Core Viewpoint - Several A-share stocks, including Tianpu Co. and Bolite, are facing regulatory scrutiny due to suspected information disclosure violations, which has led to significant market reactions and stock price fluctuations [1][5][9]. Group 1: Tianpu Co. - Tianpu Co. received a regulatory work letter from the Shanghai Stock Exchange on December 31, 2023, regarding suspected information disclosure violations [1][3]. - The company's stock price has seen a cumulative increase of 718.39% from August 22 to December 30, 2023, raising concerns about trading risks and deviation from the company's fundamentals [3][4]. - Tianpu Co. clarified that it has no current plans to engage in artificial intelligence-related business or sign any framework cooperation agreements with its shareholder, Zhonghao Xinying [3][4]. Group 2: Bolite - Bolite announced on December 31, 2023, that it is under investigation by the China Securities Regulatory Commission (CSRC) for suspected information disclosure violations [5][6]. - The company's stock price has surged nearly 42% in December 2023 and over 180% for the year, driven by its involvement in the commercial aerospace sector [1][6]. - Bolite reported a revenue of 1.16 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 46.47%, and a net profit of 156 million yuan, up 234.83% year-on-year [9]. Group 3: Other Companies - Other A-share companies facing similar regulatory actions include Qidi Design, *ST Panda, ST Huluwa, ST Changyuan, Zhenlei Technology, Daye Intelligent, and Pairui Co. [1][9]. - Zhenlei Technology, also a commercial aerospace concept stock, saw its stock price rise over 145% from November 24 to December 26, 2023, before experiencing a significant drop following the announcement of its investigation [2].

在上市公司控制权变更领域，根据Wind全球并购库数据统计，2025年首次披露上市公司控制权变更交易183 单，相较2023年、2024年分别增长357.50%、144.00%。 在此过程中，各证券公司纷纷加大对并购业务的投入，头部效应仍十分明显。 许可类重组审核通过口径，8家券商市占率78%，华泰联合证券排名第一 在沪深北交易所并购重组委审议方面，2025年，上交所共召开23次并购重组审核委员会会议，深交所共召开17 次并购重组审核委员会会议，北交所召开1次并购重组审核委员会会议，合计审议通过40单行政许可类重组交 易，涉及独立财务顾问49家次，担任超过1单交易独立财务顾问身份的券商共有8家。数据显示，重组业务"领 头羊"华泰联合证券、中信建投证券、中信证券领跑市场， 具体如下： | 排名 | 机构名称 | 重组委审议通过 | | --- | --- | --- | | | | 車数 | | 1 | 华泰联合证券 | 8 | | 2 | 中信建投证券 | 7 | | 3 | 中信证券 | | | 4 | 乐方计车 | 4 | | 4 | 国泰海通证券 | 4 | | 4 | 中等公司 | 4 | | 7 | ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a decision to amend the implementation regulations of the administrative enforcement commitment system, which will take effect on February 1, 2026, aiming to clarify acceptance conditions and standardize procedures for handling cases of suspected securities and futures violations [1][2]. Group 1: Key Aspects of the Decision - The decision enhances the acceptance conditions for the administrative enforcement commitment system, specifying scenarios where applications will not be accepted, such as when the party obstructs investigations or lacks the ability to pay the commitment fee [2]. - It improves the handling procedures by clarifying the standards for necessary investigations, application material requirements, and internal consultation processes [2]. - The decision strengthens the integrity constraints on parties involved, stating that malicious delays or leaks of information during the commitment process will be treated as violations of integrity principles [2]. Group 2: Impact and Future Directions - Since its implementation in 2021, the administrative enforcement commitment system has effectively played a comprehensive role in remedying, punishing, educating, and resolving market disputes, receiving positive evaluations overall [3]. - The recent amendments are expected to further enhance the system's effectiveness in protecting investors' rights, maintaining market order, and improving administrative enforcement efficiency [3].

12月31日，著名策略分析师张忆东在个人公众号发布消息，"经过长时间的慎重考虑，出于对自己职业生涯 后半程的转型规划及家庭因素考量，我已于日前正式向公司提出辞职申请，即将转型海外业务，专注于香 港及海外资本市场的拓展。" 兴业证券经济与金融研究院对券商中国记者确认了张忆东离职的消息。兴业证券经济与金融研究院表示，充分 尊重其个人选择，并对张忆东为卖方研究及海外研究业务发展所作出的杰出贡献表示衷心感谢。 张忆东离职 张忆东在公众号表示，"经过长时间的慎重考虑，出于对自己职业生涯后半程的转型规划及家庭因素考量，我 已于日前正式向公司提出辞职申请，即将转型海外业务，专注于香港及海外资本市场的拓展。" 驱动做战略转型，一步步把研究打造成了如今的金字招牌。 复旦大学经院全球校友会在一篇文章里提到，在这次采访中，早已光环加身的张忆东回眸当年与研究所同事共 同奋斗的岁月，几度哽咽。他对那些被质疑、被嘲讽、到处作揖"求支持"的故事如数家珍。那些在逆境中打拼 的创业日子，记忆依然闪闪发光。 在这次采访中，张忆东给未来年轻人留了四句话： "一是尽早拼命干，因为拼命干了以后，如果你觉得苦不堪言就尽早离开，如果你干得兴趣勃勃，就应该 ...

