行 业 及 产 业 非银金融/ 证券Ⅱ 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 冉兆邦 A0230524090003 ranzb@swsresearch.com 联系人 冉兆邦 (8621)23297818× ranzb@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 08 月 24 日 完善分类评价制度，引导行业高质 量发展 看好 —— 证监会发布关于修改《证券公司分类监管规定》的 决定点评 事件： 2025 年 8 月 22 日，中国证监会发布《关于修改<证券公司分类监管规定>的决定》 （简称《规定》），《规定》旨在优化证券公司分类评价制度。此次《规定》修订历经两个 月的意见征集与研究，正式文件的落地标志着行业分类评价体系迎来重要变革。 1、校正行业定位与机构定位、提升治理水平，发挥监管"指挥棒作用"。《证券公司分类监 管规定》自 2009 年发布实施以来，历经 2010 年、2017 年和 2020 年三次修订，已形成较 为成熟的评价体 ...

专题：证监会修改证券公司分类监管规定 引导证券公司聚焦高质量发展 本报记者 吴晓璐 8月22日，中国证监会公布《关于修改<证券公司分类监管规定>的决定》。 责任编辑：石秀珍 SF183 本次修改将标题调整为《证券公司分类评价规定》，与以分类评价为主的规定内容相适应。主要修改内 容包括：一是突出促进证券公司功能发挥。将现有评价框架调整为"风险管理能力、持续合规状况、业 务发展和功能发挥状况"，并在业务加分、专项评价设置等方面突出这一导向。 二是引导证券公司聚焦高质量发展。重点完善业务发展加分指标，引导证券公司提升经营质量，在引入 中长期资金、财富管理等领域更好发挥专业服务能力；适当扩大重点业务加分覆盖面，鼓励中小机构立 足自身禀赋探索差异化发展道路。 三是突出"打大打恶"导向，强化综合惩戒。完善直接下调分类评级的适用范围，保持对重大恶性案件的 震慑力度。按照"过罚相当"原则，适当提高"资格罚"纪律处分扣分分值、优化行政处罚扣分分值，合理 设置扣分梯度，促进发挥多种监管手段的综合惩戒效果。 四是总结前期分类评价经验，明确特殊问题的处理规则。如对涉嫌违法违规但积极申请行政执法当事人 承诺、开展先行赔付的公司，适当减 ...

证券时报记者 程丹 时隔5年，事关券业"大考"的证券公司分类评价制度经修订后发布实施。 8月22日，中国证监会发布实施《证券公司分类评价规定》（以下简称《规定》)。《规定》突出促进证 券公司功能发挥；引导证券公司聚焦高质量发展，支持中小机构差异化发展、特色化经营；突出"打大 打恶"导向，强化综合惩戒，切实加强中小投资者保护。 证券公司分类评价制度是证券公司监管的基础性制度。记者了解到，证监会根据证券公司分类结果，在 风险控制指标标准、风险资本准备计算比例、监管资源分配、现场检查和非现场检查频率等方面，对不 同类别的公司实施差异化的监管政策，发挥其"奖优罚劣"和监管"指挥棒"作用。 力促证券公司功能发挥 此次修订，在总结经验基础上，将"引导证券公司更好发挥功能作用，提升专业能力"写入总则，并将现 有评价框架调整为"风险管理能力、持续合规状况、业务发展和功能发挥状况"，突出督促证券公司端正 经营理念、发挥功能作用、提高专业能力的鲜明导向，引导证券公司加大服务实体经济和国家战略的力 度。 同时，为更好地评价证券公司"功能发挥情况"，《规定》新增由证券业协会组织"功能发挥情况"专项评 价，并将结果运用到证券公司分类评 ...

