Group 1 - The A-share market in Fujian saw a collective surge, with notable increases in stocks such as Haixia Innovation rising over 15%, Pingtan Development and Kuncai Technology hitting the 10% limit up, and Lupu Information increasing by over 9% [1] - The mainland is set to resume tourism for Shanghai residents to Kinmen and Matsu, aiming to normalize cross-strait exchanges and enhance the welfare of both sides [1] - The tourism industry is encouraged to strengthen communication and provide quality services and products for mainland residents traveling to Kinmen and Matsu [1] Group 2 - Haixia Innovation's stock rose by 15.12%, with a total market value of 9.289 billion [2] - Pingtan Development increased by 10.05%, with a market capitalization of 22.9 billion, but has a year-to-date decline of 23.18% [2] - Kuncai Technology's stock rose by 10.01%, with a market value of 12.8 billion and a year-to-date increase of 14.47% [2]

Group 1 - The A-share market in Fujian has shown strong performance, with notable increases in several stocks, including Haixia Innovation rising over 15% and Pingtan Development and Kuncai Technology hitting the 10% daily limit [1][2] - The mainland is set to resume tourism for Shanghai residents to Kinmen and Matsu, aiming to normalize cross-strait exchanges and enhance the welfare of both sides [1] Group 2 - Haixia Innovation has a market capitalization of 9.289 billion, with a year-to-date decline of 7.32% despite a recent increase of 15.12% [2] - Pingtan Development has a market capitalization of 22.9 billion, with a year-to-date decline of 23.18% after a recent increase of 10.05% [2] - Kuncai Technology has a market capitalization of 12.8 billion, with a year-to-date increase of 14.47% following a recent rise of 10.01% [2] - Other notable stocks include Road Bridge Information, Xiamen Port, and Sanmu Group, which have also experienced significant increases [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has demonstrated a strong commitment to regulatory enforcement in January 2026, with significant penalties imposed on multiple institutions and individuals, reflecting a "zero tolerance" stance towards violations in the capital market [1][9][10] Group 1: Regulatory Actions and Penalties - In January 2026, the CSRC has imposed administrative penalties on at least 13 institutions and 25 individuals, with total fines exceeding 1.1 billion yuan [1] - A notable case involved Yu Han, who was fined a total of 1.022 billion yuan for market manipulation, effectively nullifying his illicit gains and imposing additional penalties [2] - The regulatory actions have extended to private equity firms, listed companies, and intermediaries, with significant fines imposed on Zhejiang Ruifengda Asset Management Co., Ltd. and others for serious violations of private fund regulations [3] Group 2: Comprehensive Coverage of Violations - The CSRC has targeted not only market manipulation but also financial fraud, with companies like Luqiao Information and ST Changyao facing fines for financial misrepresentation [3][4] - The penalties also include actions against delisted companies for information disclosure violations, highlighting a comprehensive approach to enforcement [4] - The regulatory focus has shifted towards a more integrated accountability system, emphasizing simultaneous accountability for individuals, actions, and institutions [4][5] Group 3: Enhanced Enforcement Mechanisms - The connection between administrative penalties and criminal prosecution has been strengthened, allowing for a more effective response to securities violations [6] - The CSRC has expedited its investigation processes, with cases like Rongbai Technology being investigated within days of alleged misleading statements [7][8] - The regulatory environment is characterized by a combination of penalties, including fines, market bans, and restrictions on industry access, enhancing deterrent effects [5][10] Group 4: Future Regulatory Outlook - The CSRC's actions in January signal a continued emphasis on strict enforcement and the protection of investor rights, particularly for small and medium investors [9][10] - The regulatory framework is expected to evolve with a focus on substantive compliance and penetrating oversight, aiming to identify real control relationships and responsible parties [4][10] - The CSRC's commitment to a rigorous enforcement strategy is likely to stabilize market expectations and reinforce the message that violations will be met with serious consequences [10]

本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 特别提示：本公告所载 2025 年年度主要财务数据为初步核算数据，未经会 计师事务所审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投 资者注意投资风险。 一、本期业绩预告情况 (一)业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 (二)业绩预告情况 证券代码：920748 证券简称：路桥信息 公告编号：2026-006 厦门路桥信息股份有限公司 2025 年年度业绩预告公告 二、本期业绩重大变化的主要原因 报告期内，公司预计实现归母净利润-7,000 万元到-6,000 万元，主要是因 为：1、受 2025 年交通基础设施建设投资放缓影响，部分项目落地及交付周期延 后，使得全年收入规模同比下降约 50%；2、受 2025 年主要客户预算收紧等影响， 且软件等高毛利率业务占比有所降低，使得综合毛利率下降；3、受宏观经济等 影响，项目回款不及预期，应收账款账龄增加，相应的减值准备计提增加。 截至公告披露日，公 ...

