Core Viewpoint - The China Interbank Market Dealers Association has rated Dongguan Rural Commercial Bank as a D-class general underwriter, which may lead to the loss of its underwriting qualifications if it remains in this category for two consecutive years [1][5][8]. Group 1: Market Evaluation Results - The evaluation results are the first disclosure following the revision of market evaluation rules in June 2024, which categorized underwriters into general and specialized types [4]. - Among 26 national and 28 local banks, most were rated B-class, with 12 rated A-class, while Dongguan Rural Commercial Bank and two others received a D-class rating [2][5]. Group 2: Underwriting Business Performance - Dongguan Rural Commercial Bank's net commission income has decreased by 35.9% year-on-year to 457 million yuan in 2024, influenced by adjustments in insurance and wealth management product fees [1][9]. - The bank's overall commission income has declined from 1.585 billion yuan in 2016 to 457 million yuan in 2024, a reduction of 71.2% [9]. Group 3: Regulatory and Compliance Issues - The D-class rating may be linked to a fine of 800,000 yuan imposed on the bank in December 2024 for inadequate bond underwriting management and inappropriate insurance product sales to elderly clients [8]. - The evaluation criteria include business scale and quality, with the bank reportedly falling below the bottom 10% in terms of underwriting amounts and issuer numbers [2][6]. Group 4: Financial Performance Impact - The bank's net profit has been declining, with a 12.11% drop in 2023 and a 9.08% drop in 2024, indicating pressure on overall financial performance [10]. - The decline in underwriting qualifications could further impact the bank's intermediary income and overall performance growth [10].

"公司精准把握发行窗口，通过多渠道投资者路演、精细化定价策略，吸引多家优质金融机构积极参与 认购。"浙商证券（601878）称。 最新数据显示，非金融企业债务融资工具一般主承销商有92家，其中25家为券商；承销商有69家，其中 21家来自券商。 今年以来，券商开始发力银行间债券市场的承销业务。 证券时报记者了解到，多家券商已陆续获批非金融企业债务融资工具独立主承销资格，有的券商还在获 批相关业务资格后完成了首单业务落地，斩获颇丰。 实际上，除了东吴证券，也有一些券商获批了相关资格。3月中下旬，长城证券（002939）宣布获批非 金融企业债务融资工具独立主承销商资格。2024年1月18日，长城证券就取得了非金融企业债务融资工 具主承销业务资格。随后，长城证券快速展开业务布局、积极开拓市场，2024年共立项107个项目，发 行70只债券（含银行间资产证券化产品ABN）。"此次获得独立主承销商资格，是监管机构和市场对公 司债券承销业务能力的认可。"长城证券表示。 最近，某知名券商虽不具备债务融资工具主承销商资质，但仍实质开展了部分主承销工作，因此被中国 银行间市场交易商协会予以警告。 3月下旬，国投证券称，公司获得 ...