此次《规定》修订，在总结经验基础上，将"引导证券公司更好发挥功能作用，提升专业能力"写入总则，并将现有评价 框架调整为"风险管理能力、持续合规状况、业务发展和功能发挥状况"，突出督促证券公司端正经营理念、发挥功能作 用、提高专业能力的鲜明导向，引导证券公司加大服务实体经济和国家战略的力度。 时隔五年，事关券业"大考"的证券公司分类评价制度经修订后发布实施。 8月22日，证监会发布实施《证券公司分类评价规定》（以下简称《规定》)，修订后的《规定》突出促进证券公司功能 发挥；引导证券公司聚焦高质量发展，支持中小机构差异化发展、特色化经营；突出"打大打恶"导向，强化综合惩戒， 切实加强中小投资者保护。 证券公司分类评价制度是证券公司监管的基础性制度，券商中国记者了解到，证监会根据证券公司分类结果，在风险控 制指标标准、风险资本准备计算比例、监管资源分配、现场检查和非现场检查频率等方面，对不同类别的公司实施差异 化的监管政策，发挥其"奖优罚劣"和监管"指挥棒"的重要作用。 力促证券公司功能发挥 同时，为更好地评价证券公司"功能发挥情况"，《规定》新增由证券业协会组织"功能发挥情况"专项评价，并将结果运用 到证券公司分 ...

本报记者 吴晓璐 8月22日，证监会发布《关于修改<证券公司分类监管规定>的决定》，自2025年8月22日起施行。 速览要点： 本次修改将标题由《证券公司分类监管规定》调整为《证券公司分类评价规定》，与以分类评价为主的规定内容相适应。 突出促进证券公司功能发挥，完善评价框架。 适当整合、优化业务发展指标，引导行业机构聚焦高质量发展，支持中小机构差异化发展、特色化经营。 突出"打大打恶"导向，优化评价结果下调手段，同时适当调整扣分分值设置，提升评价的合理性。 总结前期分类评价经验，明确特殊问题的处理规则。 据证监会介绍，为贯彻党的二十届三中全会、中央金融工作会议和《国务院关于加强监管防范风险推动资本市场高质量发 展的若干意见》（国发〔2024〕10号）关于完善行业机构分类监管体系、健全服务实体经济的激励约束机制、突出"扶优限 劣"、支持中小机构差异化发展特色化经营等部署，中国证监会修改了《规定》。 《规定》于6月20日起向社会公开征求意见。各方对修改思路和修改内容总体认同。中国证监会对反馈意见逐条进行了认 真研究，充分吸收合理的意见，并相应修改完善《规定》。 发挥好监管"指挥棒"作用 证券公司分类评价制度是证券 ...

时隔五年，事关券业"大考"的证券公司分类评价制度经修订后发布实施。 业内人士表示，后续专项评价内容也将根据行业发展实际和引导证券公司功能发挥、专业能力提升的需 要，逐步总结经验、适时调整、不断完善。 实际上，突出证券行业功能发挥一直是监管部门近年来的工作重点，证券公司分类评价工作通过设置专 项监管工作、自律组织专项评价等方式，督促行业处理好功能性和盈利性的关系。如2024年的分类评价 工作中，为引导证券公司发挥好直接融资"服务商"和资本市场"看门人"功能，提升投行服务实体经济质 效，专门设置3项专项监管工作，对在证券业协会组织的投行业务质量、并购重组专业能力、新股发行 定价能力3项评价中排名靠前的公司进行了加分，取得了良好效果。 "证券公司是我国资本市场乃至金融体系的重要中介力量，在促进投融资良性循环、服务实体经济、国 家战略、居民财富管理等方面发挥重要功能作用。"一家证券公司的人士表示，证券公司要自觉平衡好 功能性与盈利性的关系，发挥资本市场专业优势，着力提高直接融资比重，服务好实体经济发展。 优化加分项 鼓励差异化发展 《规定》引导证券公司聚焦高质量发展，适当优化整合规模性指标，支持中小机构差异化发展、特 ...

