Core Viewpoint - The China Securities Association has issued the "Implementation Opinions" aimed at enhancing self-regulation and promoting high-quality development in the securities industry, outlining 28 measures across seven areas [1][10]. Group 1: Focus on Innovation and Service - The "Implementation Opinions" encourage securities firms to engage in financial technology innovation while ensuring risk control, which will enhance service efficiency and meet diverse client needs [1][10]. - There is an emphasis on supporting the real economy, particularly small and medium enterprises and green development, reflecting the industry's social responsibility [1][10]. - The document stresses the importance of compliance and risk management, setting higher standards for securities firms to establish robust risk management and compliance systems [1][10]. Group 2: Self-Regulation and Compliance - The "Implementation Opinions" aim to improve the self-regulatory framework of the securities industry, enhancing the organizational, institutional, and implementation systems [2][4]. - Specific measures include refining self-regulatory rules for underwriting and sponsorship, improving pricing capabilities, and optimizing investor management to foster a competitive market environment [4][5]. - The document highlights the need for clearer standards in underwriting practices to enhance the quality of services provided by securities firms [5][6]. Group 3: Talent Development and Risk Management - There is a call for increased investment in talent development within securities firms to improve professional skills and business capabilities [1][10]. - The "Implementation Opinions" propose multiple strategies to strengthen compliance and risk management, including enhancing risk monitoring for key business areas [8][10]. - The importance of establishing effective mechanisms for monitoring and responding to negative public sentiment is also emphasized, given the potential impact on reputation [8][10]. Group 4: Market Function and Financial Services - The document outlines the need for securities firms to prioritize functional services, providing high-quality financial products to support capital market reforms and the development of new productive forces [7][10]. - The focus on green finance and wealth management transformation is expected to drive product innovation and better meet diverse market demands [7][10]. - The ongoing regulatory framework is anticipated to accelerate industry differentiation, benefiting firms with comprehensive strengths and those with niche competitive advantages [7][10].