Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles," focusing on both quantitative and qualitative indicators to promote high-quality development in the securities industry [1][5]. Group 1: Evaluation Methodology - The evaluation method includes both quantitative and qualitative indicators, reflecting the contribution and capabilities of companies in key areas of the financial "Five Major Articles" [2][3]. - Quantitative indicators cover various sectors, including technology finance, green finance, inclusive finance, pension finance, and digital finance, with specific metrics such as bond underwriting amounts and equity financing for technology enterprises [2][3]. - Qualitative indicators assess the establishment of mechanisms and continuous investment in business resources, including whether companies incorporate the financial "Five Major Articles" into their strategic development [3][5]. Group 2: Scoring and Incentives - The scoring system assigns higher points to technology finance, with a total of 50 points available, while other sectors like green finance and digital finance are assigned 10 points each [4]. - The evaluation encourages participation from various types of companies by providing a broad range of scoring and minimizing score differences among the top 50 ranked companies [4]. - A baseline score is established to prevent significant score disparities, promoting differentiated development and specialized operations among industry players [4]. Group 3: Implementation Principles - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination, and ensuring comprehensive and fair assessments [5]. - It aims to streamline the evaluation process by integrating with existing assessments related to social responsibility, bond practice quality, and digital capability, thereby reducing the reporting burden on companies [5].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their contributions to the financial "Five Major Articles" and promote high-quality development in the securities industry [1][2]. Group 1: Evaluation Methodology - The evaluation method incorporates both quantitative and qualitative indicators, focusing on the contributions and capabilities of companies in key areas of the financial "Five Major Articles" [3][4]. - Quantitative indicators include metrics related to technology finance, green finance, inclusive finance, pension finance, and digital finance, with a significant emphasis on technology finance [3][4]. - Qualitative indicators assess the establishment of mechanisms and the continuous investment of business resources in the financial "Five Major Articles" [4]. Group 2: Scoring and Incentives - The evaluation method assigns higher scores to technology finance, with a total of 50 points allocated across various subcategories, while other areas like green finance, inclusive finance, pension finance, and digital finance each receive 10 points [5]. - The scoring system allows for a broad range of additional points, encouraging companies to actively participate based on their resource endowments [5]. - A foundational score is established to prevent excessive score disparities among companies, promoting differentiated development and specialized operations [5]. Group 3: Implementation and Principles - The evaluation is conducted annually, covering the previous year's performance, and aligns with existing evaluation methods of the China Securities Association [6]. - The evaluation method adheres to three main principles: focusing on key areas, enhancing coordination with existing evaluations, and ensuring a comprehensive and fair assessment [6].

Core Viewpoint - The China Securities Association has released a trial evaluation method for securities companies to enhance their service capabilities in the financial sector, particularly focusing on technology finance indicators [1][2]. Group 1: Evaluation Method Overview - The evaluation method includes 25 articles that focus on the core business of securities firms and highlight their functional roles, considering factors such as industry representation, indicator maturity, and data verifiability [1]. - The evaluation will summarize experiences and continuously improve the indicator system and evaluation work [1]. Group 2: Quantitative Indicators - Technology finance indicators include amounts and numbers related to technology innovation bond underwriting, equity financing for technology enterprises, major asset restructuring transactions, direct investments in unlisted technology firms, and private equity fund investments in technology companies [2]. - Green finance indicators cover amounts and numbers for green bonds and low-carbon transition bonds, while inclusive finance indicators include amounts for bonds supporting small and micro enterprises and private enterprises [2]. - Pension finance indicators focus on the scale of personal pension product sales, and digital finance indicators assess the maturity of digital capabilities and awards in securities technology [2]. Group 3: Qualitative Indicators - Qualitative indicators include mechanism construction, continuous resource investment, and additional indicators reflecting the functional roles of securities firms and their implementation of key policies [2]. - Mechanism construction indicators assess whether the financial "five major articles" are included in the business development strategy and whether a professional organizational structure and incentive mechanisms are established [2]. Group 4: Scoring Methodology - The scoring system allocates a total of 50 points for technology finance, with specific points assigned to various categories such as bond financing, equity financing, mergers and acquisitions, and equity investments [3]. - Additional points are available for companies ranked in the top 50, with a small point difference between tiers to encourage participation [3]. - The evaluation method sets both monetary and numerical scoring standards to balance the impact of absolute scale on the results, promoting differentiated development among industry institutions [3].