Core Viewpoint - The revision of the securities company classification evaluation system aims to optimize business development indicators, promote high-quality development, support the differentiated development of small and medium-sized institutions, and enhance the protection of small and medium investors [1][3]. Group 1: Regulatory Changes - The title of the regulation has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to align with the focus on classification evaluation [1]. - The revised regulations emphasize the importance of securities companies in promoting the healthy development of the capital market and financial system, highlighting their role in facilitating investment and financing cycles [3]. Group 2: Evaluation Framework - The evaluation framework has been adjusted to focus on "risk management capability, compliance status, business development, and functional performance," encouraging securities companies to enhance their service to the real economy and national strategies [1][2]. - A new special evaluation for "functional performance" organized by the Securities Association will be incorporated into the classification evaluation, focusing on the effectiveness of securities companies in implementing key financial strategies [2]. Group 3: Support for Small and Medium Institutions - The regulations have been optimized to encourage differentiated and specialized operations among small and medium-sized institutions, removing the revenue-based evaluation indicator while increasing the emphasis on return on net assets [3][4]. - The revision aims to support small institutions in exploring development paths that align with their unique resources and capabilities, promoting a "small but refined" service model [5]. Group 4: Strengthening Investor Protection - The regulations enhance comprehensive penalties for serious violations, expanding the scope for downgrading evaluation results to include significant illegal activities [5][6]. - The revised rules encourage securities companies to apply for administrative commitments or initiate advance compensation to better protect investors' rights, reducing the cost and time of investor rights protection [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Securities Company Classification Evaluation Regulations (Draft for Solicitation of Comments)" to optimize the classification evaluation system for securities companies, emphasizing the promotion of functional roles and supporting differentiated development for small and medium-sized institutions [1][2] Group 1: Functional Orientation - The revision aims to enhance the ability of securities companies to serve the real economy and national strategies, with a focus on functional performance as a regulatory requirement [2] - The evaluation framework has been adjusted to include risk management, compliance, business development, and functional performance, highlighting the importance of serving the real economy and national strategies [2][3] Group 2: Incentives for High-Quality Development - The draft optimizes business development indicators to encourage high-quality growth and support differentiated operations for smaller institutions, reducing the emphasis on total revenue rankings [3] - The addition of net asset return rate as a significant factor for scoring aims to guide securities companies towards efficient operations and balanced business development [3][4] Group 3: Long-Term Capital Inflow Mechanism - The revision includes new indicators to facilitate the inflow of long-term capital, such as self-investment in equity assets and management of equity fund products, enhancing the ability to serve the real economy and investor wealth management [4] Group 4: Protection of Small Investors - The draft emphasizes a "punish the big and the bad" approach, adjusting the scoring system to better protect the interests of small investors and enhance the rationality of evaluation results [5][6] - The introduction of stricter penalties for major violations aims to increase compliance and risk management within the industry, ensuring that evaluation results reflect overall compliance and functional performance [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for the revised "Securities Company Classification Evaluation Regulations," marking a significant update to the regulatory framework after five years, aimed at enhancing the functionality of securities firms and promoting high-quality development in the industry [1][2][3]. Group 1: Regulatory Changes - The revised regulations emphasize guiding securities firms to better fulfill their roles and enhance professional capabilities, reflecting the regulatory intent [3]. - The title of the regulations has been changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" [1][3]. - The new regulations are aligned with the directives from the 20th National Congress and the Central Financial Work Conference, focusing on improving the service to the real economy and encouraging differentiated development among smaller firms [3][4]. Group 2: Support for Small and Medium-sized Firms - The regulations will optimize business development indicators to support high-quality growth and encourage differentiated operations among smaller firms [4]. - The scoring system has been adjusted to expand the coverage for additional points, allowing more firms to benefit from the evaluation [4]. - New specific indicators have been introduced to promote the development of self-operated investment in equity assets and wealth management services [4]. Group 3: Enforcement and Compliance - The revised regulations include provisions for downgrading evaluation results for firms involved in significant legal violations, enhancing the regulatory response to misconduct [5][6]. - The principle of "proportional punishment" has been emphasized, with adjustments made to the scoring for disciplinary actions and administrative penalties to ensure a balanced evaluation system [6]. - New rules have been established for handling special cases, such as reducing penalties for firms that proactively address legal violations during the evaluation period [6].

Group 1 - The core viewpoint emphasizes the implementation of regulations to enhance the development of long-term funds in the market, encouraging securities companies to optimize their investment structures and improve investor service capabilities [1] - The regulations introduce specific indicators for securities companies regarding self-operated investment in equity assets, fund advisory development, and management scales of equity funds and asset management products [1] Group 2 - The China Securities Regulatory Commission (CSRC) has strengthened its regulatory measures to protect investors' legal rights, focusing on severe penalties for securities companies involved in illegal activities [2] - The revised regulations expand the scope for downgrading ratings of securities companies to include those with significant illegal activities, enhancing the effectiveness of regulatory measures [2] - The regulations encourage securities companies to apply for administrative enforcement commitments or initiate advance compensation, aiming to reduce the cost and time for investors seeking redress [3]