In 2026, the qualification examination for securities had entered its final phase of sprinting, and many candidates had been unable to do so in the face of the vast array of examinations and detailed legal provisions. To help you score efficiently, we have assembled 20 hf points of knowledge to help you quickly manage the crisis。
(i) the concept of securities
Securities are legal documents of every kind that are documented and represent a right to prove that the holder is entitled to obtain an interest corresponding to what is listed on the paper. In preparing, one needs to focus on the characteristics of the security, namely, profitability, liquidity, risk and duration. A security is a uniting of property values and property rights, and its exercise is contingent upon holding securities. Understanding this foundational definition is the cornerstone of learning from complex varieties such as follow-up stocks, bonds, etc。
(ii) the nature of equities
The shares are certificates issued by the limited company certifying the shareholders'shares. It has the nature of key securities, encumbered securities, capital securities and negotiable securities. Stock represents the transfer of shareholders ' rights rather than the direct division of the company's assets. Candidates should note that the stock itself has no value, but it represents a value that is reflected in the future benefits it can bring to the holder. In the examination, the identification of stocks as “encumbranced securities” or “separated securities” often appeared as interferences, bearing in mind that stocks were securities。
(iii) general and priority units
Ordinary shareholders have the right to participate in the operation of the company, the right to distribute profits, the right to distribute surplus property and the right to preferential ownership. Priority shares, on the other hand, have priority in the distribution of profits and the liquidation of surplus property, but usually do not have voting rights. The dividends of preferential shares are usually fixed, giving them a certain nature of claims. During the sprinting phase, it is important to identify the core differences between the two in terms of rights and obligations, in particular the trade-off point between the risk and the benefit of the preferred shares, which is the most likely comparative point in the calendar。
(iv) elements of bonds
Essential elements of bonds include the book value, maturity period, paper interest rate and name of issuer. Among them, paper interest rates are influenced by market interest rates, financiers ' credentials and bond durations. The essence of the bond is a loan certificate from the debtor to the creditor. When reviewing, particular attention should be paid to external factors that influence the volatility of bond prices, such as the macroeconomic environment and monetary policy. Understanding the inverse relationship between interest rates and bond prices would address most of the objective questions about bond pricing。
(v) portfolio investment funds
The fund is a pooled, risk-sharing investment modality. By form of organization, they can be classified as contractual and corporate; by mode of operation they can be classified as closed and open. Open funds are the mainstream of the current market and their size is irregular and their shares can be requisitioned or redeemed at any time. The logic of calculating the net share of the fund, as well as the fiduciary relationship between the fund manager, trustee and holder, is the logical framework for understanding the entire public fund industry。
(vi) derivative instrument classification
Financial derivatives can be classified as forwards, futures, options and swaps by form of transaction. Forward contracts are non-standard, out-of-the-counter transactions; futures contracts are standardized and traded on exchanges. Prerogatives give the buyer rights rather than obligations, which is the most essential difference between options and futures. In the examination, emphasis is placed on the risk hedging function of different derivatives. It is recommended that, in the form of a comparative table, you remember the location of transactions, the requirement of a bond and the mode of settlement of the different contracts。
(vii) multilevel markets
The country's multilayered capital markets include master boards, science boards, entrepreneurship boards, northern exchanges, new boards and regional equity markets. Each plate has different listing requirements for the enterprise, risk preferences and entry thresholds for investors. Full implementation of the registration system is the current core context, and candidates need to understand the audit concept under the registration system, with information disclosure at its core, as well as the complementarities in the positioning of the various blocks, such as the science creation board, which focuses on “hard technology”, and the business board, which focuses on “three or four new”。
(viii) full registration
Full implementation of the stock issuance registration system is a major reform of the capital market. At its core is the ability to allow the market to judge the value of an enterprise through information disclosure. The subject of the audit under the registration system is changed from the sec to the exchange, while the sec is responsible for registration. This point relates to the details of the conditions for issuance, the procedures for vetting, registration, etc. The distinction between registration and approval of focused memory systems, in particular improvements in pricing mechanisms and efficiency of distribution, is a major disaster area in the policy interpretation category of the 2026 examinations。
(ix) principles of securities law
The fundamental principles of the securities act include the principles of openness, fairness, impartiality and voluntary, paid and honest credit. This is the general outline of all legal provisions. When the subject of case analysis is encountered, an attempt can be made to use the “triple-hub” principle as a logical argument if specific rules cannot be accurately recalled. The protection of legitimate interests of investors is a core purpose of securities law. Understanding this purpose helps you to maintain the correct position when dealing with the issues of insider trading, manipulation of the market, etc。
(x) definition of insider trading
An insider is a person who has knowledge of the insider's information and who sells or divulges it before it is made public. The criteria for identifying insider information are “significant” and “closed”. The insider includes not only corporate executives, but also regulators and service intermediaries. In the sprint review, which information is well documented, such as the company allocation of dividends programme, significant debt guarantees, merger separation, etc., are often presented as cases in multiple selections。
(xi) market manipulation
