2, three certificates _ promoted to AA level. Among them, orient securities and Industrial Securities rose from A level last year to AA level, orient securities resumed AA level two years later, and Industrial Securities resumed AA level six years later; GF Securities rose from BBB to AA.
1. Securities are proof of property rights. Securities are ownership certificates with property value. In modern society, people are not satisfied with the form of direct possession, use, income and disposal of wealth, but pay more attention to the ultimate control and domination of wealth. A new form of property-securities came into being. Holding securities means that the holder has control over the property represented by securities, but this control is not direct control but indirect control. For example, if a shareholder holds shares in a company, he enjoys control over the company's property in proportion to the total number of shares issued by the company. However, shareholders cannot claim the right to directly possess, use, benefit and dispose of the property of a specific company, but can only enjoy the rights of the owner's assets, major decisions and managers in proportion. In this sense, securities are the product of the accumulation and development of capital with the help of market economy and social credit, and securities rights have the characteristics of property rights.
2. Securities are negotiable documents of rights. The vitality of securities lies in their liquidity. Traditional civil rights always face many obstacles in the process of transfer. As far as civil property right is concerned, its transfer is not unnecessary in nature because it does not involve personality and identity, but it is a complex civil act. For example, due to the civil rule of "relativity of creditor's rights", creditor's rights can be transferred as a form of property, but the creditor must inform the debtor when transferring the creditor's rights. This kind of transfer involving the interests of the three parties is inconvenient and fast because of the adjustment of legal norms. However, once civil rights are securitized and property rights are divided into several shares of the same quality, creating a "commodity with uniform specifications", this kind of property rights transfer is no longer limited to the transfer between the transferor and the transferee according to the agreement, but is carried out in a wider range with higher frequency, even through the open market, thus forming a highly developed property rights transfer system. Securities that can be transferred many times constitute circulation, and the function of avoiding risks can be realized by realizing it as currency. The liquidity of securities is the basis for the smooth development of the securities system.