炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：法眼看市 9篇研报。 以企业发行10亿元债券为例，0.1%的利率波动，等于100万。 被告人，刘某，女，197X年出生，案发前系某有限公司市场部总监，于2023年11月14日被刑事拘留。 而左右企业债券利率定价的重要标准之一，就是：债券评级 经北京朝阳区人民法院查明，被告人刘某于2015年至2017年间，利用担任某公司市场总监的职务便利， 接受中某公司人员请托，为中某公司信用等级评定提供帮助，安排下属催促评级部门早日出具中某公司 的评级报告，帮助中某公司尽快发债，于2016年分两次收受该公司给予的好处费共计人民币162万元。 近日，法眼获悉北京三中院的一起判决书，某评级公司市场总监，为发债企业信用等级评定提供帮助。 收了：162万。 刘某于2022年10月将上述钱款全部归还至中某公司指定的账户。2023年11月14日，刘某被公安机关查获 归案，扣押刘某的三星手机一部。 法眼计算了一下，这个数，券商首席要足足写够 根据上述事实及证据，北京市朝阳区人民法院认为，被告人刘某身为公司工作人员，利用职务上的便 利，非法收受他人财物，为他人谋 ...

Core Viewpoint - The credit rating industry in China is experiencing a significant regulatory shift, with a focus on compliance and quality improvement, as evidenced by the recent report from the China Securities Association regarding the second quarter of 2025 [1][5]. Group 1: Industry Performance - In Q2 2025, the number of bond products and entities rated by credit rating agencies increased, with a total of 3,201 bond products and 3,905 entity ratings, representing a quarter-on-quarter increase of 22.69% and 77.50% respectively [3][4]. - The top three rating agencies accounted for 69.15% of the total business volume, indicating a slight increase of 1.31 percentage points from the previous quarter, maintaining a high market concentration [3][4]. Group 2: Regulatory Environment - A compliance storm is brewing in the credit rating industry, with several leading agencies under scrutiny for violations, leading some to halt new business during the appeal period [5][6]. - The China Securities Association has issued self-discipline penalties to major agencies, including Zhongzheng Pengyuan, for failing to maintain independence and for other regulatory breaches [5][6]. Group 3: Quality of Ratings - The consistency of ratings has improved, with a reported inconsistency rate of 5.83% among issuers rated by multiple agencies, a decrease of 1.27 percentage points [4]. - The average cumulative default rates for AAA-rated bonds show that Daguang International has the highest rate at 0.31%, followed by other major agencies, indicating concerns about the reliability of high-rated bonds [7]. Group 4: Market Dynamics - The industry is facing a "de-involution" trend, with regulatory bodies emphasizing fair competition and discouraging low-price bidding practices among rating agencies [8]. - Recent penalties for low-price bidding practices highlight the regulatory focus on maintaining ethical standards and competition within the industry [8].