时隔五年，事关券业"大考"的证券公司分类评价制度经修订后发布实施。 8月22日，证监会发布实施《证券公司分类评价规定》（以下简称《规定》），修订后的《规定》突出促进证券公司功能发挥；引导证券公司聚焦高质量发展，支 持中小机构差异化发展、特色化经营；突出"打大打恶"导向，强化综合惩戒，切实加强中小投资者保护。 证券公司分类评价制度是证券公司监管的基础性制度，记者了解到，证监会根据证券公司分类结果，在风险控制指标标准、风险资本准备计算比例、监管资源分 配、现场检查和非现场检查频率等方面，对不同类别的公司实施差异化的监管政策，发挥其"奖优罚劣"和监管"指挥棒"的重要作用。 力促证券公司功能发挥 此次《规定》修订，在总结经验基础上，将"引导证券公司更好发挥功能作用，提升专业能力"写入总则，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"，突出督促证券公司端正经营理念、发挥功能作用、提高专业能力的鲜明导向，引导证券公司加大服务实体经济和国家战略的力度。 同时，为更好地评价证券公司"功能发挥情况"，《规定》新增由证券业协会组织"功能发挥情况"专项评价，并将结果运用到证券公司分类评价中。 据了 ...

夯实券商监管基础性制度 突出证券公司功能发挥 证券公司分类评价制度是证券公司监管的基础性制度。监管部门根据证券公司分类结果，在风险控制指 标标准、风险资本准备计算比例、监管资源分配、现场检查和非现场检查频率等方面，对不同类别的公 司实施差异化的监管政策，发挥其"奖优罚劣"和监管"指挥棒"的重要作用。 《规定》于2009年发布实施，并于2010年、2017年和2020年作了3次修订，已形成较为成熟的评价体 系。但由于距离前次修订已逾5年，对标新"国九条"等关于健全服务实体经济激励约束机制、推动行业 回归本源做优做强、鼓励中小机构差异化发展特色化经营、健全金融"五篇大文章"考核评价制度等部 署，有必要修改完善。 东吴证券首席经济学家芦哲表示，《规定》将服务实体经济和国家战略纳入评价核心，将推动券商更加 注重产业资本中介、创新融资服务等长效价值领域，从规模导向转向价值创造。 上证报中国证券网讯（记者 汤立斌）中国证监会8月22日发布实施《证券公司分类评价规定》（下称 《规定》）。在业内人士看来，调整后的评价办法有利于校正行业定位，引导证券公司聚焦高质量发 展，更加重视经营效率和质量，逐步从规模导向转向价值创造。同时 ...

Group 1: Regulatory Impact and Business Strategy - The company has achieved a breakthrough in serving the real economy, with financing of CNY 20.276 billion in the first half of 2025, a year-on-year increase of 146.70% [3] - The company is actively supporting technology innovation, assisting two tech companies in IPO applications and completing seven financing projects in the tech sector [3] - The company aims to integrate into the "China-ASEAN Community of Shared Future" and develop distinctive services in wealth management and institutional business [3] Group 2: Research Business Development - The company is establishing a "Five Centers" strategy for its research division, focusing on becoming a leading market-oriented think tank with comprehensive research services [5] - The research team has grown to over 200 employees, positioning itself as a large-scale research institution with significant growth potential [5] - The company is enhancing its brand influence through awards and recognition in authoritative evaluations [5] Group 3: ASEAN Research Institute - The newly established ASEAN Research Institute aims to create an integrated research system, focusing on economic, industrial, policy, and investment environment studies in ASEAN countries [6] - The institute will provide research services to various institutional clients, including public funds, insurance, and private equity [6] Group 4: International Business Layout - The company is aligning its strategies with national initiatives such as the "Belt and Road" and the financial opening of Guangxi towards ASEAN [7] - The company is exploring potential overseas expansion opportunities, leveraging its unique geographical and policy advantages [7]

Group 1: Regulatory Impact and Strategic Direction - The revised "Securities Company Classification Evaluation Regulations" emphasizes differentiated development for small and medium-sized institutions, which aligns with the company's focus on wealth management 3.0 transformation [1] - The company aims to enhance its classification evaluation score through targeted strategies that align with the new regulatory guidelines [1] Group 2: Wealth Management 3.0 Transformation - Wealth management 3.0 focuses on a customer-centric approach, utilizing product innovation and financial technology to enhance service delivery [1] - The company is committed to building a comprehensive wealth management system that integrates human expertise and technology, improving customer service experiences [1] Group 3: Asset Management and Product Strategy - The company is integrating asset securitization into its investment banking line to refocus on client investment needs, developing a diverse product system including FOF and quasi-fixed income products [2] - The aim is to meet the diverse needs of clients through a well-rounded product offering [2] Group 4: New Marketing Service Model - A new marketing service model is being developed, combining research, investment, investment banking, and wealth management to provide comprehensive financial services [2] - The company has established a dedicated business system to enhance customer service and internal collaboration [2] Group 5: Research Business Development - The research department aims to achieve revenue of RMB 125 million in 2024, focusing on long-term and value investments while enhancing its market influence [2] - The strategy includes deepening internal collaboration and regional economic research to support local industries [2] Group 6: Investment in Financial Technology - The company invested RMB 236 million and RMB 241 million in information technology in 2023 and 2024, respectively, focusing on AI, big data, cloud computing, and blockchain [3] - The development of proprietary technologies, such as the "Kongming AI Assistant," aims to enhance operational efficiency and support differentiated business development [3]

