期货行业应"以合规为基，以创新为翼" 9月12日，中国证监会发布修订后的《期货公司分类评价规定》（下称《规定》）。《规定》的出台， 旨在引导期货行业转向高质量发展。《规定》在指标设计上显著强化了对服务产业客户、服务国家战略 目标的引导。本次修订将标题由《期货公司分类监管规定》调整为《期货公司分类评价规定》，标志着 监管核心从刚性的外部约束转向科学的综合评价与正向激励，其目的是推动期货公司由"被动守规"的底 线思维转变为"主动争优"的价值创造思维，将监管要求内化为提升综合竞争力的自觉行动。 扣分机制更清晰、更合理。《规定》明确了扣分原则上以生效的监管措施等法律文件为依据，减少了主 观判断空间，使扣分标准更加客观、透明。同时，消除了重复扣分的情形，对于因同一违规事项分别对 期货公司和人员采取监管措施的，《规定》将"择其重者扣分"，而非叠加扣分。此外，还合理设置了扣 分梯度，并根据监管措施的轻重程度赋予不同分值。这些调整使得合规监管的标准更为统一，减轻了期 货公司的合规负担。 《规定》对加分体系进行了结构性重塑。其中，突出服务实体经济本源，显著增强了服务实体经济能力 的指标权重，特别是新增了"产业客户日均持仓"指标 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1] Core Viewpoints - The non-bank financial industry has shown significant performance over the past year, with a focus on the growth of equity and fund distribution [2][4] - The recent release of the "Classification Evaluation Regulations for Futures Companies" by the CSRC aims to enhance regulatory effectiveness and promote risk management within the industry [4][11] - The report highlights the growth in the scale of equity product distribution, with significant increases in various fund categories compared to the end of 2024 [5][12] Summary by Relevant Sections Investment Suggestions - The report emphasizes the importance of the newly released regulations for futures companies, which include improvements in the scoring mechanism and the optimization of the evaluation system to enhance service to the real economy [11][25] Market Review - The major indices experienced varying degrees of increase, with the Shanghai Composite Index rising by 1.52% and the CSI 300 Index by 1.38% during the week [13] - The non-bank financial index saw a slight increase of 0.28%, ranking 24th among 31 primary industries [13] Key Industry Data Tracking 1) Market Performance and Scale - The total trading volume in A-shares reached 11.63 trillion yuan, with an average daily trading volume of 2.33 trillion yuan, reflecting a decrease of 10.63% compared to the previous period [13][18] 2) Credit Business - As of September 12, the market had 3,017.37 billion shares pledged, accounting for 3.69% of the total equity, with a margin balance of 2.34 trillion yuan, showing a 2.33% increase [18] 3) Fund Issuance - In August 2025, new fund issuance reached 1,020.22 billion units, with a notable increase in equity fund issuance [18] 4) Investment Banking Business - The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [18] 5) Bond Market - The total price index of bonds has decreased by 1.94% since the beginning of the year, with the 10-year government bond yield rising by 25.93 basis points [18] Regulatory Policies and Industry Dynamics - The report discusses the CSRC's new regulations for futures companies, which aim to refine risk management and enhance the overall competitiveness of the industry [4][25] Key Announcements from Listed Companies - Notable transactions include the completion of the acquisition of Guorong Securities by Western Securities and the establishment of a new investment partnership by Zhongyuan Securities [27]

Core Viewpoint - The newly implemented "Futures Company Classification Evaluation Regulations" emphasizes both macro and micro perspectives, aiming to enhance industry quality and compliance while reducing burdens on futures companies [1][2]. Group 1: Key Changes in Regulations - The new regulations introduce a clear scoring basis, emphasizing legal compliance and changing the previous practice of deducting points without legal procedures [1][2]. - The regulations optimize the scoring system by including all business types of futures companies in the evaluation criteria, adding new performance indicators related to market competitiveness [1][2]. - The new rules encourage continuous compliance development by awarding additional points for companies maintaining high compliance and risk management scores over three evaluation periods [2]. Group 2: Industry Development Paths - The revised classification system balances the development paths of "scale" and "specialization," providing policy incentives for both large and specialized futures companies [2][3]. - Large futures companies with comprehensive licenses can gain significant advantages in scoring and innovation opportunities if they rank high across all business lines, while also facing increased management pressures [2][3]. - Smaller, specialized futures companies can achieve comparative advantages in classification results by maintaining high compliance and risk management, demonstrating that both "large