis on open cooperation and effective investment banking practices [3] - Key investment themes include mergers and acquisitions, wealth management transformation, innovative licensing, and improvements in return on equity (ROE) [3]

券商中国记者从相关渠道获悉，为进一步完善证券行业执业声誉信息管理机制，中证协近期对《证券行业 执业声誉信息管理办法》（下称《办法》）进行了修订，目前正在征求行业意见。据悉，这是《办法》发 布实施三年来的首次调整。 本次修订将干扰监管执法的行贿行为纳入违法失信范畴，同时明确券商通过先行赔付机制有效减轻或消除投资 者损害的，其相关处罚信息可免于记入执业声誉信息库。 先行赔付可豁免"污点" 所谓证券行业执业声誉信息管理，就是全面收集证券机构、从业者执业的正面、负面信息，且提供查询方式。 业内也将其称之为券业版的"征信系统"。 中证协表示，《办法》自2022年发布实施以来，为行业构建市场化的声誉约束机制奠定了制度基础，目前已初 步形成以执业声誉信息库为依托，覆盖行业执业声誉信息采集、管理、查询、应用、修复更正等全流程管理机 制。本次修订着眼于落实相关监管精神、结合执业声誉信息管理实践等情况。 相关新增条款为：发行人因欺诈发行、虚假陈述给投资者造成损失，相关证券公司主动与受到损失的投资者达 成协议予以先行赔付，积极减轻或消除投资者特别是中小投资者违法损害的，由其向中证协申请，对相关行政 处罚信息不予记入执业声誉信息库。 ...

Core Viewpoint - The China Securities Association is revising the "Management Measures for the Reputation Information of the Securities Industry," marking the first adjustment since its implementation in 2022. The revisions focus on two main areas: including bribery that interferes with regulatory enforcement in the category of unlawful dishonesty, and providing a waiver channel for securities firms to mitigate investor losses through a proactive compensation mechanism [1][2]. Group 1: Proactive Compensation Mechanism - The revised draft specifies that if an issuer causes losses to investors due to fraudulent issuance or false statements, the relevant securities company can apply to the China Securities Association for exemption from recording related administrative penalty information in the reputation information database if they proactively reach a compensation agreement with the affected investors [1]. - This mechanism reflects the regulatory authority's encouragement of proactive compensation by securities firms, linking the initiative to reputation evaluation, which compels firms to be more prudent in due diligence, material verification, and ongoing supervision [1]. - The design of this system aims to optimize investor relief efficiency and shorten the rights protection cycle, allowing investors to receive compensation more quickly and avoid additional losses from lengthy litigation processes [1]. Group 2: Inclusion of Bribery in Dishonesty Category - The revisions implement the China Securities Regulatory Commission's directive to "investigate both bribery and receiving bribes together," including information on administrative penalties and disciplinary actions for interference with regulatory enforcement through improper means such as bribery [2]. - Even if the circumstances are minor and no penalties are imposed, information recognized by disciplinary inspection or administrative supervision agencies will also be included in the category of unlawful dishonesty [2]. - By incorporating bribery interference into reputation management, involved institutions and individuals will face joint penalties across the industry, which serves as a significant measure for the regulatory authority to purify the market ecosystem and maintain enforcement authority [2].

证券时报记者从相关渠道获悉，为进一步完善证券行业执业声誉信息管理机制，中国证券业协会(下 称"中证协")近期对《证券行业执业声誉信息管理办法》(下称《办法》)进行了修订，目前正在征求行业 意见。 一方面，贯彻落实了证监会关于坚持受贿行贿一起查的工作部署，进一步明确有关违法失信信息。具体 包括：以贿赂等不正当手段干扰证监会及其派出机构监管执法工作，被予以行政处罚、纪律处分，或者 因情节较轻、未受到处罚处理，但被纪律检查或行政监察机构认定的信息。 另一方面，根据证监会关于依法推进先行赔付工作要求，明确对通过先行赔付机制主动减轻或消除对投 资者违法损害的，相关处罚信息可免于记入执业声誉信息库。相关新增条款为：发行人因欺诈发行、虚 假陈述给投资者造成损失，相关证券公司主动与受到损失的投资者达成协议予以先行赔付，积极减轻或 消除投资者特别是中小投资者遭受的违法损害的，由其向中证协申请，对相关行政处罚信息不予记入执 业声誉信息库。 另外，本次修订还完善了诚信信息来源。根据执业声誉信息库上线运行以来的实践，将来源于证监会诚 信档案数据库的信息调整为会员(即证券机构)自行报送，将过渡期有关安排转化为正式要求。 正面负面信息均 ...

