Core Viewpoint - The revised implementation plan for the evaluation of main underwriters of non-financial corporate debt financing tools aims to enhance the support for technology finance and inclusive finance, thereby empowering technological innovation and the private economy [2][4]. Group 1: Evaluation Mechanism - The evaluation mechanism for main underwriters has been optimized to align with the central government's directives on promoting high-quality development of technology and private enterprises, increasing support for technology innovation bonds and private enterprise bonds [4]. - The evaluation framework includes a comprehensive service capability model that integrates issuance pricing, market-oriented sales, ongoing management, underwriting market-making, risk sharing, and research innovation [4]. - The evaluation results will categorize underwriters into qualified and unqualified groups, with qualified underwriters further divided into four tiers: A, B, C, and D, based on their performance [7]. Group 2: Classification and Standards - National banks (including foreign banks) will have their top 30% classified as A tier, while the bottom 10% will be C tier; local banks will have their top 20% as A tier and bottom 20% as C tier; securities companies will follow a similar classification [7]. - Unqualified classifications include failure to submit required evaluation materials, significant self-regulatory penalties for violations, and other serious negative impacts as determined by the association [7][8]. Group 3: Future Directions - The association plans to continue enhancing the market-oriented evaluation mechanism for underwriting institutions, promoting high-quality development in the interbank bond market [8]. - There will be a focus on showcasing six types of specialized underwriters in areas such as inclusive finance, technology innovation, green bonds, structured products, panda bonds, and derivatives [8].