8月29日晚间，长江证券（000783）披露2025年半年度报告。报告显示，公司上半年实现营业总收入 47.05亿元，同比增长64.79%；归属于上市公司股东的净利润17.37亿元，同比增长120.76%。截至报告 期末，公司资产总额1,750.88亿元，较年初增长1.93%；归属于上市公司股东的净资产404.15亿元，较年 初增长3.10%。 报告期内，公司深刻把握金融工作的政治性、人民性，聚焦科技金融、绿色金融、普惠金融、养老金 融、数字金融"五篇大文章"，锚定服务实体经济发展、服务科技产业创新、服务社会财富管理、服务区 域重大战略"四个服务"功能定位，优化配置提升资源效率，谋定快动促进战略转型，强化功能提升服务 质效，实现经营业绩再上台阶，高质量发展态势持续向好。 积极赋能区域发展，纵深推进深耕湖北战略 2025年上半年，IPO及再融资市场呈现稳健复苏态势。报告显示，在股权融资方面，长江证券通过全资 子公司长江保荐聚焦重点项目发力，拓展增量业务机会。截至报告期末，股权融资项目过会4单，市场 排名并列第7位。 值得一提的是，长江证券作为根植于湖北的中部地区券商，坚持以深耕湖北作为战略发力点，充分发挥 功能 ...

中证协此次披露的券商债券承销业务专项统计共包含八类，统计范围包括证券公司在上海证券交易 所、深圳证券交易所和北京证券交易所承销绿色债券（含管理资产证券化产品）、低碳转型债券、科技 创新债券、乡村振兴债券（含管理资产证券化产品）、"一带一路"债券、中小微企业支持债券、民营企 业债券（含管理资产证券化产品）和中标地方政府债券的有关情况。 在科技创新公司债券方面，今年上半年，作为科技创新债券主承销商的证券公司共68家，承销380 只债券，合计金额3813.91亿元，同比增长56.48%。 主承销金额方面，中信证券、中信建投、国泰海通位居前三。 证券公司又一半年度榜单出炉。 7月23日，中国证券业协会（以下简称"中证协"）发布了2025年上半年证券公司债券承销业务专项 统计结果。从类型看，科技创新债券、乡村振兴债券、民营企业债券承销金额增幅明显；从券商债券承 销排名来看，头部券商优势稳固，部分中小券商发挥差异化优势，在部分专项排名中跻身前列。 乡村振兴债承销规模同比增长134% 乡村振兴债券（或产品）数量和金额同比也实现大幅提升。上半年，作为乡村振兴债券主承销商 （或资产证券化产品管理人）的证券公司共30家，承销（或 ...

（注：此文属于央广网登载的商业信息，文章内容不代表本网观点，仅供参考。） 7月28日，陇原租赁在上交所成功发行中小微企业支持债券，规模4亿元，期限3+2年，票面利率 3.18%，认购倍数2倍，是中西部省份首单融资租赁行业中小微企业支持债券，创融资租赁行业同类 型、同级别、同期限历史最低利率。 本次募集资金将围绕"财政+融资租赁"支持设备更新政策，重点投向专精特新、科技创新领域及县市区 设备更新项目，有效实现财政政策和金融工具协同联动，为甘肃省实体经济发展提供有力支持。陇原租 赁将充分依托甘肃金控集团"财政+金融"模式优势，以财政政策引导、金融服务协同、投融资联动等方 式，吸引资本市场资金全力支持甘肃省实体经济。（马军） ...

Core Insights - The China Securities Association released special statistics on bond underwriting by securities firms for the first half of 2025, covering various types of bonds including green bonds, low-carbon transition bonds, and technology innovation bonds [1] Group 1: Technology Innovation Bonds - Technology innovation bonds (Sci-Tech bonds) emerged as the most prominent category, with 68 securities firms underwriting 380 bonds, a significant increase from 45 firms and 208 bonds in the same period last year, totaling 381.39 billion yuan, representing a year-on-year growth of 56.5% [2] - Leading securities firms in the Sci-Tech bond underwriting space include CITIC Securities (46.73), CITIC Jiantou (38.63), Guotai Junan (34.67), CICC (24.09), and Huatai United (21.69) based on the number of underwritings [2][3] - In terms of underwriting amount, the top five firms are CITIC Securities (71.10 billion yuan), CITIC Jiantou (63.17 billion yuan), Guotai Junan (48.43 billion yuan), CICC (29.91 billion yuan), and Huatai United (22.08 billion yuan), with Huatai United being a new entrant in the top five [2][3] Group 2: Low-Carbon Transition Bonds - In the low-carbon transition bond sector, 17 firms acted as lead underwriters for 14 bonds, totaling 8.35 billion yuan [5] - Notably, Caixin Securities and Ping An Securities excelled in the number of lead underwritings, ranking first and second with 1.50 and 1.25 underwritings respectively, while Guoxin Securities achieved an underwriting amount of 1 billion yuan, tying with Guotai Junan for the top position [5][6] Group 3: Support for Small and Micro Enterprises - For small and micro enterprise support bonds, 32 firms served as lead underwriters for 30 bonds, with a total amount of 11.82 billion yuan [5] - Wukuang Securities led in both the number of underwritings (4) and underwriting amount (1.1 billion yuan) in this category [5][6] - Zhejiang Securities and Guotai Junan ranked second and third in the number of underwritings, while Changjiang Securities and Caida Securities ranked second and third in underwriting amount [5][6]

