◎记者 张雪 2025年度证券公司 1月30日，北交所、全国股转公司发布2025年度证券公司执业质量评价结果，对全行业证券公司（共115 家，其中14家证券公司子公司纳入其母公司合并评价）在北交所、全国股转系统业务方面的专业能力、 合规水平及相关业务开展情况进行了全面评估。 执业质量怎么样？ 北交所、全国股转公司发布评价结果 评价结果显示，绝大多数证券公司合计分值高于基础分（100分），反映出行业在执业质量上整体实现 正向积累。其中，国泰海通以合计145.04分位居榜首，华泰证券（143.41分）、招商证券（140.49 分）、申万宏源证券（136.43分）、中信证券（135.49分）等券商紧随其后。这些券商在"专业质量得 分"上普遍表现突出，尤其在北交所、新三板的保荐、发行并购、做市等业务领域获得较高加分，展现 了较强的全链条服务能力。 从分档结果看，行业呈现"中间大、两头小"的分布。一档券商作为行业标杆，数量较少但分值领先；二 档、三档券商占大多数，构成行业中坚力量，执业质量总体达标且各有业务亮点；部分券商因专业得分 较低或合规扣分较多落入四档，显示其在相关业务领域的投入、能力或风控水平有待提升。 评价体 ...

Core Viewpoint - The Securities Association of China released the performance evaluation results for investment banking, bond underwriting, and financial advisory services for the year 2024, indicating a total of 93 securities firms engaged in investment banking, with 12 classified as A-level, 66 as B-level, and 15 as C-level [1][10]. Investment Banking - Among the 93 securities firms involved in investment banking, 12 firms received an A classification, including Dongwu Securities, Guojin Securities, Guotai Junan, and CITIC Securities [1][3]. - The majority of firms, 66, were classified as B, while 15 firms were rated C [1][10]. Bond Underwriting - For the bond underwriting and entrusted management business, 95 securities firms were evaluated, with 14 classified as A, 62 as B, and 19 as C [5][7]. - A-level firms in this category include Caixin Securities, Dongwu Securities, and Guotai Junan [5][7]. Financial Advisory - In the financial advisory sector, 30 securities firms were evaluated, with 5 classified as A, 19 as B, and 6 as C [5][10]. - A-level firms in financial advisory include Huatai United and Galaxy Securities [8][9]. Overall Evaluation - The evaluation results reflect the overall quality of practice among the firms and align with market expectations, promoting improvements in operational quality, internal control, and service capabilities [10].

财务顾问业务执业质量评价是对证券公司重大资产重组财务顾问业务开展情况的单项评价。2024年度开 展财务顾问业务的30家证券公司中，A类5家，B类19家，C类6家。 在证监会指导下，中证协不断完善证券公司投行业务评价制度机制，更好激励约束行业机构强化使命担 当，突出功能发挥，更好服务实体经济和新质生产力，有效提升专业服务能力，切实扛起"看门人"责 任。从评价结果看，总体客观反映了各公司执业质量，符合市场预期。评价结果的公开发布及监管使 用，有利于促进证券公司进一步提升执业质量、内控水平和服务能力。 下一步，中证协将引导各证券公司立足自身资源禀赋，发挥好比较优势，从价格竞争加快转向价值竞 争，持续提升投行业务的专业性和影响力，更好服务资本市场高质量发展。 据中国证券业协会12月30日消息，12月30日晚间，中证协公布了2024年度证券公司投行业务、债券业务 以及财务顾问业务三项执业质量评价结果。 投行业务质量评价是对证券公司投行业务的综合性评价，统筹考虑了股票保荐、债券承销、并购重组财 务顾问和股转公司（北交所）等四类投行业务的开展情况。2024年度开展投行业务的93家证券公司中， A类12家，B类66家，C类1 ...

Core Viewpoint - The latest evaluation results of securities firms' professional quality reveal significant changes in rankings, with Guojin Securities taking the top spot, indicating a shift in competitive dynamics within the industry [1][2]. Group 1: Evaluation Results - A total of 103 securities firms participated in the third quarter evaluation, with the scoring based on professional service quality, compliance quality, and other influential factors [2]. - The top ten rankings saw a major reshuffle, with only four firms maintaining their positions from the previous quarter, while six new firms entered the top ten [2][4]. - Notable improvements were seen in the rankings of Northeast Securities (from 29th to 2nd), Zheshang Securities (from 65th to 6th), and Minsheng Securities (from 97th to 7th) [2][4]. Group 2: Business Performance - The evaluation results indicate a divergence in the strengths of large and small securities firms, with large firms excelling in brokerage and market-making, while smaller firms are more active in research [1][6]. - The top five firms in market-making for the Beijing Stock Exchange were dominated by large firms, while the New Third Board market-making was led by smaller firms [6]. - In brokerage services, large firms like Dongfang Caifu and Huatai Securities performed significantly well, while smaller firms excelled in research services [6]. Group 3: Compliance Quality - Guojin Securities had the highest compliance quality deductions but still ranked first overall due to strong performance in underwriting and advisory services [7]. - The firms with the most compliance quality deductions included Guojin Securities, CITIC Securities, and Zhongjin Securities, primarily due to issues in their underwriting and advisory services for the Beijing Stock Exchange and New Third Board [7].

Core Insights - The Beijing Stock Exchange and the National Equities Exchange and Quotations released the 2024 annual evaluation results for the operational quality of securities firms, reflecting their performance in various business dimensions such as investment banking, brokerage, market making, and research [1] Group 1: Evaluation Results - A total of 103 securities firms were rated from high to low into four categories: Category A includes 20 firms such as CITIC Securities, Category B includes 41 firms like Guoxin Securities, Category C includes 21 firms such as Debon Securities, and Category D includes 21 firms like Wukuang Securities [3] Group 2: Operational Characteristics - The operational quality of securities firms in 2024 shows three main characteristics: 1. The service coverage is continuously expanding, with an increase in the number of companies recommended for listing, a doubling in the amount of stock trading, and a significant rise in the number of research reports published [4] 2. Participation enthusiasm is gradually increasing, with 59 firms involved in new third board listing recommendations, including 13 firms participating for the first time since 2023, and an increase in market makers completing evaluation tests for trading business [4] 3. The responsibility of being a "gatekeeper" has been further emphasized, with an average compliance quality score decrease of 27% compared to the previous year, and a 39% increase in negative records related to investment banking activities such as sponsorship and listing recommendations [4] Group 3: Future Directions - The Beijing Stock Exchange and the National Equities Exchange and Quotations will further improve the operational quality evaluation process to guide securities firms in enhancing their functions, increasing compliance awareness, and continuously improving the service quality for innovative small and medium-sized enterprises [4]