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].

Core Viewpoint - The article discusses the implementation of the "Implementation Opinions" by the China Securities Association aimed at enhancing self-regulation and promoting high-quality development in the securities industry [2][4]. Group 1: Self-Regulation Management - The "Implementation Opinions" aim to establish a self-regulation management system that aligns with the high-quality development of the securities industry, optimizing member services and enhancing compliance and risk management [4][13]. - Key measures include improving the self-regulation management system, enhancing the management of sponsorship and underwriting businesses, and strengthening the association's internal structure and member management [4][5]. Group 2: Enhancing Sponsorship and Underwriting - The document emphasizes the need for securities companies to improve their sponsorship, underwriting, and pricing capabilities, and to optimize the management of offline investors [5][6]. - It includes detailed rules for underwriting self-regulation, enhancing the pricing ability of underwriters, and ensuring accountability in sponsorship and underwriting [5][6]. Group 3: Development of First-Class Investment Banks - The "Implementation Opinions" outline a strategy for the development of first-class investment banks and investment institutions, focusing on providing high-quality financial products and services [7][8]. - It encourages securities companies to support the development of new productive forces and to integrate these goals into their long-term business strategies [8][9]. Group 4: Compliance and Risk Management - The document stresses the importance of strengthening compliance and risk management systems within securities companies, enhancing risk monitoring and response mechanisms [13][14]. - It highlights the need for improved transparency in off-market transactions and the establishment of a risk monitoring database [13][14]. Group 5: Industry Reputation and Culture - The "Implementation Opinions" call for enhanced management of public opinion and reputation risks, promoting a positive image of the securities industry [14][12]. - It emphasizes the importance of fostering a distinctive financial culture in China and improving the social reputation of the industry [12][14].