Core Viewpoint - The article discusses the regulatory actions taken against Guoyuan Securities and Huatai United Securities for their professional misconduct in a merger and acquisition project involving Anhui Fuhuang Steel Structure Co., Ltd. and Zhongke Vision Technology Co., Ltd. [2][5][6] Group 1: Regulatory Actions - The Anhui Securities Regulatory Bureau issued warning letters to both Guoyuan Securities and Huatai United Securities for their failures in the same merger and acquisition project [2][6]. - The two firms failed to exercise sufficient professional caution regarding revenue recognition issues and did not adequately verify the substance of transactions with certain clients, leading to inaccuracies in their independent financial advisory reports [6][5]. Group 2: Implications for Financial Advisors - The misconduct raises concerns about the responsibility division and collaborative effectiveness of multiple financial advisors in complex merger transactions [6]. - The article emphasizes the importance of financial advisors in ensuring the quality and efficiency of transactions, highlighting that failures in key verification processes may indicate deeper issues in compliance and independent verification [6]. Group 3: Enhancements in M&A Services - The regulatory environment for mergers and acquisitions is being optimized, with new measures introduced to enhance market vitality and resource allocation efficiency [8]. - The China Securities Regulatory Commission is seeking public opinion on a draft regulation aimed at standardizing M&A behaviors and clarifying the roles and independence of financial advisors [8]. Group 4: Specific Requirements for Independent Financial Advisors - The Shanghai Stock Exchange has outlined three key requirements for independent financial advisors: enhancing professional service capabilities, fulfilling due diligence responsibilities, and strengthening internal control mechanisms [9]. - Advisors are encouraged to improve their understanding of industries and transactions, conduct thorough investigations, and establish effective internal controls to ensure high-quality service delivery [9].

【导读】中国证监会就《上市公司监督管理条例（公开征求意见稿）》公开征求意见 中国基金报记者 张舟 我国将迎来首部专门的上市公司监管行政法规！ 12 月 5 日，中国证监会发布《上市公司监督管理条例（公开征求意见稿）》。 为了规范上市公司及相关各方在证券市场的行为，加强对上市公司的监督管理，促进上市公司质量提升，保护投 资者合法权益，根据《公司法》《证券法》等法律规定，中国证监会起草了《上市公司监督管理条例（公开征求 意见稿）》（以下简称《条例》），现向社会公开征求意见。 中国证监会表示，上市公司是资本市场的基石。近年来，上市公司规模快速增长、结构持续优化、质量不断提 升，有力支持了资本市场和实体经济的健康发展，但和建设现代化产业体系、实现经济高质量发展、加快建设更 多世界一流企业的要求相比，还存在一些差距，部分上市公司仍存在治理机制不健全、信息披露不合规、董监高 不尽职、大股东行为不规范等问题。出台《条例》是增强基础法治供给、推动提高上市公司质量的必然要求。 《条例》共八章、七十四条，意见反馈截止时间为 2026 年 1 月 5 日。 以下为主要内容： 一是完善上市公司治理要求， 规范治理架构以及控股股东、实 ...

Core Viewpoint - The article discusses the administrative penalties imposed on Sanqi Interactive Entertainment for violations related to information disclosure over a period of seven years, resulting in a total fine of 32.55 million yuan [2][8]. Summary by Sections Violations and Penalties - Sanqi Interactive Entertainment was found to have four main violations: 1. False reporting of shareholder holdings in annual reports from 2014 to 2020, where shares were actually held on behalf of the chairman and vice-chairman [6][7]. 2. Failure to disclose a related party transaction involving the acquisition of 20% equity in Jiangsu Jiguang in the 2018 annual report [7]. 3. Misrepresentation in a temporary announcement regarding the indirect acquisition of Guangzhou Sanqi's equity in 2020, along with omissions in the 2020 annual report [7]. 4. Non-disclosure of related party transactions with Hainan Liyuan and others from 2018 to 2021, totaling 1.15 billion yuan, 1.08 billion yuan, 7.60 billion yuan, and 1.93 billion yuan respectively [7]. Financial Penalties - The total fines imposed amounted to 32.55 million yuan, broken down as follows: - Sanqi Interactive was fined 9 million yuan and received a warning [9]. - Chairman Li Weiwei was fined 14 million yuan, including 5 million yuan for direct responsibility and 9 million yuan as the actual controller [9]. - Other executives, including Yang Jun, Zeng Kaitian, Ye Wei, Hu Yuhang, and Wu Weihong, received fines ranging from 25,000 to 3.5 million yuan [9]. Company Performance - For the first three quarters of 2025, Sanqi Interactive reported revenue of 12.461 billion yuan, a year-on-year decline of 6.59%, while net profit attributable to shareholders was 2.345 billion yuan, an increase of 23.57% [10]. - As of December 5, the company's stock price was 20.04 yuan, down over 10% from its peak in early November, with a market capitalization of 44.3 billion yuan [10].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed heavy fines totaling over 50 million yuan on two individuals for insider trading, reflecting a strict stance against market manipulation and a commitment to creating a fair and transparent market environment [2][8]. Summary by Sections Case of Chen Qinyan - Chen Qinyan was fined over 49 million yuan for insider trading during a sensitive period related to a major asset restructuring announcement made on June 13, 2022 [3]. - The insider information was determined to have formed no later than May 11, 2022, and Chen traded a significant amount of shares using multiple accounts, resulting in a profit of 8.21 million yuan [3][4]. - The CSRC upheld the findings against Chen, rejecting her claims regarding the timing of the insider information and the nature of her trading activities [4]. Case of Huang Ke - Huang Ke, also an insider, used another person's securities account to trade during the sensitive period, earning a profit of 318,000 yuan [6]. - He was fined 1.5 million yuan in addition to the confiscation of his illegal gains [6]. - The CSRC dismissed Huang's defense, which claimed ignorance of the insider information and that another person executed the trades [6]. Regulatory Environment - Both cases are linked to the same company's major asset restructuring plans, highlighting the CSRC's "zero tolerance" approach to insider trading [8]. - In 2024, the CSRC handled 178 insider trading cases, accounting for 24% of all securities and futures violations, indicating a robust enforcement strategy [8].

