中国证监会对《〈上市公司证券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号》做了修改。 一是扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险 资金（保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一投资人通过关联保 险资产管理机构发行的股权投资计划投资）、公募基金、银行理财等机构投资者可以作为战略投资者， 以耐心资本作为战略性资源对上市公司战略投资。同时，在规则上将该类投资者界定为资本投资者，将 其他实业投资者界定为产业投资者。 二是明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者 本次认购上市公司股份原则上不低于 5%，可以根据持股比例参与上市公司治理。 三是明确资本投资者的基本要求。在长期、较大比例持股和提名董事参与公司治理基础上，要求资本投 资者应当深入了解上市公司产业发展，能够帮助上市公司引入战略性资源，或者显著改善上市公司治理 和内部控制，促进上市公司市场资源整合或者增强核心竞争力。 五是进一步强化监管要求。强调战略 ...

Core Viewpoint - Chongqing Meiansen Technology Co., Ltd. has received an administrative regulatory decision from the Chongqing Securities Regulatory Bureau due to three main violations: inaccurate financial accounting, inadequate internal controls, and non-compliance in corporate governance [1][2]. Financial Issues - The company has been found to have inaccurate provisions for bad debts on accounts receivable, misclassification of income and expenses across periods, and errors in the depreciation periods of certain assets [1]. - For the third quarter of 2025, the company reported a revenue of 94.78 million yuan, a year-on-year decrease of 20.8%, and a net profit attributable to shareholders of 10.87 million yuan, down 22.9% year-on-year [3]. Internal Control and Governance - Internal controls are deemed inadequate, with discrepancies in expense reimbursement documentation and improper use of raised funds for non-project purposes [1]. - Corporate governance issues include the absence of a lawyer among the vote counters in the 2024 annual general meeting and incomplete records of independent directors' responses during board meetings, violating relevant regulations [1][2]. Company Response and Future Plans - The company is taking the issues raised in the decision seriously and is currently working on a specific rectification plan under the guidance of the Chongqing Securities Regulatory Bureau [3]. - The company aims to use this opportunity to systematically address weak governance areas, enhance operational compliance, and improve the quality of periodic reporting [3]. Performance Metrics - As of the end of the third quarter of 2025, the company reported total assets of 1.333 billion yuan, a decrease of 1.2% from the previous year, while the net assets attributable to shareholders increased by 5.4% to 942 million yuan [3]. - The company is involved in the manufacturing, sales, installation, and maintenance of special operation robots and industrial robots, and is expanding its presence in the intelligent robotics sector [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) reported that a fund company managed a fund product with a single-day subscription volume exceeding 10 billion, indicating potential violations in sales practices [1][3]. Group 1: Regulatory Findings - The CSRC found that D Fund Company collaborated with internet influencers lacking qualifications for fund sales, paying substantial advertising fees to promote a specific fund product, which misled investors into purchasing high-risk products without adequate risk disclosure [2][3]. - The regulatory body emphasized that the company's actions reflect a deviation in operational philosophy and compliance standards, prioritizing short-term growth over professional integrity [4]. Group 2: Market Reactions and Implications - On January 12, 2026, D Fund's product, "Debang Stable Growth Flexible Allocation Mixed Fund," reportedly sold 12 billion in a single day, sparking market discussions about the legitimacy of such sales practices [5]. - Following the surge in subscriptions, the company imposed restrictions on future purchases, limiting single-channel daily subscriptions to 10 million for A shares and 1 million for C shares, further tightening to 100,000 and 10,000 respectively the next day [5].

