CSRC encourages more securities firms to apply for qualifications to provide fund advisory services.

The Securities Association of China has issued the "Implementation Opinions of China Securities Industry Association on Strengthening Self-discipline Management and Promoting High-quality Development of the Securities Industry". The new regulations mention that they will guide securities firms to strengthen their investment research capabilities, build a high-level team of investment consultants, and increase the creation of wealth management services that are more compatible with investors' risk tolerance levels. Summarizing the pilot implementation of investment consulting business, supporting the transformation of securities firms' investment consulting business, and regulating the development of bond and other investment consulting businesses. Encouraging more securities firms to apply for fund investment consulting business qualifications and strengthen the intermediary strength of buyers. Guiding securities firms to standardize asset management business operations, enhance active management capabilities, and better leverage the synergy between securities firms' private equity management and wealth management transformation. Strengthening research on secondary market trading behavior, promoting the optimization of market-making and other trading mechanisms, supporting securities firms in enriching market-making tools and reducing market-making costs.