Group 1 - The core point of the article highlights the significant growth in the bond market, particularly in the technology innovation bond sector, with a total underwriting amount of 381.39 billion yuan, representing a year-on-year increase of 56.48% [2][4] - A total of 68 securities firms participated as lead underwriters for 380 technology innovation bonds, continuing the explosive growth trend that began in 2020 [2][4] - The top three firms, CITIC Securities, CITIC Construction Investment, and Guotai Junan, captured over 47% of the market share in technology innovation bond underwriting [2][4] Group 2 - The performance of small and medium-sized securities firms has been notable, particularly in niche markets such as support bonds for small and micro enterprises and "Belt and Road" bonds, where they have made significant inroads [2][8] - In the "Belt and Road" bond sector, three small securities firms ranked among the top five underwriters, a significant increase from the previous year [2][8] - The underwriting amount for private enterprise bonds reached 239.39 billion yuan, showing a substantial increase from the previous year's 183.70 billion yuan [7] Group 3 - The regulatory environment has played a crucial role in the growth of the technology innovation bond market, with policies encouraging securities firms to enhance their capabilities in this area [6] - The merger of Guotai Junan and Haitong Securities has significantly impacted the rankings, with their combined underwriting amount surpassing that of other major firms [5] - The rural revitalization bond market saw a doubling in scale, driven primarily by the strong performance of leading securities firms [9]

Group 1 - The bond underwriting business of securities firms showed strong growth in the first half of 2025, with a significant increase in technology innovation bonds and private enterprise bonds [1][3] - 68 securities firms underwrote 380 technology innovation bonds totaling 381.39 billion yuan, a year-on-year increase of 56.48% [1] - 48 securities firms underwrote 229 private enterprise bonds, with a total amount of 239.39 billion yuan, reflecting a year-on-year growth of 30.32% [1] Group 2 - The competitive landscape in the industry is becoming increasingly concentrated, with CITIC Securities leading in 7 out of 16 key indicators [3] - In the technology innovation bond underwriting sector, CITIC Securities ranked first with an underwriting amount of 71.10 billion yuan and an average of 46.73 bonds underwritten [3] - CITIC Securities also maintained its leading position in private enterprise bond underwriting with an amount of 32.51 billion yuan and an average of 28.20 bonds [3] Group 3 - Smaller securities firms are finding ways to differentiate themselves by focusing on specific areas, such as Minmetals Securities leading in small and micro enterprise support bonds with an underwriting amount of 1.1 billion yuan [4] - The issuance of rural revitalization bonds has seen rapid growth, with 30 firms underwriting 37 bonds, a year-on-year increase of 164.29%, totaling 26.62 billion yuan [4] - In local government bonds, 68 firms participated, with a total winning bid amount of 140.46 billion yuan, covering 28 regions [4]

Core Insights - The bond underwriting business of securities firms in China has shown significant growth in the first half of 2025, with a total of 68 firms underwriting 380 bonds amounting to 381.39 billion yuan, representing a year-on-year increase of 56.48% [1][3] - The underwriting amount for private enterprise bonds has also increased, reaching 239.39 billion yuan, a year-on-year growth of 30.32% [3] - New statistics have been introduced for "support bonds for small and micro enterprises," indicating a focus on enhancing service quality and meeting specific financing needs [4] Group 1: Industry Performance - The top securities firm, CITIC Securities, led the industry by securing first place in seven key indicators related to bond underwriting [2] - The competition landscape shows a trend where leading firms strengthen their advantages while smaller firms focus on niche markets [2] - The total amount of green bonds underwritten reached 59.44 billion yuan, with CITIC Jiantou leading at 12.996 billion yuan [5] Group 2: Specific Market Segments - The number of bonds underwritten for small and micro enterprises reached 30, with a total amount of 11.82 billion yuan [4] - The underwriting of rural revitalization bonds has surged, with 37 bonds underwritten, totaling 26.62 billion yuan, marking a year-on-year increase of 134.32% [5] - The "Belt and Road" initiative saw 10 bonds underwritten, amounting to 7.9 billion yuan, while local government bonds totaled 140.46 billion yuan [6]