The new selection rules emphasize again that analysts are strictly prohibited from using the past performance of individual stocks as a benchmark.

The new version of the "Regulations on the Participation of Securities Analysts in External Evaluation" will officially take effect in 2026, laying down the full-process compliance responsibility for securities firms, their research departments, teams, and analysts. The regulations continue the requirements of the 2023 version, stating that promotional materials sent to external evaluation participants by research departments, teams, analysts, and others should be reviewed by the company's compliance department. The content of promotional materials should be objective and truthful, and should not use the past performance of recommending a specific security or securities to prove one's own past achievements.