证券研究报告 | 行业点评报告 2025 年 08 月 25 日 分类评级规定修订，突出功能性和经营效率，支持中小机构差异发展 资本市场改革发展系列点评 总量研究/非银行金融 事件：2025 年 8 月 22 日，证监会发布实施《证券公司分类评价规定》（后称《新 规》），整体契合 2024 年版国九条扶优限劣、支持中小机构差异化发展特色化 经营的导向。 ❑ 时隔五年，对照防风险强监管促高质量发展要求，分类评价规定再迎修订。 2020 版《证券公司分类监管规定》突出合规审慎导向，以券商风险管理能力、 持续合规状况为基础，结合业务发展，对券商进行分类评价。区别于 2020 年 版，《新规》聚焦券商功能性发挥情况，引导行业机构聚焦高质量发展、经 营效率提升，支持中小机构差异化发展和特色化经营。 ❑ 《新规》修改内容主要包括： 《新规》突出促进证券公司功能发挥的导向、完善评价框架。《新规》将"引 导证券公司更好发挥功能作用，提升专业能力"作为立法目的写入第一条， 修改"实现持续规范发展"为"实现高质量发展"，调整现有评价框架为"风 险管理能力、持续合规状况、业务发展和功能发挥状况"，且明确功能发挥 情况包含服务实体经 ...

Investment Rating - The industry investment rating is Neutral [1] Core Viewpoints - The price of thermal coal continues to rise due to supply constraints and seasonal demand increases, with expectations for further price increases [3][9][10] - Coking coal prices are fluctuating, with slight increases in total inventory for coking steel, but the overall market sentiment remains weak due to fundamental pressures [3][25][26] - The equity market is primarily bullish, but the coal sector underperformed compared to the broader index, suggesting a need for careful stock selection within the sector [3][4] Summary by Sections Thermal Coal - Upstream port inventories continue to decline, leading to sustained price increases for thermal coal. The capacity utilization rate of 100 thermal coal mines is at 89.8%, down 1.2% from the previous period [9][11] - Daily consumption of thermal coal at power plants is expected to improve marginally due to rising temperatures and increased demand, with southern power plants consuming 1.84 million tons daily, up 1.3 million tons week-on-week [9][17] - The price of thermal coal at production sites is rising, with prices for Q5500 thermal coal in Shanxi at 493 CNY/ton, up 2 CNY/ton week-on-week [11][14] Coking Coal - Coking coal prices are mixed, with supply tightening due to safety inspections and environmental checks, leading to a capacity utilization rate of 84.4% for 88 sample coking coal mines [25][27] - The average profit margin for steel mills is 59.32%, indicating a stable production environment, while coking coal inventories at independent coking enterprises have increased to 678.66 million tons [25][30] - The CCI coking coal index shows stability, with prices for various types of coking coal remaining relatively unchanged [27][28] Market Performance - The equity market saw an overall increase, with the Shanghai Composite Index rising 1.91% to 3424.23 points, while the coal sector only increased by 0.66%, underperforming the broader market [4][9] - The average daily trading volume in the market was 1.5 trillion CNY, indicating a high level of market activity despite the coal sector's underperformance [4][9] Shipping and Logistics - The number of vessels at anchor in the Bohai Rim increased to an average of 99 ships per day, with shipping prices also rising across major routes [34][35] - The average shipping price from Qinhuangdao to Guangzhou is now 41.00 CNY/ton, reflecting a week-on-week increase of 2.10 CNY/ton [34][36] Industry News - In May, China's imports of thermal coal decreased by 0.96%, while imports of coking coal fell by 16.9% [37] - Shanxi Province reported a significant increase in coalbed methane production, accounting for 82% of the national total [37][38]

Group 1 - The securities sector is experiencing a strong performance, with the CSI Securities Company Index rising over 3% and the Securities ETF Index Fund (516200) increasing by 4.09% as of June 25 [1][2] - Major stocks such as Guosheng Jinkong and Xiangcai Shares hit the 10% daily limit, while Tianfeng Securities and Xinda Securities also saw gains [1] - On June 24, the Securities ETF Index Fund (516200) recorded a net inflow of funds, indicating positive market sentiment [2] Group 2 - Guotai Junan International Holdings, a subsidiary of Guotai Haitong Group, received approval from the Hong Kong Securities and Futures Commission to upgrade its existing securities trading license to provide virtual asset trading services, allowing clients to trade cryptocurrencies directly [2] - Ping An Securities highlighted that the capital market and securities industry reforms are advancing, enhancing market ecology and internal stability, with leading brokerages expected to benefit from high-quality development policies [2] - Donghai Securities noted a divergence between the brokerage and insurance sectors, with reforms in the Sci-Tech Innovation Board aimed at improving listing efficiency and compliance for unprofitable tech companies [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is seeking public opinion on the draft revision of the "Securities Company Classification Evaluation Regulations," which aims to enhance the regulatory framework and promote high-quality development in the securities industry [3] Group 1 - The classification evaluation system is a fundamental regulatory framework for institutions, with the current regulations having been in place since 2009 and revised three times previously [3] - The revision is necessary as it has been nearly five years since the last update, and it aims to improve the existing evaluation system [3] - The title of the regulations will be changed from "Securities Company Classification Supervision Regulations" to "Securities Company Classification Evaluation Regulations" to better align with the focus on classification evaluation [3] Group 2 - The revision will focus on four main areas: enhancing the functional orientation of securities companies, optimizing business development indicators, improving evaluation results for misconduct, and clarifying rules for handling special issues [3] - The evaluation framework will be refined to support differentiated development and specialized operations for small and medium-sized institutions [3] Group 3 - The new regulations will expand the coverage for additional points, increasing the number of companies eligible for points based on net asset return rates and major business income from 20 to 30 [4] - This change aims to encourage small and medium-sized institutions to explore differentiated development paths and improve their competitiveness in specific business areas [4]