值得一提的是，华林证券在周四跌停，收盘价16.92元/股，全天换手率达4.28%，总市值456.84亿元。不 过华林证券在周一至周三涨幅较大，截至周四收盘，年内涨幅仍超10%。 盘后龙虎榜数据显示，华林证券因跌幅偏离值达7%的证券登上龙虎榜。上榜营业部席位全天成交5.05 亿元，占当日总成交金额比例为25.39%。其中，买入金额为1.5亿元，卖出金额为3.55亿元，合计净卖 出2.05亿元。 具体来看，国泰海通证券上海长宁区江苏路证券营业部、爱建证券上海浦东新区前滩大道证券营业部分 别卖出9073.04万元、8179.09万元，此外北向资金净卖出5279.58万元；东方证券张家港东环路证券营业 部、中国银河证券北京中关村大街证券营业部分别买入3958.93万元、3651.86万元。 （原标题：券商股集体下挫！接下来怎么走？机构发声） 1月8日，券商板块集体下挫，43家上市券商悉数下跌。其中，华林证券跌停，华安证券、华泰证券跌逾 5%，兴业证券、国泰海通跌逾4%，中信证券、广发证券等跌逾3%。 券商股集体下挫 本周以来，作为"牛市旗手"的券商板块在经历了周一、周二的"开门红"后，在周三、周四连续两日回 调。 周 ...

Core Viewpoint - The recent release of the "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission marks the fourth revision since the implementation of the classification rating system in 2009, aiming to enhance the evaluation system and promote high-quality development in the securities industry [1][2]. Group 1: Regulatory Changes - The name change from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" reflects an optimization in regulatory thinking, focusing on correcting institutional positioning and improving governance levels [1]. - The new regulations aim to guide securities firms back to their core role as financial intermediaries, directing resources towards areas aligned with national strategies and the needs of the real economy [1][2]. Group 2: Key Adjustments - The new regulations emphasize abandoning the scale-centric mindset, shifting towards a path of intensive development, with a focus on quality indicators such as net asset return and professional service capabilities, rather than total assets or revenue [3]. - The adjustment in scoring criteria aims to encourage firms to enhance operational efficiency and prioritize professional services over mere scale [3][4]. Group 3: Support for Small and Medium-sized Firms - The regulations address the challenges faced by small and medium-sized securities firms, expanding the scoring coverage for major business income from the top 20 to the top 30, allowing more firms to gain recognition in niche areas [4]. - This change is expected to foster a competitive landscape characterized by differentiation, reducing resource waste from homogeneous competition and promoting a more diverse service system [4]. Group 4: Focus on Core Competencies - The new regulations introduce specific indicators to assess business capabilities, encouraging firms to strengthen their roles in long-term investment and wealth management, thereby enhancing their ability to serve the real economy [5]. - The increased emphasis on equity asset allocation is anticipated to drive firms towards long-term value investment, reinforcing their function as stabilizers in the market [5]. Group 5: Strategic Reassessment - Securities firms are urged to reassess their business models and strategies in light of the new regulations, moving away from reliance on scale expansion and license advantages [6]. - Leading firms are expected to take on the responsibility of innovation, while smaller firms should focus on developing competitive advantages in specialized areas, contributing to a more balanced industry structure [6].

Core Viewpoint - The recent release of the "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission marks the fourth revision since the implementation of the classification rating system in 2009, aiming to enhance the industry evaluation system and promote high-quality development in the securities industry [1] Group 1: Regulatory Changes - The new regulations change the name from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations," reflecting an optimization in regulatory thinking aimed at correcting industry positioning and enhancing governance [1] - The primary legislative purpose now emphasizes guiding securities companies to better perform functional roles and improve professional capabilities, marking a shift from a focus on scale to high-quality development [2] Group 2: Industry Development Focus - The new regulations encourage the industry to abandon the scale-centric mindset and adopt a path of intensive development, replacing traditional metrics like total assets and revenue with quality indicators such as return on net assets and professional service capabilities [2] - The regulations aim to break the homogenization of competition, providing opportunities for small and medium-sized securities firms to differentiate themselves and escape the vicious cycle of price wars [3] Group 3: Core Competency Enhancement - The new rules introduce specific indicators to assess securities firms' business capabilities, focusing on areas such as proprietary investment in equity assets and wealth management, thereby enhancing their role as stabilizers in the market [4] - By increasing the proportion of equity asset allocation, the regulations encourage firms to focus on long-term value investment, contributing to the long-term healthy development of the capital market [4] Group 4: Strategic Implications - Securities firms must reassess their business models and development strategies in light of the new regulations, moving away from reliance on scale expansion and license benefits [5] - Leading firms are expected to take on the responsibility of innovation and guide industry development, while smaller firms should focus on niche markets to build competitive advantages [5]