Group 1: Industry Overview - The "license dividend" is no longer applicable, leading to a reshaping of the securities fund custody business landscape [1][2] - Six securities firms have withdrawn their applications for fund custody qualifications this year, indicating a shift in the industry due to new regulations [2] - The new regulations have raised the entry threshold for custody institutions, increasing the net asset requirement from 20 billion to 30 billion yuan [2] Group 2: Regulatory Changes - The China Securities Regulatory Commission (CSRC) released a draft in April 2023 that enhances the entry requirements for fund custody institutions and improves the industry exit mechanism [2][3] - The new rules require a minimum of 5 billion yuan in custody assets for continued operation, which has led to some firms retracting their applications due to inability to meet these hard indicators [2] Group 3: Market Dynamics - The competition in the custody market has intensified, with a significant price war leading to declining fee rates [2][8] - The shift from basic custody services to "custody+" comprehensive services is becoming a consensus in the industry, as basic services no longer meet the needs of managers [4][5] Group 4: Service Transformation - Firms are focusing on enhancing customer service and response speed, with an emphasis on compliance and operational stability [4][5] - Companies like Guotai Junan Securities are actively transitioning to "custody+" services, offering value-added services such as investment performance analysis and risk monitoring [4][5] Group 5: Risk Management - The essence of custody business is balancing risk and efficiency, especially in complex scenarios like private equity funds [7] - Companies are elevating compliance and risk control to a strategic level, moving from passive compliance to proactive risk management [7][8] Group 6: Financial Pressures - The ongoing price war has led to custody fees for private equity funds dropping significantly below reasonable levels, creating financial pressure on both small and large custody institutions [8] - Many small custody firms may struggle to achieve profitability, raising concerns about the sustainability of investment in risk control capabilities across the industry [8]

Core Viewpoint - The core viewpoint of the news is that the China Securities Association (CSRC) has developed the "Implementation Opinions" to enhance self-regulation and promote high-quality development in the securities industry, emphasizing a shift from "license-driven" to "capability-driven" operations [1][2][3]. Group 1: Implementation Opinions Overview - The "Implementation Opinions" consist of 28 measures across seven areas, including improving the self-regulation system, enhancing self-regulation in sponsorship and underwriting, and promoting service functions [2][3]. - The focus is on guiding securities firms to prioritize functionality over mere operational aspects, marking a new trend in the industry [1][5]. Group 2: Functional Emphasis - The emphasis on functionality is highlighted as a key trend, with securities firms expected to explore new avenues in fulfilling their roles as financial institutions [5][6]. - Specific measures include supporting technological innovation and integrating financial strategies into long-term business plans to aid the development of a modern industrial system [6][7]. Group 3: Risk Management and Compliance - The "Implementation Opinions" stress the importance of enhancing compliance and risk management frameworks, including the establishment of a comprehensive risk management system [7][8]. - There is a call for improved reputation risk management and the promotion of a strong financial culture to enhance the industry's social reputation [7][8]. Group 4: Market Impact - Analysts believe that the "Implementation Opinions" will lead to more professional, efficient, and compliant services from institutions, thereby better meeting the diverse needs of investors and stabilizing market expectations [8].