Core Viewpoint - The Shenzhen Municipal Housing Provident Fund Management Committee has released a new set of regulations for the withdrawal of housing provident funds, aimed at enhancing support for employees in purchasing and renting homes, with the new rules set to take effect on December 15, 2025 [1][11]. Group 1: Home Purchase Support - The new regulations introduce multiple scenarios for fund withdrawal related to home purchases, easing conditions to better meet the housing needs of employees [3][13]. - A new provision allows employees and their family members to withdraw funds for the down payment of a home before it is fully paid. Families with one home can withdraw the full balance, while those with two homes can withdraw 60% of the balance, not exceeding the unpaid down payment [3][15]. - The regulations support a "withdraw and loan" approach, allowing the withdrawn amount to be included in the calculation of the loan limit for ordinary housing provident fund loans [21][22]. - The application period for home purchase withdrawals has been extended from three years to five years, allowing employees to apply for withdrawals up to five years after the purchase date [4][26]. Group 2: Tax Payment and Loan Repayment - New provisions allow employees to withdraw funds to pay for taxes related to the purchase of their first or second home, with the withdrawal amount not exceeding the actual tax paid [5][27]. - The scope of loan repayment withdrawals has been expanded from the city to nationwide, allowing employees to withdraw funds for repaying loans on their first or second homes across the country [29][30]. Group 3: Rental Support - The new regulations introduce a phased adjustment mechanism for rental withdrawal limits, increasing the monthly withdrawal limit from 65% to 80% of the current month's contribution for a two-year period starting November 1, 2025, for employees without homes [39][40]. - The support for rental withdrawals has been expanded to include families with two or more children, removing the previous requirement of having at least one minor child [45]. - Employees renting public rental housing can continue to withdraw based on actual rent, and new support is provided for those renting affordable housing [46]. Group 4: Urban Renewal Support - The regulations enhance support for employees involved in urban renewal projects by introducing three new withdrawal categories: self-funded renovation of old housing, installation or replacement of old elevators, and increased area for relocated housing [8][47]. - The total withdrawal amount for urban renewal projects cannot exceed the actual contribution made by the applicant [48].

该知情人士进一步透露，张德芹在贵州省工商联担任的职务为党组副书记。 【导读】贵州茅台原董事长张德芹赴 贵 州省工商联任 职 中国基金报记者 夏天 辞任贵州茅台董事长职务一个多月后，张德芹最新去向曝光。 12 月 5 日，有市场消息称，张德芹已赴 贵 州 省 工商 联任职。对此，一位接近张德芹的知 情人士 12 月 5 日下午向中国基金报记者表示，该消息属实。 在公告中，贵州茅台董事会对张德芹表示了感谢，称其在任职期间，忠实履职、务实敬业、 辛勤付出，为公司高质量发展作出了积极贡献。 记者 12 月 5 日查询 贵 州省工商 联官网发现，目前官网上 " 工商联领导 " 一栏尚未出现张 德芹的身影。 | 首页 | 新闻资讯 | 本会概况 | 信息公开 | | 惠企服务 | 企业融资 | 专题专栏 | | --- | --- | --- | --- | --- | --- | --- | --- | | 领导之窗 | | 工商联领导 | | | | | | | 工商联领导 | ▶ | | | | | | | | | | | 李汉宇 | 李岳德 | 陈广臣 | 韦庆银 | | | | | | 施波 | 卿春 | | ...

