中证协：券商出具债券投资建议时，原则上单一债券投顾账户持仓规模不超过25%

Odaily Planet Daily News: The Securities Association of China (SAC) has formulated and released the "Management Rules for Securities Firms' Bond Investment Advisory Business," aimed at strengthening self-discipline management of bond investment advisory services by securities firms and standardizing institutional operations and service models. The new rules specifically clarify risk control requirements for position concentration in bond investment advisory business, establishing a hard regulatory red line: when securities firms issue bond investment recommendations, in principle, the cost of a single bond position in a single bond investment advisory account shall not exceed 25% of the account's total asset size, strictly controlling the concentration risk of single-bond holdings. At the same time, the new rules clarify three types of exemption scenarios, specifically including: investment targets being national bonds, central bank bills, policy financial bonds, local government bonds, and negotiable certificates of deposit issued by domestic systemically important banks; within three months from the initial service date of the corresponding account by the investment advisory; and passive limit breaches caused by objective factors such as bond put-backs and adjustments to the list of systemically important banks. (Jin Shi)