1月29日晚间，常山药业（300255）发布2025年业绩预告显示，预计2025年归属净利润亏损1.9亿元至 2.85亿元，同比下降14.24%至23.84%。 这已是公司连续第三年净利润亏损。值得一提的是，常山药业去年大涨2.1倍，今年至今下跌15%。 2025年三季报显示，前三季度公司营业收入6.81亿元，同比下滑13.11%；归母净利润亏损4481.74万 元。这意味着公司第四季度亏损额大幅扩大，业绩呈现加速下滑趋势。 对于业绩亏损，常山药业解释称，主要原因包括：肝素行业竞争加剧导致核心产品收入下降及毛利率低 迷；因集采品种无需大规模学术推广而进行的销售策略调整，致使销售费用大幅下降；此外，公司对个 别客户的应收账款及其他应收款计提了坏账准备，并对可能存在减值迹象的资产进行了初步评估。 常山药业表示，2025年，肝素药品行业竞争加剧，公司核心产品肝素制剂系列产品收入下降，同时受集 采及原材料价格波动等因素综合影响，毛利率维持较低水平，这是公司亏损的主要原因。 财务数据显示，2023年常山药业净利润巨亏12.4亿元，2024年公司再亏2.49亿元，2025年又亏损2亿元左 右。从营收来看，公司2022年以 ...

Core Viewpoint - Chongqing Securities Regulatory Bureau issued a warning letter to Zhonghua Accounting Firm and its auditors due to multiple issues identified during the audit of Shunbo Alloy's 2024 financial report [1][4] Group 1: Risk Assessment Issues - The audit working papers did not reflect a reassessment and adjustment of materiality levels based on the company's operational situation from October to December 2024 and significant post-balance sheet events, violating relevant auditing standards [2] Group 2: Substantive Procedure Issues - The auditors failed to perform further audit procedures on certain confirmation discrepancies, inadequately executed revenue cutoff testing, and did not identify the company's cross-period revenue recognition. Additionally, the impairment testing for receivables and inventory was insufficient, leading to underreported bad debt provisions and inventory write-downs [3] Group 3: Regulatory Violations - The actions of Zhonghua Accounting Firm and the signing auditors violated the relevant provisions of the Information Disclosure Management Measures for Listed Companies, resulting in administrative regulatory measures including a warning letter and a record in the securities market integrity file [4]

年度归母净利润从2023年超过11亿元的巅峰跌落至预计亏损最高3.8亿元，短短两年时间，曾凭借一句"小葵花妈妈课堂开课了"广告语家喻户晓的儿童药 巨头，正经历着上市以来最严峻的考验。 1月29日晚间，葵花药业发布2025年度业绩预告，公司预计2025年归母净利润为-3.80亿元至-2.40亿元，上年同期为4.92亿元，同比下降 177.23%~148.78%；预计扣非归母净利润为-4.20亿元至-2.85亿元，上年同期为3.45亿元，同比下降182.68%~182.68%。 二是产销数量减少，固定成本分摊提升，毛利率同比降低。受公司上游中药材市场价格波动较大，叠加公司2025年销量大幅下降的影响，公司单位产品固 定制造费用无法摊薄、部分产品的生产成本处于高位，导致公司整体毛利率下降。在公司产销恢复常态后，公司成本承压态势将逐步改善。 | | | | 项 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司 | | -38.000 | ﺑﮩ | -24.000 | 49.204. 54 | | 股东的净利润 | 比上年同期 ...

最近两个月，商业航天成为资本市场关注的焦点，多只个股涨幅翻倍。平安高端装备混合基金经理王修宝近 日接受记者采访时指出，本轮商业航天行情较以往更具持续性，是产业拐点、政策支持、资本市场中美共振 的结果；2026年有望成为中国商业航天发展新起点。 三大因素助推商业航天强势表现 商业航天是以市场为主导、具有商业盈利模式的航天活动，涵盖卫星制造、火箭发射、卫星应用等领域。自 去年12月至今年1月28日，商业航天板块指数涨幅接近42%。王修宝管理的平安高端装备混合发起式基金 的"航程"也正好始于两个月前。"对于我们而言，一开始便幸运地站在了潮头，这既是时代的馈赠，也是我们 对产业脉搏一次果敢的把握。" 王修宝认为，商业航天更强调"商业"属性，其核心是引入社会资本，实现市场化运营与盈利闭环。他指出， 我国商业航天起步较晚，2014年~2015年政策破冰后，社会资本开始大规模进入该领域。经过10年发展，国 内商业航天市场规模颇为可观，已步入"收获季"，逐步迈入规模化、商业化发展新阶段。 e a 9 o you got o 0 EPRADS ( :4 ( 19 60 7 (1) 王修宝 深圳商报记者詹钰叶 最近两个月，商业航 ...