【导读】中国人民银行与澳门金融管理局签署常备互换协议并扩大规模 中国基金报记者 晨曦 经国务院批准，近日中国人民银行与澳门金融管理局续签双边货币互换协议并升级为常备互 换安排，协议长期有效。互换规模由原来的 300 亿元人民币 /340 亿澳门元扩大至 500 亿 元人民币 /570 亿澳门元，以进一步维护两地金融稳定，更好支持双边经贸往来，推动澳门 离岸人民币市场稳健发展。 回顾来看，中国人民银行于 2019 年 12 月 5 日首次与澳门金融管理局签署双边货币互换协 议，互换规模为 300 亿元人民币 /340 亿澳门元，有效期为 3 年。协议在 2022 年 12 月 5 日续签，直至此次升级为常备互换。 澳门金融管理局称，此次协议的续签及优化，将为澳门金融市场提供更加坚实的人民币流动 性支持，有利于澳门金融机构拓展人民币业务。澳门金融管理局将持续推动澳门金融机构善 用货币互换机制和人民币清算优势，吸引葡语国家的政府和企业来澳进行投融资，进一步巩 固澳门特区作为 " 中国 — 葡语国家金融服务平台 " 的作用。 据了解， " 常备 " 主要指协议长期有效，无需定期续签，同时互换流程也会进一步优化，资 金 ...

【导读】大金融板块助力港股上涨，中国太平涨超 7% ，中国平安涨 6.71%，金融监管总局发布利好消息 中国基金报记者 储是 港股市场今日午后拉升，保险、科技股齐转涨。中国太平涨超 7% ，中国平安涨 6.71% ，百度涨超 5% 。 消息面上，国家金融监管总局发布关于调整保险公司投资相关股票的风险因子的通知。市场认为，此举有利于推动保险资金入市。 港股午后拉升 恒生指数收复 26000 点 12 月 5 日，港股三大指数午后持续拉升转涨，全天呈现低开高走行情。截至收盘，恒生指数上涨 0.58% ，再度站上 26000 点；恒生国 企指数、恒生科技指数分别上涨 1.01% 、 0.84% 。 | W | | 恒生中国企业指数(HSCEI) 12-05 16:09:30 | | | | | --- | --- | --- | --- | --- | --- | | 9198.30 | | 昨收 | 9106.48 | 成交额 | 890.17亿 | | +91.82 | +1.01% | 今开 | 9077.14 | 成交量 | 25.92亿 | | 上涨 | 35 | 平盘 | TH | 下跌 | 14 | ...

经查， 费东斌丧失理想信念，背弃初心使命，政治意识淡漠，搞投机钻营，结交政治骗子，对抗组织审查；违反中央八项规定精神，安排他人 长期为家属提供车辆接送服务；组织原则缺失，不按规定报告个人有关事项，在干部选拔任用等工作中为他人谋取利益；廉洁底线失守，违规收 受礼金；贪婪无度，把公权力当作谋取私利的工具，大搞权钱交易，利用职务便利为他人在企业经营、工程承揽、职务调整等方面谋利，并非法 收受巨额财物。 来源：中央纪委国家监委网站 政事儿 中央纪委国家监委网站12月5日消息，经中共中央批准，中央纪委国家监委对第二十届中央候补委员，交通运输部原党组成员，国家铁路局原党 组书记、局长费东斌严重违纪违法问题进行了立案审查调查。 公开简历显示，费东斌，男，汉族，1970年8月生，中共党员，工程硕士。二十届中央候补委员，二十大代表。 2005年10月起，他历任沈阳铁路局总工程师（副局级）、副局长，青藏铁路公司常务副总经理、党委委员（2008.02明确为正局级），铁道部 运输局副局长兼客运专线技术部主任，北京铁路局常务副局长、党委常委、中沙铁路项目专家组常务副组长，济南铁路局常务副局长、党委常 委，呼和浩特铁路局局长、党委副书记 ...

Core Viewpoint - The recent stock purchases by the executives of Mindray Medical, including the chairman and other senior management, indicate strong confidence in the company's future growth and intrinsic value, especially after a challenging period in the domestic market [1][8]. Group 1: Executive Stock Purchases - Chairman Li Xiting has invested approximately 29.99 million yuan by purchasing 152,300 shares at an average price of 196.862 yuan per share, marking his first stock buy [4][5]. - Li Xiting plans to continue purchasing shares in the secondary market, with a total investment expected to reach 200 million yuan over the next six months [6]. - Other executives, including General Manager Wu Hao and Senior Vice President Li Zaiwen, have also made significant stock purchases, indicating a collective belief in the company's potential [8]. Group 2: Foreign Institutional Interest - Mindray Medical has attracted significant attention from foreign institutional investors, ranking second in the number of investigations among A-share listed companies, with 404 inquiries as of December 3 [10][11]. - The interest from foreign institutions reflects their confidence in Mindray's ability to navigate market challenges and capitalize on growth opportunities [12]. Group 3: Financial Performance and Market Outlook - In Q3 2025, Mindray Medical's revenue showed a positive turnaround with a year-on-year growth of 1.53%, reversing a previous decline of 23.77% in Q2 [12][15]. - The company anticipates that the most challenging period in the domestic market has passed, with expectations for domestic business to return to positive growth next year and profit growth to turn positive by 2026 [15][20]. - Mindray's international market potential is estimated to be 4-5 times larger than the domestic market, positioning the company for long-term growth in international business [20].