Core Viewpoint - The article discusses the implementation details of the "2026 Consumption Goods Trade-in Policy," which aims to promote the replacement of old products with new ones, thereby stimulating consumer spending and economic growth [1][2]. Group 1: Policy Implementation - The Ministry of Commerce and other departments have issued guidelines for the 2026 Consumption Goods Trade-in Policy, including specific subsidy amounts for various categories of products [2]. - The policy includes subsidies of 15% off the final sales price for six categories of home appliances and four categories of digital and smart products, with a maximum subsidy of 1,500 yuan for home appliances and 500 yuan for digital products per person per category [2][3]. - Local governments are allowed to determine their own subsidy categories and standards within the framework of the national policy, promoting flexibility in implementation [3][4]. Group 2: Focus on Rural Areas - The policy emphasizes the importance of ensuring that rural residents, especially those in remote areas, can participate in the trade-in program by enhancing offline and online access to subsidies [5]. - Strategies include increasing the number of offline business entities in rural areas and encouraging online platforms to cater to rural consumers' needs [5]. Group 3: Automotive Trade-in Details - The automotive trade-in policy will continue to provide subsidies for scrapping and replacing vehicles, with a maximum subsidy of 20,000 yuan for new energy vehicles and 15,000 yuan for fuel vehicles [6]. - As of December 28, 2025, over 11.5 million vehicles have been traded in under this policy, generating over 1.6 trillion yuan in new car sales [6]. Group 4: Future Directions - The Ministry of Commerce plans to guide local governments in refining their automotive trade-in measures to ensure the policy is effectively implemented [7].

12月31日，证监会就《上市公司董事会秘书监管规则（征求意见稿）》（以下简称《董秘监管规则》）向 社会公开征求意见，这是首部专门针对上市公司董秘的监管规定。 《董秘监管规则》通过进一步厘清董秘职责范围、健全履职保障、完善任职管理、严格责任追究，更好地促进 董事会秘书积极履职、规范上市公司董事会秘书履职行为。 压实信息披露与公司治理双重责任 董事会秘书是《公司法》规定的、上市公司必设的法定高级管理人员，主要承担与资本市场相关的特定工作。 总体来看，大多数上市公司重视董秘履职，特别是把组织、办理信息披露作为董秘的核心职责，把促进公司治 理有效运行作为董秘的重点任务，一些上市公司董秘还负责公司的资本运作、合规管理等工作。但实践中也有 少数误解，如，有的认为董秘只是"秘书"，虽然形式上是高级管理人员，但没有赋予其相应的地位；有的赋予 董秘过多的其他任务，忽视了董秘的主责主业。 《董秘监管规则》特别强调董秘是协助董事会履行职责，向董事会报告工作，进一步做实其高管定位，同时进 一步细化董事会秘书职责范围，尤其是在信息披露和公司治理两大领域，规定其具体职责。 一是明确董秘作为上市公司信息披露活动组织者，应当及时组织开展定期 ...

百万用户都在看 刚刚，飙涨201%！ 2026年新年献词｜顺流逆流，守护我们内心的罗盘！ 2026，重大利好！ 市值腰斩！巴菲特"踩雷"，给我们敲响什么警钟？ 独家揭秘！新股未上市先套现，中签之前也能买卖！ 违法和不良信息举报电话：0755-83514034 邮箱：bwb@stcn.com 券中社 × 券商中国 券 中 社 扫码下载券中社APP 扫码关注券商中国公众号 quanshangcn qzs.stcn.com 舞中 券中社APP 券 商 中 国 是 证 券 市 场 权 威 媒 体 《 证 券 时 报 》 旗 下 新 媒 体 , 券 商 中 国 对 该 平 台 所 刊 载 的 原 创 内 容 享 有 著 作 权 , 未 经 授 权 禁 止 转 载 ， 否 则 将 追 究 相 应 法 律 责 任 。 中国人民解放军南部战区位中国黄岩岛领海领空及周边区域组织战备警巡 12月以来，中国人民解放军南部战区组织海空兵力，持续加强黄岩岛领海领空及周边区域战备警巡，进 一步强化管控力度，有效应对各类侵权挑衅，坚决捍卫国家主权安全，坚决维护南海地区和平稳定。 来源：南部战区 责编：刘珺宇 校对： 姚远 看券商中国 知天 ...