and comprehensive" and "small and specialized" models can coexist and thrive in the industry [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Classification and Supervision of Futures Companies" to enhance the regulatory framework, improve resource allocation, and promote high-quality development in the futures market [1][2]. Summary by Sections General Principles - The revision aims to reflect compliance and risk management capabilities of futures companies, enhance regulatory efficiency, and guide companies towards compliant and stable operations [1][3]. - The classification of futures companies will be based on their continuous compliance status, risk management capabilities, market competitiveness, and ability to serve the real economy [3]. Key Revisions - The title of the regulations has been changed to "Regulations on the Classification and Evaluation of Futures Companies" [2]. - A scoring system will be implemented with a baseline score of 100, with adjustments made based on compliance and risk management evaluations [3][6]. Scoring Mechanism - The revised regulations include a detailed scoring mechanism for penalties and incentives, focusing on compliance and risk management [2][6]. - Specific penalties for various regulatory actions have been outlined, such as 4 points for warnings and 10 points for criminal penalties [4][7]. Evaluation Indicators - The evaluation indicators have been categorized into deductive and additive metrics, with a focus on service to the real economy and market competitiveness [15][18]. - The scoring for market competitiveness will consider factors such as net income from brokerage services and asset management product rankings [15][17]. Implementation and Feedback - The CSRC has solicited public feedback on the revised regulations, which has been generally well-received, leading to further refinements [2][3]. - The implementation of these regulations is set to begin on September 12, 2025, replacing the previous regulations from August 2022 [36].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Classification of Futures Companies" to enhance the classification evaluation system for the futures industry, aiming to better allocate regulatory resources and promote high-quality development in the futures market [3][4]. Summary by Relevant Sections Revision Overview - The title of the regulation has been changed from "Regulations on the Classification of Futures Companies" to "Regulations on the Classification Evaluation of Futures Companies" [4]. - The overall approach of the revision includes goal orientation, unified standards for scoring, and simplification of the evaluation process [3]. Key Revisions - **Improvement of the Deduction Mechanism**: The deduction will primarily be based on effective regulatory measures, eliminating duplicate deductions and setting reasonable deduction gradients to enhance the comprehensive punitive effect of various regulatory measures [4]. - **Optimization of the Addition System**: The service capability indicators for the real economy have been improved, and the market competitiveness indicators have been adjusted to three categories with nine indicators, providing a comprehensive evaluation of the business operations, overall profitability, and capital strength of futures companies [4]. - **Deletion of Certain Indicators**: Indicators such as "weighted adjusted average daily institutional client equity," "cost management capability," and "return on net assets" have been removed to align with the current industry development status [4]. - **Adjustment of Special Evaluations**: Special evaluations have been consolidated and optimized into three categories: service to national strategies, party building and cultural construction, and information technology construction [4]. - **Adjustment of Special Incentives**: Additional incentives will be provided for companies that cooperate with regulatory authorities in risk disposal, maintain continuous compliance without deductions for three evaluation periods, and merge with other futures companies [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited public opinions on the draft of the "Futures Company Classification Evaluation Regulations," aiming to refine the evaluation standards and processes for futures companies in response to market and industry developments [1][4]. Group 1: Evaluation Standards - The draft clarifies and optimizes the scoring criteria, establishing that, except