Core Viewpoint - The Chinese capital market continues to experience significant activity in the first half of 2025, with a focus on the implications of regulatory enforcement and personnel changes within securities firms [2]. Regulatory Environment - The regulatory tone remains strict, with over 200 fines issued to more than 60 securities firms in the first half of 2025, highlighting issues such as violations in investment banking, internal controls, and disclosure failures [2][3]. - Notable firms like Northeast Securities and Shenwan Hongyuan received the highest number of fines, with each facing four penalties [3][4]. Internal Control Issues - Northeast Securities has faced multiple warnings for internal control failures, including inadequate emergency plans and insufficient risk disclosures to investors [5][6]. - Shenwan Hongyuan was also cited for internal control issues, including conflicts of interest and inadequate management of client trading behaviors [6][7]. Penalty Trends - The trend of "double penalties" where both firms and individual employees are penalized has become common, emphasizing the accountability of both the organization and its staff [9]. - The regulatory framework has been adjusted to enhance the effectiveness of self-regulatory measures and administrative penalties, aiming to protect small investors and ensure compliance [10]. Market Activity - The IPO market is showing signs of recovery, with a continuous increase in the number of applications being processed, reflecting a revitalized market environment [2].

Core Viewpoint - The China Securities Association (CSA) has revised the "Management Measures for the Management of Securities Industry Practitioners' Reputation Information," marking the first adjustment since its implementation in 2022, aimed at enhancing the reputation management mechanism in the industry [1] Group 1: Changes in Regulations - The revision includes three major changes: first, bribery and other means that interfere with regulatory enforcement will be classified as illegal and dishonest behavior [2] - Second, it encourages securities firms to proactively compensate for losses caused by fraudulent issuance, allowing those who take the initiative to mitigate investor damages to avoid being recorded in the reputation information database [3] - Third, the source of integrity information has been improved, shifting from the China Securities Regulatory Commission's integrity archive database to self-reporting by members [2] Group 2: Implications for Market Conduct - The inclusion of bribery in the reputation management framework is seen as a significant step by regulators to purify the market environment and uphold enforcement authority [2] - The CSA maintains a strict stance against bribery among securities practitioners, with a "zero tolerance" approach to bribery in capital markets [2] - The new provisions are expected to guide securities firms to voluntarily compensate affected investors, thereby reducing the cost and duration of investor rights protection [3]

Core Viewpoint - The China Securities Association has revised the "Securities Industry Practitioner Reputation Information Management Measures" to enhance the management mechanism for industry reputation, focusing on discouraging bribery and encouraging proactive compensation for investor losses [1][2][3] Group 1: Revision Objectives - The revision aims to implement regulatory spirit by including bribery that interferes with regulatory enforcement in the category of illegal and untrustworthy behavior [1] - It encourages securities firms to proactively compensate investors for losses caused by fraudulent issuance, allowing them to apply for exemption from reputation records if they take responsibility [1][2] Group 2: Impact on Industry Practices - The new rules provide a "safe passage" for compliant firms, motivating them to take responsibility and mitigate risks without the fear of damaging their reputation [2] - The linkage between proactive compensation and the firm's reputation will compel firms to enhance risk control measures during due diligence and ongoing supervision [2][3] Group 3: Inclusion of Bribery in Reputation Management - The revision includes information on bribery that disrupts regulatory enforcement in the reputation management framework, leading to potential industry-wide penalties for involved institutions and individuals [3] - This move reflects the regulatory body's intention to use reputation capital as a pricing mechanism to hold "predators" accountable, thereby purifying the market environment [3] Group 4: Changes in Information Reporting - The revised measures formalize the requirement for members to self-report information to the reputation information database, a practice that has been trialed during a transition period [3]