Macro Dynamics - The Ministry of Commerce announced safeguard measures for imported beef, stating that an investigation was initiated on December 27, 2024, due to domestic industry requests. The measures include country-specific quotas and additional tariffs for three years, with annual quota increases to support the domestic industry [2] Financial Institutions - Major state-owned banks, including ICBC, ABC, CCB, BOC, and Postal Savings Bank, announced that starting January 1, 2026, interest will be paid on the balances of real-name digital RMB wallets at the same rate as current deposits. The announcement emphasizes the distinction between real-name and anonymous wallets, with specific interest rules applying only to real-name wallets [9] Market Data - The A-share market closed on December 31, 2025, with the Shanghai Composite Index rising 0.09% for a total annual increase of 18.41%, marking a ten-year high. The Shenzhen Component Index increased by 29.87% over the year, while the ChiNext Index saw a significant rise of 49.57% [11] - The Hong Kong stock market also reported strong performance, with the Hang Seng Index increasing by 27.77% for the year, the best annual performance since 2017. The Hang Seng Tech Index rose by 23.45%, marking its best annual performance since 2020 [12] Company Dynamics - The first domestically produced quadrivalent HPV vaccine has been launched, developed by China National Pharmaceutical Group. The vaccine covers four HPV types and has shown 100% efficacy in preventing certain precancerous lesions in clinical trials, providing a cost-effective option for women aged 18 to 45 [14] - Tianqi Materials announced an expected net profit increase of 127.31% to 230.63% for 2025, driven by rising demand in the new energy vehicle and energy storage markets, along with improved production efficiency [15] - Platinum Technology is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws, but the company stated that its operations remain normal [16] - Changan Ford announced a recall of 38,473 units of the Ford Focus due to compliance with regulations regarding defective automotive products [17]

12月31日，证监会发布《公开募集证券投资基金销售费用管理规定》（简称《管理规定》），这是公募基 金行业三阶段费率改革工作的收官之策，标志着费率改革工作全面平稳落地。 记者了解到，第三阶段费率改革将每年为投资者让利约300亿元。三个阶段降费工作全部完成后，预计每年为 投资者节省510亿元投资成本，公募基金综合费率水平下降约20%。 业内人士指出，公募基金行业近年来通过系统性费率改革，在降低投资者成本、重塑行业生态等方面取得显著 进展，其背后的意义不仅在于短期让利，更在于推动行业长期价值导向的转型。 大幅让利投资者 此次修订是贯彻新"国九条"精神、落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发展行动 方案》的重要举措，着重解决认购费申购费率水平相对偏高、赎回费收取机制设计复杂、销售服务费缺乏有效 规制等突出问题。 此轮改革最直接的就是大幅降低投资成本，合理调降各类产品的认（申）购费、销售服务费，《管理规定》进 一步细化了产品分类标准与费率上限，体现了精准施策的监管智慧：主动偏股型基金，认（申）购费 率 不高 于0.8%；其他混合型基金，认（申）购费率不高于0.5%；指数型基金、债券型基金，认（申） ...

Core Viewpoint - The article emphasizes China's achievements and future goals as it enters the new year, highlighting economic growth, innovation, cultural development, and international cooperation [1][2][3][4]. Economic Growth - China's GDP is projected to reach 140 trillion yuan in 2025, marking a significant increase in economic strength and overall national power [1]. - The country has successfully navigated challenges over the past five years, completing its goals and making steady progress in its modernization journey [1]. Innovation and Technology - China is recognized as one of the fastest-growing economies in terms of innovation, with advancements in artificial intelligence, chip development, and space exploration [2]. - The integration of technology and industry has led to new production capabilities and enhanced quality of life [2]. Cultural Development - There is a growing interest in cultural heritage and traditional arts, with significant engagement in cultural tourism and events [2]. - The popularity of Chinese cultural elements, such as traditional aesthetics, has surged among younger generations [2]. Social Welfare and Quality of Life - The government has implemented measures to protect the rights of new employment groups and provide financial support to families, enhancing overall living standards [2]. - Initiatives aimed at improving the lives of the elderly and families with children have been introduced, reflecting a commitment to social welfare [2]. International Cooperation - China continues to engage with the global community through initiatives like the Shanghai Cooperation Organization and the Hainan Free Trade Port [3]. - The country advocates for a fair global governance system and aims to promote peace and development worldwide [3]. Governance and Party Strength - The article highlights the importance of party governance and the ongoing efforts to maintain integrity and accountability within the party [4]. - There is a focus on achieving high-quality development and deepening reforms to ensure shared prosperity for all citizens [4].