Core Viewpoint - The regulatory scrutiny on credit rating agencies has intensified, leading to increased penalties for violations, with three major agencies already penalized this year [1][3]. Group 1: Regulatory Actions - United Credit Rating Co., Ltd. received a self-discipline penalty from the Interbank Market Dealers Association for using two different rating standards for the same entity, violating the principle of consistency [1]. - The self-discipline penalty requires United Credit to conduct a comprehensive and in-depth rectification regarding the consistency issues exposed by this incident [1][3]. - The regulatory environment has changed significantly since the implementation of the "Notice on Promoting the Healthy Development of the Bond Market Credit Rating Industry" in August 2022, which abolished mandatory rating requirements and emphasized quality improvement [1][3]. Group 2: 3C Rating System - The 3C rating system, developed by United Credit in collaboration with United Wisdom, aims to provide a high degree of differentiation in credit ratings across the Chinese bond market, covering over 5,500 enterprises across 36 industries [2]. - This new rating framework enhances the traditional two-dimensional analysis by incorporating assessments of corporate sustainability, thus providing a more comprehensive view of creditworthiness [2]. - Despite the penalties, industry insiders acknowledge the value of the 3C rating system in upgrading the existing rating framework, although violations of consistency principles are unacceptable [2][3]. Group 3: Market Concentration - According to the China Securities Association, the top three credit rating agencies hold significant market shares, with their business volume percentages being 30.66%, 26.29%, and 12.20% respectively [2]. - In the previous quarter, the leading agencies were China Chengxin International, United Credit, and Zhongzheng Pengyuan, with market shares of 33.92%, 20.9%, and 13.02% respectively [2].