Core Viewpoint - The futures industry is undergoing a significant transformation with the introduction of a new classification evaluation regulation by the China Securities Regulatory Commission (CSRC), effective from 2025, aimed at scientifically measuring the comprehensive strength of futures companies [1] Group 1: Changes in Evaluation Criteria - The new regulation has restructured the scoring system, moving away from a one-size-fits-all approach to a more detailed and specific evaluation framework [3] - The "market competitiveness" category has been divided into three major categories and nine sub-items, including net profit, brokerage business net income, futures trading consulting income, market-making and derivative trading indicators, average margin of asset management products, and average net capital [3] - New items such as "market-making" and "derivative trading" have been added, indicating that companies excelling in these innovative areas will achieve higher scores in the classification evaluation [3] Group 2: Focus on Innovation and Service - The previous indicators for "cost management ability" and "return on equity" have been removed, reflecting a regulatory shift towards encouraging futures companies to innovate and grow rather than merely focusing on improving scores through cost-cutting [4] - The new scoring system has optimized the deduction mechanism, ensuring that only the most severe violation results in a score deduction, thus promoting fairness in evaluation [6] - A new scoring item has been introduced to penalize companies if their controlling shareholders or actual controllers violate regulations, aiming to extend compliance pressure to the leadership level [6] Group 3: Emphasis on Serving the Real Economy - The new regulation places greater emphasis on the ability to serve the real economy, with indicators such as "average daily positions of industrial clients" being added and adjustments made to the scoring of "average daily positions of institutional clients" [6] - The "insurance + futures" service model has been separated from the general "service to the real economy" scoring item, allowing for a more precise reflection of each company's capabilities in this specialized area [8] Group 4: Industry Trends and Future Competition - The futures industry is shifting from a model focused on quick profits to one emphasizing high-quality service and diversified income streams, as evidenced by the performance of leading firms in the first half of the year [8] - Companies like Ruida Futures have improved overall revenue through asset management, while Nanhua Futures has increased income through international business, contrasting with Yong'an Futures, which saw a 44.6% year-on-year decline in net profit due to reliance on traditional brokerage [8] - Future competition among futures companies will be redefined, focusing on who can better serve industrial clients and who has stronger derivative capabilities, rather than merely on client numbers or profit levels [10]

Core Viewpoint - The new classification evaluation system for futures companies aims to comprehensively assess their business operations, overall profitability, capital strength, and core competitiveness, promoting compliance and high-quality development in the industry [1][5]. Group 1: Key Changes in Evaluation Criteria - The new regulations, effective from September 12, 2025, replace the previous classification supervision rules with a focus on a comprehensive evaluation system that includes nine indicators across three main categories, while retaining the net profit indicator [1][5]. - The evaluation criteria have been refined to include specific indicators for brokerage income and futures trading consulting income, as well as new indicators for market making and derivative trading [3][5]. - The assessment of asset management has shifted from average derivative equity to average margin of asset management products, and the net capital evaluation has changed from year-end to monthly averages [3][5]. Group 2: Implications for Futures Companies - The revised regulations are expected to reshape the qualifications for business trials and the entry of innovative businesses, with a clear basis for point deductions linked to regulatory measures [2][5]. - The new evaluation system encourages futures companies to focus on serving the real economy and innovating their business models, moving away from a sole emphasis on scale and profit [6]. - Companies are expected to adapt their business strategies, emphasizing the development of trading clients in the industrial sector and reducing focus on financial institutions [6]. Group 3: Industry Trends - The industry is witnessing a shift from traditional brokerage models to diversified profit models, with companies like Ruida Futures and Nanhua Futures reporting growth through asset management and international business [6]. - The performance of companies such as Yong'an Futures indicates a trend of declining revenue from traditional brokerage services, highlighting the need for adaptation to new market conditions [6].