for specific circumstances, deductions will generally be based on regulatory measures [1][5]. - Specific situations related to daily risk management that do not meet standards can incur deductions without regulatory measures, including failure to meet risk indicators and margin warnings [1]. - Deductions will vary from 0.5 to 10 points based on the type of regulatory action taken, including administrative and criminal penalties [1][5]. Group 2: Adjustments to Scoring - The minimum compliance score for market competitiveness has been removed, and serious violations or major risks will not earn corresponding points [2]. - If a futures company is penalized for failing to meet risk indicators, it will not receive points for average net capital [2]. - Duplicate deductions for the same violation involving both the company and its personnel have been eliminated, allowing only the more severe penalty to apply [2]. Group 3: Enhanced Scoring Criteria - The evaluation criteria for "institutional client average positions" have been changed to "industrial client average positions," with the addition of "long-term fund client average positions" [3]. - The market competitiveness indicators have been restructured into three categories with nine metrics to comprehensively assess the operational performance and capital strength of futures companies [3]. - The evaluation of asset management has shifted from average derivative equity to average margin for asset management products, and the net capital evaluation has been adjusted to a monthly average [3]. Group 4: Special Evaluations - The "insurance + futures" evaluation has been moved to a special evaluation category, and the evaluation of party building and cultural construction has been included [4]. - Incentives for special circumstances have been adjusted to reward companies that cooperate with regulatory bodies in risk management and maintain compliance without deductions over the last three evaluation periods [4]. Group 5: Regulatory Resource Allocation - The revisions aim to allocate regulatory resources to different categories of futures companies, guiding them towards compliant and stable operations while enhancing their service capabilities [5]. - The evaluation will objectively reflect compliance and risk management based on regulatory measures, with varying deduction values for different measures [5]. - The overall goal is to improve the comprehensive strength of futures companies and their ability to manage risks for real enterprises, thereby achieving high-quality development in the industry [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has proposed a draft for the classification evaluation of futures companies, aiming to enhance compliance, risk control, and service to the real economy, while promoting innovation in the industry [1][2][3]. Summary by Sections Regulatory Changes - The draft includes 44 articles that clarify the scoring criteria for futures companies, optimizing both the deduction and addition standards, and simplifying the evaluation process [2][3]. - The deduction standards will shift from subjective discretion to rigid quantification, allowing for automatic deductions based on clear risk indicators [2][3]. Focus on Compliance and Innovation - The new evaluation criteria emphasize the importance of compliance and service to the real economy as core competitive advantages for futures companies [3][6]. - The draft encourages futures companies to enhance their service capabilities to meet the diverse needs of market participants in risk management and resource allocation [9][10]. Industry Dynamics - The proposed changes are expected to accelerate industry concentration, with leading firms gaining more advantages, while smaller firms may face increased survival pressure [7][8]. - The industry is encouraged to adopt a differentiated development strategy, with larger firms focusing on comprehensive services and smaller firms specializing in niche markets [8][9]. Future Development Directions - Futures companies are advised to enhance their capabilities in serving the real economy, increase their global pricing power for bulk commodities, and transition towards digitalization [10][11]. - The industry is urged to leverage policy opportunities and deepen collaboration with trading venues, real enterprises, and financial institutions to achieve a transformation from "channel service providers" to "comprehensive risk management providers" [11][12].

