登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨崔文静 编辑丨包芳鸣 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响应链条。 截至2月5日，2026年以来已有倍轻松（维权）、宝馨科技（维权）、荃银高科（维权）等至少6家上市 公司或其关键人物被立案调查，平均每6天就有一例。收到行政处罚决定书或事先告知书的公司更是多 达13家，平均不到3天就有一家。 与此同时，处罚力度显著加大，*ST长药（维权）等因严重财务造假面临强制退市，大额罚单和针对实 控人的市场禁入措施已成常态。监管坚持"追首恶、打帮凶"，打击范围已从上市公司本身，延伸至整个 配合造假的"生态圈"。 业内人士指出，这一系列监管动作表明，以"零容忍"为基调、覆盖"事前事中事后"全链条的监管新常态 已全面确立。其核心目标不仅是惩治已发生的违法行为，更是通过强化退市机制、运用科技赋能穿透式 监管等手段，构建"不敢违、不能违、不想违"的长效机制，从根本上推动上市公司质量提升和市场生态 净化。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监 ...

记者丨崔文静 编辑丨包芳鸣 近期，资本市场迎来了一轮密集且严厉的监管动作，清晰地勾勒出一条从立案到处罚的快速响 应链条。 截至2月5日， 2026年以来已有倍轻松、宝馨科技、荃银高科等至少6家上市公司或其关键人物 被立案调查，平均每6天就有一例。 收到行政处罚决定书或事先告知书的公司更是多达13家， 平均不到3天就有一家。 与此同时，处罚力度显著加大，*ST长药等因严重财务造假面临强制退市，大额罚单和针对实 控人的市场禁入措施已成常态。监管坚持"追首恶、打帮凶"，打击范围已从上市公司本身，延 伸至整个配合造假的"生态圈"。 业内人士指出，这一系列监管动作表明，以"零容忍"为基调、覆盖"事前事中事后"全链条的监 管新常态已全面确立。其核心目标不仅是惩治已发生的违法行为，更是通过强化退市机制、运 用科技赋能穿透式监管等手段，构建"不敢违、不能违、不想违"的长效机制，从根本上推动上 市公司质量提升和市场生态净化。 调查直指信披违规 2月4日晚间，资本市场接连响起两声监管警报。清越科技、元道通信相继发布公告，披露其部 分证券及银行账户被证监会依法冻结。这是当前严监管趋势的体现之一。 根据公告，清越科技被冻结的账户包括 ...

【公司及高管共领330万元罚单 江苏阳光未及时披露关联交易退市后被追责】江苏阳光（已退市）2026 年1月14日公告，收到江苏证监局下发的《行政处罚决定书》。因未及时披露关联交易，公司被给予警 告，并处以200万元罚款；时任法定代表人、董事长陆宇，总经理、董事高青化，财务总监潘新雷，董 事会秘书杨之豪，被给予警告，并分别处以50万元、30万元、30万元、20万元罚款。 《行政处罚决定书》显示，2023年4月27日，江苏阳光召开董事会会议，审议通过了《关于购买土地使 用权暨关联交易的议案》并予以公告。根据该议案，江苏阳光拟向控股股东江苏阳光集团有限公司（以 下简称"阳光集团"）购买一宗土地的使用权，交易总额17044.23万元，占公司最近一期经审计净资产的 7.07%。该交易构成关联交易。 2023年5月18日，公司股东大会审议通过了该议案并予公告。当日，江苏阳光与阳光集团签订《土地转 让协议书》，约定江苏阳光在协议签署生效之日起30日内支付全部转让价款17044.23万元，在江苏阳光 支付全部款项后180日内阳光集团配合完成不动产权属转移登记变更手续。 2023年5月18日，江苏阳光向阳光集团支付1.3亿元转 ...

2023年5月18日，公司股东大会审议通过了该议案并予公告。当日，江苏阳光与阳光集团签订《土地转 让协议书》，约定江苏阳光在协议签署生效之日起30日内支付全部转让价款17044.23万元，在江苏阳光 支付全部款项后180日内阳光集团配合完成不动产权属转移登记变更手续。 中经记者 孙汝祥 夏欣 北京报道 2024年7月10日，江苏阳光因连续20个交易日的每日股票收盘价均低于1元，被摘牌终止上市。 江苏阳光（已退市）2026年1月14日公告，收到江苏证监局下发的《行政处罚决定书》。因未及时披露 关联交易，公司被给予警告，并处以200万元罚款；时任法定代表人、董事长陆宇，总经理、董事高青 化，财务总监潘新雷，董事会秘书杨之豪，被给予警告，并分别处以50万元、30万元、30万元、20万元 罚款。 （编辑：罗辑 审核：夏欣 校对：翟军） 2023年5月18日，江苏阳光向阳光集团支付1.3亿元转让款；5月22日，江苏阳光分两笔向阳光集团支付 1300万元、2700万元；合计共支付1.7亿元转让款。 截至2023年12月31日，阳光集团未配合江苏阳光完成不动产权属转移登记变更手续，也未归还1.7亿元 转让款。截至2025年 ...