Market manipulation interferes with market prices or the volume of transactions by means of false transactions, reversals, successive transactions, etc. Its essence is to undermine market pricing mechanisms. The manipulation of the market involves not only administrative penalties but also criminal liability in serious cases. Candidates are required to distinguish between specific means such as “false declaration” and “self-sale”. Having the characteristics of these violations will help you to quickly identify the points of entry in the legal and regulatory subjects and to avoid interferences precisely。
(xii) investor appropriateness
The proper management of investors requires that “the right product be sold to the right investor”. Investors are classified as general and professional investors, who enjoy special protection in terms of information and risk alerts. The operator should fulfil the risk matching obligation. This point is closely related to day-to-day operations and focuses on the conditions for conversion of professional investors, as well as the circumstances in which the operator is bound by the proper management, which is a mandatory element of the compliance management component。
(xiii) securities brokering
Brokering is the traditional core business of securities companies and refers to their dealings in securities on behalf of clients. Its core principles are “price priority, time priority”. The securities firm may not misappropriate the customer collateral and must introduce a third party deposit system for the settlement of the customer transaction funds. When reviewing, attention should be paid to the regulatory requirements of brokering operations with regard to the opening of accounts, commissioning instructions, transactional returns, etc., to ensure a clear understanding of business processes。
(xiv) portfolio self-employment
Self-employment is the act of a securities firm buying and selling securities in its own name with its own funds or funds collected in accordance with the law. Major risks include market risk, liquidity risk and compliance risk. Self-employment must be strictly separated from brokering, management, etc. Candidates need to have a limit on the size of their own business, for example, the sum of self-employed equity securities and securities derivatives should not exceed a certain percentage of net capital, which is a hard indicator that must be kept to death before passing。
(xv) asset management operations
Management operations are those in which securities firms, as managers, are entrusted with investing in their assets. There is now a full-blown “big-capital era”, with an emphasis on deleveraging, access, and decorum. Quantification should be managed for the managed products. In learning, a distinction needs to be made between single and pooled management schemes, focusing on core regulatory provisions such as the number of qualified investors, the amount of initial investment and the prohibition of commitments to cover the proceeds of the insurance。
(xvi) financing voucher operations
A financing voucher is an act whereby an investor borrows funds from a securities firm to buy or borrow securities and sell them. It has a leverage effect and magnifies benefits and risks. The financing voucher business has a strict margin ratio and a targeted portfolio. Candidates need to understand the meaning of maintaining the security ratio (e. G. 130 per cent alert line) and the customer's obligation to remediate when the ratio is lower than that required. This part of the calculation is relatively small, but the review of operational rules and risk control is very frequent。
(xvii) securities underwriting
The underwriting operations are in the form of charters and surrogates. The securities firm bears the risk of subscription to the balance, while the sale is settled only in the amount actually sold. The sponsorship system is an important quality entry point under the registration system. The proposer is jointly and severally liable for the authenticity of the issuer's disclosure. During the refresher course, attention will be paid to the responsibilities of delegates, due diligence requirements and the duration of the continuous supervisory period, which are at the heart of the knowledge point for investment banking operations。
(xviii) information disclosure system
Information disclosure is the cornerstone of the securities market and consists mainly of periodic reports (annual, semi-annual, quarterly) and interim reports. Interim reports must be made public in a timely manner after major incidents. Candidates need to know the specific scope of significant events, such as significant losses to the company, changes in directorship, major litigation, etc. In addition, attention should be paid to the principles of authenticity, accuracy, completeness, timeliness and fairness of information disclosures, which are key indicators for regulators to evaluate listed companies。
(xix) professional ethics in industry
Workers in securities must observe professional ethics of honesty, diligence and integrity. It is strictly forbidden for a practitioner to accept a client's commission in private, to enter into a breach of the promise or to agree to share the benefits with the client. Integrity has been a top priority in recent years. In examinations, ethics-type topics usually appear in the form of scenario simulations requiring candidates to judge whether an act is in compliance. The core values of industry culture, “compliance, integrity, professionalism and soundness”, are key to answering the questions。
(xx) securities regulators
The csrc is a direct organ of the state council and exercises administrative supervisory functions; the stock exchange, the securities association and the securities registry clearing company perform self-regulatory functions. Self-regulation is an important complement to administrative regulation. Candidates need to clarify the division of responsibilities among institutions, such as securities associations, which are responsible for the registration and follow-up of practitioners, and exchanges, which are responsible for real-time monitoring of trading markets. Clarifying the relationship between these institutions helps to grasp the logic of the operation of the securities market at the macro level。
The above 20 knowledge points cover the core hf examination areas of the securities practice examinations. In the final phase of the sprint, it is suggested that we move away from the issue of selectivity and return to the foundations of the core concepts, familiarizing themselves with them. In the last week of the pre-test, it is recommended that these knowledge points be quickly passed in 20 minutes each morning to maintain the activity of memory. I wish every man and woman the best of luck in the 2026 exam. Which is the hardest thing to remember? Welcome to the comment section. We'll take care of it together
