Group 1 - The core viewpoint of the article emphasizes the self-regulatory measures taken by the interbank bond market to address various types of violations and enhance market integrity [1][2][3] - In 2025, the trading association reported a total of 143 self-regulatory penalties involving 108 institutions, with 79 institutions receiving management measures for minor violations [1] - The association has focused on new types of violations, including low-price underwriting of financial bonds and non-market-based bond issuance, to prevent competitive "involution" in underwriting [1][2] Group 2 - A significant effort was made to address structured issuance violations, with 44 institutions penalized, representing 41% of all penalized entities, including issuers and various assisting parties [2] - The association has also cracked down on trading violations, penalizing 32 institutions, which accounts for 30% of the total, with issues ranging from price manipulation to account lending [2] - Continuous improvements in self-regulatory rules have been implemented, including notifications to standardize pricing distortions and non-market-based issuances, as well as enhancing information disclosure requirements [3]