Group 1 - The 2026 Milan-Cortina Winter Olympics will take place from February 6 to 22, 2026, featuring 8 sports, 16 disciplines, and 116 events across four main areas: Milan, Valtellina, Fiemme Valley, and Cortina [3] - The Olympic flame was collected on November 26, 2025, in Ancient Olympia, Greece, and will be passed through Italy, culminating in the opening ceremony at San Siro Stadium in Milan [5][7] - The torch relay in Greece involved over 450 torchbearers and covered approximately 2,200 kilometers over 9 days, with a formal handover ceremony taking place in Athens [5][7] Group 2 - Chinese athletes, including gymnast Zhang Boheng and actor Jackie Chan, participated in the torch relay, showcasing Chinese sportsmanship and spirit [5][9] - The torch relay will officially start in Italy on December 6, 2025, with a celebration at the Quirinal Palace and a kickoff event at the Marmi Stadium in Rome [5][7] - The chairman of Hengyuanxiang Group, Chen Zhongwei, emphasized that each torch relay represents not only the Olympic flame but also the brand's commitment to integrating sports into a better life [9][12]

Group 1 - The stock of *ST Yangguang experienced a limit down, with a decline of 5.16% [2] - The trading volume exceeded 9.88 million yuan [2]

Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards violations by delisted companies [1][3][6] Summary by Sections Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or notices, two shareholders under investigation, and one company facing regulatory measures [1][3] - Pan Ocean Holdings and Qingdao Zhongzi Zhongcheng Group received penalties for violations related to delisting criteria, with fines of 8.4 million yuan and 20.6 million yuan respectively [2][4] Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5] - For instance, Longjiang Health's controlling shareholder is facing a fine of 15 million yuan, while the company's former and current chairpersons are subject to fines of 1.2 million yuan each and potential lifetime bans from the securities market [5] Strengthening Investor Protection - The regulatory framework is evolving to include civil and criminal liabilities for delisted companies, thereby increasing the cost of violations and reinforcing regulatory deterrence [6] - Recent measures include the CSRC's guidelines to enhance protection for small investors during the delisting process, encouraging proactive compensation from controlling shareholders to mitigate investor losses [6][7] Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, enhance market integrity, and protect investor rights, ultimately fostering a healthier capital market ecosystem [5][7]

Core Viewpoint - The regulatory authorities are firmly enforcing the principle of "delisting does not exempt from responsibility," indicating a zero-tolerance approach towards illegal activities by delisted companies [1][3][5]. Regulatory Actions - In October, the China Securities Regulatory Commission (CSRC) and local securities regulatory bureaus took action against seven delisted companies, with four receiving administrative penalties or prior notices, two shareholders being investigated, and one company facing regulatory measures [1][2]. - Pan Hai Holdings and Qingdao Zhongzi Zhongcheng Group received fines of 8.4 million yuan and 20.6 million yuan respectively for violations related to financial disclosures and contract defaults [2]. Enforcement of Accountability - The regulatory bodies are implementing a "double penalty" approach, holding both the companies and key individuals accountable for violations, which enhances the deterrent effect against misconduct [4][5]. - For instance, the controlling shareholder of Changjiang Health was fined 15 million yuan, and the former and current chairpersons faced fines of 1.2 million yuan each, along with lifetime bans from the securities market [4]. Strengthening Investor Protection - The CSRC is enhancing investor protection measures, particularly for small and medium investors, by promoting proactive compensation from controlling shareholders in cases of significant violations leading to forced delisting [7][8]. - Recent judicial actions have also favored investors, as seen in the case of Shanghai Longyu Data, where investors won a civil lawsuit against the delisted company [7]. Overall Market Impact - The ongoing strict regulatory environment is expected to improve compliance among companies, reduce the occurrence of illegal activities, and ultimately foster a healthier capital market ecosystem [5][6].

Group 1 - Four delisted companies have been penalized by the China Securities Regulatory Commission (CSRC) within a month, with total fines amounting to 85.6 million yuan [1][2][3] - Qingdao Zhongcheng was fined 7.5 million yuan for false reporting and failure to disclose significant litigation matters, with additional fines of 13.1 million yuan imposed on eight responsible individuals [2][3] - Pan Hai Holdings faced penalties due to breaches in financing contracts, with unpaid debts amounting to 5.943 billion yuan in 2022 and 2.6 billion yuan in 2023, which were not disclosed in a timely manner [3][4] Group 2 - Jiangsu Sunshine and Changjiang Health are also facing penalties, with proposed fines of 3.3 million yuan and 53.3 million yuan respectively for failing to disclose related party transactions and significant guarantees [1][4] - Jiangsu Sunshine's violations include not disclosing non-operating fund occupation, while Changjiang Health is accused of failing to disclose major guarantees and related party fund occupation [4][5] - Qianshan Pharmaceutical's chairman and general manager received a two-year prison sentence for violations related to information disclosure and fund misappropriation, highlighting the criminal consequences for serious infractions [5][6] Group 3 - The regulatory environment emphasizes that delisting does not equate to immunity from penalties, as a comprehensive accountability system is being implemented [1][6] - Legal experts note that the enforcement actions target not only the companies but also key individuals, major shareholders, and intermediaries involved in fraudulent activities [6][7] - The approach aims to increase the cost of illegal activities and deter key decision-makers from engaging in misconduct [6][7]

Core Viewpoint - *ST阳光地产的2025年三季报显示，尽管公司面临亏损，但营业收入增长，全年营收有望突破3亿元，可能实现“摘星脱帽” [1][2] Financial Performance - In Q3, the company achieved operating revenue of 117 million yuan, a year-on-year increase of 14.86%; total revenue for the first three quarters reached 252 million yuan, up 5.11% [1] - The net profit attributable to shareholders in Q3 was -32.87 million yuan, and for the first three quarters, it was -72.06 million yuan [2] - Operating costs increased by 78.09% year-on-year, primarily due to higher sales costs from increased property sales [2] Contract Liabilities - The company reported contract liabilities of 19.39 million yuan, an increase of 16.53 million yuan compared to the end of the previous year, mainly due to increased pre-sales [1] - Contract liabilities serve as a leading indicator of future revenue, suggesting that revenue recognition is likely in Q4 [1] Cash Flow - The net cash flow from operating activities for the first three quarters was 145 million yuan, a year-on-year increase of 77.87%, indicating sufficient cash flow mainly due to increased cash receipts from sales [2]