近日，中国证券业协会发布《中国证券业协会关于加强自律管理推动证券业高质量发展的实施意见》 （以下简称《意见》），进一步打造"简明、清晰、友好"的自律管理规则体系，为证券业加强自律、完 善治理、规范运作提供了更清晰的行动指南。 自律管理是证券行业治理体系的重要组成部分，在促进资本市场健康发展、行业机构规范经营、从业人 员合规展业等方面具有重要作用。近年来，监管部门高度重视证券业自律管理和规范发展，2024年3月 发布的《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见（试行）》， 以及今年2月发布的《关于资本市场做好金融"五篇大文章"的实施意见》等，均对完善证券行业机构定 位和治理、加强功能性建设、更好服务实体经济提出更高要求。 "协会作为证券行业的自律组织，在服务行业、服务监管方面具有特别的优势，应与时俱进，积极作 为，推动证券业高质量发展。为更好推动'1+N'系列政策在证券业自律管理领域有效落实落地，协会有 必要加强顶层设计和统筹考虑，进一步提升自律管理与服务的工作质效。"中证协表示。 中证协介绍，本次《意见》以防风险、强监管、促高质量发展为主线，通过建立健全与证券行业高质量 发展相适 ...

Investment Rating - The report maintains a positive investment rating for the non-banking sector, highlighting the potential for both beta and alpha resonance in the market due to upcoming mid-year performance catalysts [5]. Core Insights - The introduction of new regulations for insurance capital, promoting long-term investments, is expected to enhance the matching of assets and liabilities for insurance companies, thereby increasing their equity investment ratios and stabilizing profit margins [1]. - The performance of listed securities firms is anticipated to show robust growth in the first half of 2025, with several firms projecting significant year-on-year profit increases, driven by active market conditions and improved business operations [2]. - The China Securities Association's new self-regulatory management guidelines aim to enhance the quality of the securities industry, focusing on compliance and risk management, which is expected to support sustainable growth in the sector [3]. Summary by Sections Market Review - Major indices experienced gains, with the Shanghai Composite Index rising by 1.09% and the Shenzhen Component Index increasing by 1.78% during the week of July 7-11, 2025 [8]. Securities Sector - The total trading volume in the A-share market reached 8.80 trillion yuan, with a daily average trading amount of 1.47 trillion yuan, reflecting a 2.25% increase week-on-week and a 118.28% increase year-on-year [17]. - The IPO underwriting scale for the year reached 391.22 billion yuan, while refinancing underwriting amounted to 795.95 billion yuan as of July 11, 2025 [17]. Insurance Sector - The new regulations for insurance capital are expected to improve the long-term investment capabilities of insurance companies, enhancing their ability to provide stable returns and support economic growth [1]. Liquidity Tracking - The central bank conducted a reverse repurchase operation of 425.7 billion yuan, resulting in a net withdrawal of 226.5 billion yuan from the market, indicating tightening liquidity conditions [28]. Investment Recommendations - The report suggests focusing on leading insurance companies such as China Pacific Insurance, Sunshine Insurance, and China Life, as well as top securities firms like CITIC Securities and Huatai Securities, due to their strong market positions and growth potential [39][40].

中证协加强对严重违规从业人员"资格罚"力度 智通财经7月11日电，中证协发布《中国证券业协会关于加强自律管理 推动证券业高质量发展的实施意 见》，新规提到，将完善自律惩戒管理约束机制，细化检查标准和工作流程，统一处理标准，贯彻"长 牙带刺"、有棱有角要求，对于违反自律规则且性质严重，造成不良影响的机构和人员，依规严肃采取 自律措施，加强对严重违规从业人员"资格罚"力度。此外，建立健全投行、场外等业务监管系统，加强 线上监测及分析能力，强化风险预警功能，提升问题风险线索质量。（智通财经记者 林坚） ...