Core Viewpoint - The core viewpoint of the article is the significant adjustment in the evaluation rules for securities companies, as outlined in the revised draft of the "Securities Company Classification Evaluation Regulations," which aims to enhance the functional role of securities firms and promote differentiated development among small and medium-sized institutions [1][2]. Group 1: Key Changes in Regulations - Change One: Emphasis on functional roles, marking a shift from regulatory focus to a comprehensive assessment of securities firms' capabilities [2][5]. - Change Two: Highlighting a strict regulatory approach targeting major violations, allowing for direct downgrading of evaluation results for companies with significant legal infractions [3][15]. - Change Three: Support for differentiated development of small and medium-sized institutions, with adjustments to evaluation indicators favoring these firms [3][11]. Group 2: Specific Adjustments - Change Four: Reduction of penalty points for firms that actively engage in administrative commitments and advance compensation to investors [4][16]. - Change Five: Incentives for firms that resolve significant risks through changes in controlling shareholders, allowing them to receive points as if they were newly established companies [4][18]. - Change Six: Introduction of specific indicators for self-operated investment in equity assets and wealth management, aimed at enhancing service capabilities for the real economy [18]. Group 3: Implications for Small and Medium-sized Firms - The adjustments in evaluation criteria are designed to reduce the advantages of larger firms, allowing smaller firms to compete more effectively by focusing on operational efficiency and specialized services [11][12]. - The expansion of the scoring range from the top 20 to the top 30 firms for certain metrics increases the number of small and medium-sized firms eligible for additional points, thereby enhancing their competitive position [11][12]. Group 4: Regulatory Environment - The revised regulations reflect a broader regulatory trend towards stricter oversight and accountability for securities firms, aiming to protect investors and ensure compliance with legal standards [15]. - The emphasis on functional roles and service to the real economy aligns with national strategic goals, encouraging firms to adapt their business models accordingly [9][10].

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].

证券行业重磅消息来了！ 6月20日，证监会于官网发布《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》），意见反馈截止时间为2025年7月5日。 | 中国证券监督管理委员会 CHINA SECURITIES REGULATORY COMMISSION | | | | | 请输入关键字 | O | | --- | --- | --- | --- | --- | --- | --- | | 八首页 国 政务信息 | 价 机构概况 | 同 新闻发布 | 吕. 办事服务 | 曰 互动交流 | 000 统计信息 | 目 专题专栏 | | > 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 > 其他 > 征求意见 | | | | | | | | 索 | bm56000001/2025-00007548 | | | ਜੋ क्रेंड | 征求意见;证券经营机构相关规定 | | | 发布机构 | 证监会 | | | 发文日期 | 2025年06月20日 | | | 名 称 中国证监会就《证券公司分类评价规定(修订草案征求意见稿)》公开征求意见的通知 | | | | | | ...

此次最为直观的调整是规则名称的变化， 由此前的《证券公司分类监管规定》调整为《证券 公司分类评价规定》 。同时，《规定》适当整合、优化了业务发展指标，引导行业机构聚焦 高质量发展，支持中小机构差异化发展、特色化经营；突出 " 打大打恶 " 导向，优化评价结 果下调手段；适当调整扣分分值设置，提升评价的合理性。 整合、优化业务发展指标 【导读】证监会就《证券公司分类评价规定（修订草案征求意见稿）》公开征求意见 中国基金报记者 晨曦 证券行业重磅消息来了！ 6 月 20 日，证监会于官网发布 《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》） ，意见反馈截止时间为 2025 年 7 月 5 日。 对于证券公司来说，分类评价是每年最为重要的 " 大考 " 。评价结果不仅反映证券公司的综 合实力，而且涉及相关业务的开展及监管资源分配等情况。 支持差异化发展、特色化经营 首先来看加分项的调整。 《规定》第三章 " 评价方法 " 的第十三条是最主要的加分项，共有 十一款内容，涉及证券公司的多项业务指标，包括代理买卖证券业务收入、承销与保荐业务 收入、财务顾问业务收入等。 修订后，《规定》不再对总的营业收 ...

证监会：证券公司分类评价每年进行一次，评价期为上一 年度5月1日至本年度4月30日 金十数据6月20日讯，证监会发布《证券公司分类评价规定（修订草案征求意见稿）》，规定明确，证 券公司分类评价每年进行一次，评价期为上一年度5月1日至本年度4月30日，涉及的财务数据、业务数 据原则上以上一年度经审计报表，以及证券公司报送中国证监会及其派出机构、证券期货行业自律组织 的信息为准。 ...

证监会：不再对证券公司总的营业收入按排名加分、减少规模类指标重复加分 金十数据6月20日讯，证监会就《证券公司分类评价规定（修订草案征求意见稿）》公开征求意见。意 见指出，不再对总的营业收入按排名加分、减少规模类指标重复加分，同时提升对净资产收益率的加分 力度，引导证券公司坚持集约型的发展方向、提升经营效率。 ...