用诱人文案收割投资者信任，不少人买入即亏损 "刷短视频刷到它，逛论坛看到它，连户外屏幕都能看到它的宣传，说能轻松跑赢市场，结果买入不到3个 月，亏了快10%。亏损本身没什么，只是我越想越不对劲，当时买的时候怎么哪哪都是它。"近日，投资者林 先生向记者吐槽自己购买"广告基"的惨痛经历。所谓"广告基"，并非官方定义的基金品类，而是市场对一类 过度营销、轻业绩基金的俗称——它们凭借铺天盖地的各类广告占据大众视野，用统一的诱人文案收割投资 者信任。 全域围堵 不同于传统基金依赖银行网点、客户经理推广的模式，"广告基"的核心打法是"全域饱和营销"，借助互联网 传播的便捷性，将广告渗透到人们生活的每一个角落，而千篇一律的文案则成为其收割注意力的关键武器。 漫画王建明 深圳商报记者邱清月 所谓"广告基"，是市场对一类过度营销、轻业绩基金的俗称——它们凭借铺天盖地的各类广告占据大众视 野，用统一的诱人文案收割投资者信任，不少投资者直言"买入即亏损"。 业内人士建言，投资者要通过分析来判断这类基金的价值。 "广告基"的亏损并非个例。记者采访发现，不少投资者都有类似的经历：被广告吸引买入后，该基金净值持 续下跌，客服反馈多为"市 ...

"新质影像产业的竞争，早已从'生产好设备'的硬件比拼，升级到'定义好产品'的生态较量。"谈及深圳 新质影像产业的进阶之路，深圳市决策咨询专家（经济组）、和君咨询合伙人熊时实在接受深圳商报采 访时一语道破核心趋势。 "宝安的终极目标应是成为行业规则制定者。"熊时实表示，宝安可联合头部企业，围绕AIGC内容版权 认证、沉浸式体验标准等新兴领域，率先出台团体标准，争取形成行业共识，助力深圳在全球新质影像 产业中掌握发展主导权。 长期3—5年，则要瞄准标准制定与交易体系建设，宝安可重点培育"新质影像产业联盟"，建立数字作品 确权与价值评估体系，借助深圳文交所探索数字版权跨境交易，从而掌握全球数字内容市场的定价权。 熊时实还提出"联合解决方案"的新思路：推动闪剪、软牛等AI技术厂商，对接腾讯云、腾讯广告等2B 服务板块，将各自的AI工具、硬件设备与腾讯的云基础设施、营销网络打包成"宝安智造"的行业解决方 案，共同拓展海外企业服务市场。借APEC等国际盛会展示"龙头平台+宝安科创"的协同实力，实现 从"企业单打独斗"到"产业军团协同出海"的升级。 熊时实认为，宝安区的核心优势，在于"技术快速转化为市场产品"的能力。全产业 ...

Group 1 - The core viewpoint is that Shenzhen's new imaging industry is becoming a "super industry" and is leading globally in terms of industrial clustering and scale [1] - Shenzhen has a complete value chain for the imaging industry, including content publishing platforms, shooting devices, imaging scene products, and software processing, making it the city with the largest hardware industry scale globally [1] - Shenzhen is the largest production city for new imaging shooting devices such as smartphones, drones, and action cameras, holding a significant share of the global market [1] Group 2 - The imaging equipment accessory industry in Shenzhen is characterized by extreme segmentation and comprehensive offerings, making it a pioneer and the largest market share holder in the global arena [1] - The development of new media and the videoization trend is identified as a core driving force for the industry, lowering the barriers for professional imaging creation [1] - In the next 3-5 years, technologies such as AI large models, computational optics, and new display types are expected to reshape the imaging production and application chain, leading to a consumer-level explosion in imaging tools [2]