证券代码：920748 证券简称：路桥信息 公告编号：2026-007 企业名称：厦门路桥信息股份有限公司 证书编号：GR202535100994 批准机关：厦门市科学技术局、厦门市财政局、国家税务总局厦门市税务局 有效期：三年 厦门路桥信息股份有限公司 关于公司再次取得高新技术企业证书的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、基本情况 厦门路桥信息股份有限公司（以下简称"公司"）于近日取得由厦门市科学 技术局、厦门市财政局、国家税务总局厦门市税务局颁发的《高新技术企业证书》。 二、证书情况 证书名称：《高新技术企业证书》 三、对公司的影响 根据《中华人民共和国企业所得税法》等相关规定，公司自获得高新技术企 业认定后的三年内享受高新技术企业税收优惠，企业所得税按15%的税率缴纳。 本次认定系对公司《高新技术企业证书》有效期届满后进行的重新认定，是 对公司研发实力与创新能力的充分肯定，是公司综合实力的体现，有利于提升核 心竞争力及品牌影响力，对公司的持续经营和未来发展具有积极的影响。 三 ...

文/梧桐小编 1月19日，厦门证监局公布《关于对金圆统一证券有限公司采取出具警示函措施的决定》。经查，该公司作为厦门路桥信息股份有限公司（920748）持续督导机 构，未勤勉尽责，未有效持续督导路桥信息履行规范运作、信息披露等义务。 据公开资料，路桥信息2023年8月16日北交所上市，保荐机构即为金圆统一证券。 | 索引 号 | | bm56000001/2026-00000678 | ਜੋ 崇 | 行政监管措施;行政执法 | | --- | --- | --- | --- | --- | | 发布机构 | | | 发文日期 | 2026年01月19日 | | ਲ | 称 | 厦门证监局关于对金圆统一证券有限公司采取出具警示函措施的决定 | | | | 文 | 특 | 中国证券监督管理委员会厦门监管局行政监管措施决定书〔2025〕39号 | 主题词 | | | 经查，你公司作为厦门路桥信息股份有限公司（以下简称路桥信息）持续督导机构，未勤勉尽责，未有效持续督导路桥信息履行规范运作、信息披露等义 | | --- | | 务，违反了《证券发行上市保荐业务管理办法》（证监会令第207号）第十六条第二款的规定。 | ...

证券代码：920748 证券简称：路桥信息 公告编号：2026-005 厦门路桥信息股份有限公司 关于股东所持公司股票自愿限售的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带法律责任。 一、 本次股票自愿限售数量共计 28,083,966 股，占公司总股本 36.60%，涉及自愿 限售股东 4 名。 二、 本次股票自愿限售的明细情况 单位：股 | | | 是否为控股 股东、实际 | | 截止 2026 年 1 | 本次自愿限售 前已处于限售 | 本次自愿 | 本次限售股 | 自愿限售期 | 本次限售后 该股东所持 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 股东姓名或名称 | | 任职情况 | 月 19 日持股数 | | 限售登记 | 数占公司总 | | | | | | 控制人或其 | | 量 | 登记状态的股 | 股票数量 | 股本比例 | 间 | 的无限售条 | | | | 一致行动人 | | | 票 | | ...

