Core Viewpoint - The recent evaluation results from the China Interbank Market Dealers Association highlight the performance of 72 main underwriters in the non-financial corporate debt financing tools market, emphasizing the importance of continuous assessment for maintaining high standards in underwriting practices [1][3]. Group 1: Evaluation Mechanism - The evaluation mechanism includes both initial assessments and annual evaluations, which are crucial for determining the ongoing business qualifications of main underwriters [1][3]. - The latest evaluation categorized the institutions into four tiers: A, B, C, and D, with 17 institutions achieving A grade, while three banks were rated D [1][5]. - The evaluation focuses on core business capabilities such as pricing, sales, and market-making, aiming to shift the market from a "scale-driven" to a "capability-driven" model [3][4]. Group 2: Encouraging Professional Development - The "positive incentive + negative constraint" mechanism encourages underwriters to enhance their professional skills and avoid short-sighted behaviors that prioritize business expansion over capability building [2][7]. - A new feature of the evaluation mechanism is the introduction of a D tier, which will lead to the disqualification of institutions rated D for two consecutive years, thereby promoting a dynamic adjustment of the underwriting team [4][6]. Group 3: Differentiated Competition - The evaluation results revealed a diverse composition of the 72 participating institutions, including 26 national banks, 28 local banks, and 18 securities companies, fostering differentiated competition [5]. - The association plans to introduce a specialized evaluation mechanism for underwriters excelling in pricing, inclusive finance, market development, and service capabilities, with specific institutions recognized for their strengths in these areas [6][8]. Group 4: Feedback Mechanism - A "one institution, one feedback" system has been established to provide tailored guidance to underwriters with subpar evaluation results, promoting a cycle of evaluation, feedback, and improvement [8]. - This innovative approach aims to integrate the evaluation system with national strategies such as technological innovation and green development, enhancing the role of underwriters in supporting the high-quality development of the real economy [8].