自评工作已启动 近日，有券商收到了《关于做好2025年证券公司分类评价自评工作的通知》（下称《通知》）。 券商中国记者从业内获悉，近日，有地方证监局已启动2025年证券公司分类评价工作。目前，各机构已完成自评底稿 的报送工作。据悉，本次评价共覆盖107家券商。这次评价，也是《证券公司分类评价规定》修订之后的首次评价， 备受关注。 今年券商分类评价A、B、C三大类别公司的比例原则上分别为50%、40%、10%。分类评价工作结束后，证监会机构司将 把评价结果通报系统内各单位，证监局将按要求"点对点"通知辖区各券商。 《通知》要求券商切实做好自评工作，按规定对照《2025年证券公司分类评价工作底稿》标注填写自评结果，将自评底 稿和自评结果报送证监局。 据悉，母子公司原则上应当合并评价。今年分类评价，继续将投行子公司、资管子公司、经纪子公司及依法设立的从事 证券投资咨询业务的子公司有关情况，合并纳入母公司分类评价工作底稿进行自评，自评结果报母公司住所地证监局。 《通知》表示，根据新规第十五条规定，在今年分类评价工作中，将对证券公司服务脱贫攻坚等社会责任履行情况、行 业文化建设、功能发挥情况、证券公司服务中小企业、参与 ...

Group 1: Market Strategy and Regulatory Changes - The report highlights that the revised regulations focus on functionality and compliance, accelerating industry differentiation, with leading brokerages expected to see valuation increases while smaller firms expand their differentiated space [3][7] - The new classification evaluation regulations, effective from August 22, 2025, aim to enhance regulatory efficiency and reduce industry burdens while promoting high-quality development and supporting differentiated operations for smaller institutions [7][8] - The new regulations emphasize the importance of brokerages' roles in serving the real economy and national strategies, shifting competition from capital scale to professional capabilities and functionality [8][9] Group 2: Electronic Industry Insights - The report indicates that Q2 2025 revenue for the company in focus, Qizhong Technology, showed steady year-on-year growth, with a significant rebound in gross margin [10][11] - The company achieved a revenue of 996 million yuan in H1 2025, reflecting a year-on-year increase of 7%, while Q2 revenue reached 521 million yuan, up 10% quarter-on-quarter and 6% year-on-year [11][12] - The report notes that the inventory of large-size panels is being effectively reduced, which is expected to boost sales expectations for the second half of the year [10][11]

Investment Rating - The investment rating for the non-bank financial industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant improvement in market data for the second quarter of 2025, with brokerage firms experiencing a year-on-year increase in trading volume and new account openings [4] - The report anticipates a continued high growth rate for listed brokerage firms' mid-year reports, projecting a year-on-year growth of approximately 50% [4] - The report emphasizes the favorable policies aimed at stabilizing the stock market and boosting the economy, which are expected to benefit the brokerage sector [5] - The report identifies three main investment themes within the brokerage sector: undervalued leading brokers with strong retail business, high beta financial technology stocks, and brokers benefiting from the expansion and activity of the Hong Kong IPO market [6] Summary by Sections Market Data Improvement - In Q2 2025, the average daily stock trading volume reached 12.5 trillion, a year-on-year increase of 48% [4] - The number of new accounts opened from January to May 2025 was 10.95 million, up 30% year-on-year [4] - The margin trading scale as of June 24 was 1.82 trillion, a year-on-year increase of 22% [4] Investment Banking and IPOs - The IPO scale from January to June 2025 was 37.1 billion, with 50 projects, reflecting a year-on-year increase of 14% [4] - The report notes a significant increase in IPO activity in Q2 2025, with a scale of 23.6 billion and 30 projects, representing a quarter-on-quarter increase of 75% [4] Policy Environment - The report discusses the "1+6" policy measures introduced by the China Securities Regulatory Commission, which are expected to facilitate IPOs for unprofitable companies [5] - The report mentions a joint guideline from the central bank and other departments aimed at boosting consumption and stabilizing the economy [5] Valuation and Fund Allocation - The report indicates that public funds are significantly underweight in the non-bank financial sector, with a notable need for reallocation [6] - As of June 25, the brokerage sector's price-to-book (PB) and price-to-earnings (PE) ratios were 1.44 and 20.75, respectively, indicating that valuations remain low [6]

数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-06 2024-10 2025-02 非银金融 沪深300 相关研究报告 《科创板 IPO 边际宽松，利好券商投 行 、 直 投 业 务 — 行 业 点 评 报 告 》 -2025.6.18 非银金融 2025 年 06 月 22 日 投资评级：看好（维持） 非银金融 行业走势图 《关注陆家嘴金融论坛表态，港交所 受益于金融开放 — 行 业 周 报 》 -2025.6.15 《5 月新开户数延续增长，非银持续受 益于基准回补—行业周报》-2025.6.8 重视功能性，优化指标加分项，券商马太效应延续 ——券商分类评价新规点评 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 券商分类评价规定更新，重视功能性导向，完善制度框架 （1）监管导向重视功能性：新规明确"引导证券公司更好发挥功能作用，提升 专业能力"（第一条），根据服务实体经济和国家战略成效考察功能发挥状况，将 评价框架从传统的"风险管理+合规状况+业务 ...