Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Company Classification Regulation" to enhance the regulatory framework and support high-quality development in the capital market, effective from August 22, 2025 [2][3]. Summary by Sections Regulatory Framework - The revised regulation emphasizes a goal-oriented approach, aligning with risk prevention and high-quality development requirements, while maintaining overall stability in the existing classification evaluation system [2][3]. - The title of the regulation has been changed to "Securities Company Classification Evaluation Regulation" to better reflect its focus on classification evaluation [3]. Key Modifications - The evaluation framework has been adjusted to focus on "risk management capability, ongoing compliance status, business development, and functional performance," with an emphasis on enhancing the functions of securities companies [3]. - The regulation aims to guide securities companies towards high-quality development by improving business development scoring indicators and encouraging differentiated development paths for small and medium-sized institutions [3][4]. Enforcement and Penalties - The regulation strengthens comprehensive penalties by refining the criteria for direct downgrading of classification ratings and increasing the deterrent effect against serious misconduct [3][4]. - It introduces a principle of proportionality in penalties, adjusting the scoring for disciplinary actions and optimizing the penalty gradient to enhance the effectiveness of various regulatory measures [4]. Future Directions - The CSRC will continue to improve the industry classification regulatory system and promote the establishment of first-class investment banks and institutions to better serve the real economy and support high-quality development in the capital market [4].

Core Viewpoint - The revised "Securities Company Classification Evaluation Regulations" aims to enhance the functionality of securities firms, promote high-quality development, and protect the rights of small and medium investors [1][3][9]. Group 1: Promotion of Functionality - The new regulations emphasize guiding securities companies to better fulfill their roles and improve professional capabilities, with a focus on serving the real economy and national strategies [3][4]. - A new special evaluation for "functionality" will be organized by the Securities Association, which will assess the effectiveness of securities firms in implementing key financial strategies [3][4]. Group 2: Differentiated Development - The regulations support differentiated development and specialized operations for small and medium-sized institutions, optimizing the evaluation indicators to encourage high-quality growth [6][7]. - Adjustments include increasing the scoring weight for net asset return rates and expanding the scoring range for major business income, allowing smaller firms to compete more effectively [6][7]. Group 3: Strengthening Punitive Measures - The regulations enhance punitive measures for serious violations, expanding the scope for downgrading ratings in cases of significant misconduct [9][10]. - There is a focus on using various regulatory tools to combat securities violations and protect the rights of small investors, including encouraging firms to proactively compensate affected investors [10][11]. Group 4: Regulatory Framework and Stability - The classification evaluation system serves as a foundational regulatory framework, guiding the development of the securities industry and ensuring compliance and risk management [13][14]. - The revisions maintain overall stability while optimizing specific evaluation criteria to reduce the burden on the industry [14].

每经AI快讯，8月22日，证监会发布《关于修改 的决定》。本次修改将标题由《证券公司分类监管规 定》调整为《证券公司分类评价规定》，与以分类评价为主的规定内容相适应。主要修改内容包括：一 是突出促进证券公司功能发挥。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"，并在业务加分、专项评价设置等方面突出这一导向。二是引导证券公司聚焦高质量发 展。重点完善业务发展加分指标，引导证券公司提升经营质量，在引入中长期资金、财富管理等领域更 好发挥专业服务能力；适当扩大重点业务加分覆盖面，鼓励中小机构立足自身禀赋探索差异化发展道 路。三是突出"打大打恶"导向，强化综合惩戒。完善直接下调分类评级的适用范围，保持对重大恶性案 件的震慑力度。按照"过罚相当"原则，适当提高"资格罚"纪律处分扣分分值、优化行政处罚扣分分值， 合理设置扣分梯度，促进发挥多种监管手段的综合惩戒效果。四是总结前期分类评价经验，明确特殊问 题的处理规则。如对涉嫌违法违规但积极申请行政执法当事人承诺、开展先行赔付的公司，适当减少扣 分分值等。 ...

Core Viewpoint - The revised "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission (CSRC) aims to shift the focus of securities firms from scale-oriented growth to high-quality development, emphasizing operational efficiency and compliance [1][2][3]. Group 1: Regulatory Framework - The classification evaluation system is a foundational regulatory framework for securities companies, allowing for differentiated supervision based on classification results [2]. - The regulations have undergone multiple revisions since their initial implementation in 2009, with the latest changes reflecting the need to align with new national policies aimed at enhancing the service to the real economy [2][3]. Group 2: Focus on Functionality and Quality - The revised regulations emphasize the importance of securities firms enhancing their functional roles and professional capabilities, integrating these aspects into the evaluation framework [3][4]. - The regulations encourage firms to prioritize service to the real economy and national strategies, moving away from a focus solely on profitability [3][5]. Group 3: Support for Small and Medium-sized Institutions - The regulations promote high-quality development by optimizing business development indicators, supporting differentiated and specialized operations for small and medium-sized institutions [4][5]. - Specific adjustments include the cancellation of certain revenue-based incentives and an increased focus on net asset return rates, encouraging firms to adopt a more efficient operational model [4][5]. Group 4: Compliance and Accountability - The revised regulations enhance the accountability measures for securities firms, increasing penalties for major violations and ensuring a more stringent evaluation process [6][7]. - The regulations aim to create a virtuous cycle of compliance, rating, and business performance, thereby improving the overall integrity of the securities market [6][7].

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].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the revised "Securities Company Classification Evaluation Regulations," with feedback due by July 5, 2025 [1][2]. Group 1: Changes in Evaluation Regulations - The name of the regulations has changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" [4]. - The revised regulations aim to optimize business development indicators, encouraging high-quality development and supporting differentiated and specialized operations for small and medium-sized institutions [4][9]. - The evaluation results will reflect the comprehensive strength of securities companies and influence business operations and regulatory resource allocation [4]. Group 2: Adjustments in Scoring Criteria - The adjustments include a shift in the scoring system, where the total operating income will no longer be ranked for additional points, and the emphasis on net asset return has been increased [5]. - The coverage for additional points has been expanded from the top 20 to the top 30 companies based on net asset return and major business income, allowing smaller institutions to explore differentiated development paths [5]. - New specific indicators have been added to encourage securities companies to enhance their capabilities in wealth management and optimize their investment structures [5]. Group 3: Regulatory Focus and Penalties - The revised regulations emphasize a "punish the large and the malicious" approach, allowing for direct downgrading of evaluation results for companies involved in significant violations [6]. - The scoring for penalties has been adjusted to ensure a balance between punitive measures and additional scoring, enhancing the effectiveness of self-regulatory and administrative measures [6]. - New rules have been established for handling special issues, such as reducing penalty points for companies that actively seek administrative commitments during the evaluation period [7]. Group 4: Historical Context and Future Implications - The classification evaluation system is a foundational regulatory framework for institutions, with the last revision occurring nearly five years ago [8]. - The evaluation process occurs annually, with the results impacting investor protection fund contributions, core regulatory metrics, and the frequency of inspections [8]. - The revisions are expected to promote the strengthening of leading companies while also supporting the differentiated development of smaller institutions, thereby enhancing the regulatory framework's effectiveness [9].

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 ...