CICC(601995) 证券时报网·2025-01-15 12:37Core Viewpoint - The release of the "Regulations" by the State Council is a key measure to implement the new "National Nine Articles," marking an important step in regulating market order and fostering a healthy ecosystem in China's capital market [1][2]. Group 1: Impact on the Securities Industry - The "Regulations" are beneficial in curbing unfair competition, promoting healthy development, and ensuring stability in the overall securities industry [1][2]. - The focus on regulating improper behaviors in IPO intermediary services will enhance the quality of listed companies and protect investors' rights [1][3]. Group 2: Role of Investment Banks - Investment banks are positioned as a bridge between the real economy and the capital market, playing a crucial role in optimizing resource allocation and facilitating high-quality development [1][2]. - The "Regulations" aim to strengthen the independent role of investment banks as gatekeepers, enhancing their responsibility and accelerating the construction of first-class investment banks [1][3]. Group 3: Specific Provisions of the Regulations - The "Regulations" clearly differentiate between sponsorship fees and underwriting fees, maintaining the current "sponsorship + underwriting" fee model while ensuring the reasonableness and standardization of fees [2][3]. - Strict prohibitions against obtaining improper benefits, such as listing rewards, are established to enhance the independence of investment banks and ensure compliance with service standards [2][3]. Group 4: Implementation by CICC - CICC will actively implement the "Regulations," focusing on mechanism, culture, and capability building to foster independent, objective, and compliant intermediary institutions [4]. - The company plans to enhance its business management mechanisms in line with the "Regulations," ensuring standardized service processes and strengthening internal compliance management [4]. - CICC aims to cultivate a risk control culture and improve professional capabilities to contribute positively to the high-quality development of the capital market [4].