Core Viewpoint - The recent draft of the "Futures Company Classification Evaluation Regulations" reflects the regulatory body's ongoing commitment to promoting high-quality development in the futures industry, emphasizing a shift from scale-oriented to quality and capability-oriented evaluations [2][7]. Group 1: Regulatory Changes - The draft introduces a shift in evaluation focus, moving from passive compliance to proactive risk management and from single business evaluation to a comprehensive assessment of the ability to serve the real economy [2]. - The new evaluation framework consists of three categories and nine indicators, which comprehensively assess the business performance, overall profitability, and capital strength of futures companies [3]. Group 2: Asset Management Adjustments - The evaluation indicators for asset management have been optimized to focus on actual risk exposure, shifting from daily derivative equity to daily margin of futures asset management products [4]. - The change aims to encourage futures companies to prioritize risk control and stable capital management, thereby enhancing their competitiveness in the industry [4]. Group 3: Service to the Real Economy - The draft emphasizes the importance of serving the real economy by adjusting indicators to focus on industry clients and long-term capital clients, thereby enhancing the participation of these clients in the futures market [5]. - The inclusion of "insurance + futures" in the special evaluation category highlights the regulatory body's focus on innovative models that support national strategies, such as rural revitalization [6]. Group 4: Industry Impact - The implementation of the draft is expected to promote compliance among futures companies, enhancing the overall competitiveness of the industry through clear penalties and incentives for compliance [8]. - The new regulations will encourage futures companies to concentrate on their core responsibilities and increase their efforts in serving the real economy, thereby improving the efficiency of resource allocation, price discovery, and risk management in the futures market [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised and introduced new regulations and management measures to promote high-quality development in the industry and maintain market order and fairness, which benefits leading futures companies that provide comprehensive services to industrial clients and long-term institutional funds [1][2]. Summary by Sections Regulatory Changes - On June 13, the CSRC released the "Futures Company Classification Evaluation Regulations (Draft for Comments)" and the "Futures Market Program Trading Management Regulations (Trial)" to enhance compliance and risk management capabilities of futures companies while focusing on serving the real economy [2][3]. Key Revisions in Regulations - The main revisions in the regulations emphasize the addition of positive indicators for serving industrial clients and long-term institutional funds, improving the comprehensive evaluation system for business income [3]. - The deduction items have been revised to no longer specify particular violations, instead applying general regulatory measures for penalties, except for cases of risk management failures and margin warnings [3]. - Positive indicators have been optimized to support participation from industrial clients in commodity futures and long-term funds in financial futures, while the income evaluation system has been restructured to differentiate between brokerage income and futures consulting income [3]. Implications for Leading Futures Companies - The new regulations establish a comprehensive income evaluation system that favors leading futures companies with diversified operations [3]. - Leading futures companies are better positioned to provide integrated services, including futures brokerage, risk management, and asset management, to industrial clients and long-term institutional funds, enhancing their competitive advantage in the market [3].

Core Viewpoint - The article discusses the recent public consultation by the China Securities Regulatory Commission (CSRC) on the "Futures Company Classification Evaluation Regulations (Draft for Comments)", which aims to refine the evaluation standards for futures companies and enhance regulatory oversight in the futures market [2][3]. Group 1: Evaluation Regulations Overview - The new draft consists of 44 articles that clarify the scoring standards for futures company classification, optimize the scoring process, and simplify the evaluation procedure [2][3]. - The classification system is based on compliance status, risk management capabilities, market competitiveness, and the ability to serve the real economy, with a scoring system where the baseline score is 100 [3][4]. Group 2: Scoring and Deduction Adjustments - The evaluation uses a scoring system where companies are categorized into five classes (A, B, C, D, E) based on their scores, which are determined through deductions and additions from the baseline score [3][4]. - The deduction criteria have been refined, with specific penalties for non-compliance and risk management failures, including a reduction in points for severe violations [4][5]. Group 3: Additions to Evaluation Criteria - The evaluation criteria now include new indicators for market competitiveness and the ability to serve the real economy, such as "average daily positions of industry clients" and "average daily positions of medium- to long-term fund clients" [5][6]. - The market competitiveness indicators have been expanded to include nine specific metrics, allowing for a more comprehensive assessment of a company's business performance and capital strength [5][6]. Group 4: Incentives and Special Circumstances - The regulations introduce incentives for companies that rank in the top 10% for derivative trading services to real enterprises, with a point system based on their ranking [6]. - Special circumstances that warrant additional points include cooperation with regulatory bodies during risk management and maintaining a clean compliance record over multiple evaluation periods [6].