Group 1 - The China Securities Association (CSA) has released a "white list" of 21 qualified offline institutional investors, including Bosera Fund and Great Wall Fund, as part of a reputation management mechanism for past participation in offline inquiries and subscriptions for initial public offerings (IPOs) [1][2] - The "white list" is not a comprehensive evaluation of financial institutions but aims to enhance the quality of offline investors in response to the ongoing reforms in the stock issuance registration system [1][2] - The CSA emphasizes the importance of professional capability development among offline investors to meet the higher standards required by the reform [1] Group 2 - The CSA has implemented incentive measures for "white list" institutions, including a green channel for registration, reduced information reporting requirements, and priority in various administrative processes [2] - The classification management of the "white list" will be used as a reference by regulatory bodies and self-regulatory organizations for classification supervision and self-discipline management [2] - The CSA plans to strengthen self-discipline management among offline investors to maintain order in new stock offline issuance and improve the rationality of pricing behavior [2]