Core Viewpoint - The administrative penalty against Xiamen Road and Bridge Information Co., Ltd. (Road and Bridge Information) highlights severe financial misconduct, including profit inflation exceeding 100%, leading to significant fines and market bans for key executives [1][2][3]. Group 1: Financial Misconduct - The company inflated profits by over 37.76 million yuan through false contracts and premature revenue recognition in 2023 and 2024, with 2024's inflated profit exceeding the total disclosed profit for that year [1][2]. - Specific inflated revenues were reported as 15.84 million yuan (6.66% of reported revenue) for 2023 and 25.76 million yuan (10.71% of reported revenue) for 2024, with corresponding inflated profits of 15.31 million yuan (73.57% of reported profit) and 22.46 million yuan (103.50% of reported profit) [2]. Group 2: Penalties and Accountability - The total fines imposed amounted to 22.25 million yuan, with the company fined 6 million yuan and key executives, including the chairman and general manager, fined 3.5 million yuan each and banned from the securities market for three years [1][3]. - A total of eight individuals, including senior management, faced penalties ranging from 750,000 to 2.5 million yuan, reflecting a systemic failure in corporate governance and internal controls [3][4]. Group 3: Corporate Governance and Remediation - The misconduct was identified as a systemic issue involving multiple levels of management, indicating a failure in internal controls and oversight [3]. - Following the penalties, the company initiated comprehensive reforms, including financial data corrections and the establishment of new internal control mechanisms, with all system revisions completed by January 2026 [5][6]. - The company emphasized the normalcy of its operations despite the scandal, but investor confidence has been significantly impacted due to the exposure of fraudulent activities [6].

Core Viewpoint - The administrative penalty against Xiamen Road and Bridge Information Co., Ltd. highlights systemic financial fraud involving false contracts and revenue recognition, leading to significant penalties for the company and its executives [1][2][3]. Group 1: Financial Misconduct - The company inflated profits by over 37.76 million yuan through fraudulent contracts and premature revenue recognition in 2023 and 2024 [1][2]. - In 2024, the inflated profit exceeded the total disclosed profit, indicating a complete failure of the annual report's authenticity [1]. - The fraudulent activities resulted in inflated revenues of 15.84 million yuan and 25.76 million yuan for 2023 and 2024, respectively, accounting for 6.66% and 10.71% of the reported revenue [2]. Group 2: Penalties and Accountability - The total fines imposed amounted to 22.25 million yuan, with the company fined 6 million yuan and key executives facing individual fines ranging from 75,000 to 350,000 yuan [1][3]. - The chairman and general manager received three-year bans from the securities market, reflecting the serious nature of their involvement in the fraud [1][3]. - A total of 11 other executives received warning letters for failing to fulfill their duties, indicating a broader culture of negligence within the company [4]. Group 3: Corporate Governance and Internal Control - The investigation revealed a systemic violation involving multiple levels of management, indicating a failure in corporate governance and internal controls [3]. - The company has initiated comprehensive reforms since September 2025, including financial data corrections and the establishment of new internal control mechanisms [5]. - As of January 2026, all revised systems were implemented, including enhanced contract management and internal audit processes [5]. Group 4: Market Impact and Future Outlook - Despite claims of normal operations, investor confidence has been significantly impacted due to the revelations of fraud [6]. - The case underscores the necessity for strict adherence to financial disclosure standards, with a clear message that financial misconduct will not be tolerated [6]. - The market is expected to respond to these enforcement actions, as companies that comply with regulations may gain a competitive advantage over those that do not [6].

Core Viewpoint - The announcement from Luqiao Information reveals the results of a prolonged investigation, indicating that the company inflated profits by over 37 million yuan through fraudulent contracts and fictitious business activities in 2023 and 2024 [1][3]. Group 1: Administrative Penalties - The Xiamen Securities Regulatory Bureau imposed a fine of 6 million yuan on Luqiao Information, with the chairman Yu Zheng and general manager Wei Cong among eight individuals fined a total of 15.5 million yuan [1][2]. - Yu Zheng and Wei Cong, as directly responsible supervisors, received individual fines of 3.5 million yuan and are subject to a three-year ban from the securities market [1][2]. Group 2: Financial Misconduct Details - Luqiao Information inflated its operating income by 15.836 million yuan and 25.764 million yuan for 2023 and 2024, respectively, accounting for 6.66% and 10.71% of the reported operating income [3]. - The inflated profits amounted to 15.307 million yuan and 22.459 million yuan for the same years, representing 73.57% and 103.50% of the reported total profits [3]. Group 3: Corporate Governance and Resignation - Wei Cong's resignation was framed as due to "personal reasons," despite being identified as a key figure in the financial fraud, raising concerns about the company's transparency and adherence to disclosure principles [1][2]. - Post-resignation, Wei Cong will continue to hold executive positions in subsidiary companies, indicating a potential conflict of interest [2]. Group 4: Implications and Future Risks - The administrative penalty is viewed as the first step, with potential civil claims, reputational damage, tightened bank credit, and loss of customer orders expected to follow [2]. - Legal experts suggest that investors who purchased shares between April 30, 2024, and October 14, 2025, may qualify for compensation, with potential claims exceeding 100 million yuan [5].