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！ 近日，各地证监局陆续披露罚单，江海证券、信达证券、国新证券等券商成为2026年第一批领罚的券 商。其中，信达证券一营业部因两融绕标的管控力度不足被罚。 两融绕标管控不严，信达证券领罚 1月9日，浙江证监局披露三则罚单，对信达证券温州瓯江路证券营业部采取出具警示函的行政监管措 施，该营业部负责人以及员工均被出具警示函，剑指两融绕标的管控问题。 罚单显示，经查，该营业部个别证券从业人员在2018年4月至2019年10月期间未在中国证券业协会注册 登记为证券投资顾问的情况下向客户提供证券投资顾问服务、在2018年4月至2022年12月期间私下接受 客户委托从事证券基金投资，分别违反了《证券投资顾问业务暂行规定》《证券经纪人管理暂行规定》 等规定。江西证监局认为，这反映了该营业部合规管理不到位、内部控制不完善，因此对该营业部采取 出具警示函的行政监管措施，并记入证券期货市场诚信档案。 近年来，监管部门对证券行业秉持"长牙带刺、有棱有角"的监管态度，以"零容忍"姿态打击违法违规行 为，彰显了守护资本市场根基的坚定决心。易董数据显示，2025年监管 ...

Core Viewpoint - Recent penalties have been imposed on several securities firms, including Xinda Securities, Jianghai Securities, and Guoxin Securities, highlighting issues related to compliance and risk management in the industry [1][5]. Summary by Sections Penalties on Xinda Securities - Xinda Securities' Wenzhou Oujiang Road branch received a warning from the Zhejiang Securities Regulatory Bureau due to inadequate control over margin trading and securities lending (two-in-one) operations, leading to client circumvention of regulations [2]. - The branch was found to have three main issues: insufficient control measures for two-in-one operations, ineffective monitoring of abnormal trading behaviors, and inadequate employee management and compliance oversight [2]. Regulatory Measures - The China Securities Association released guidelines to manage client trading behaviors in margin trading, emphasizing front-end control, risk monitoring, and post-event management to prevent circumvention of regulations [3]. - Since 2025, multiple securities firms have improved their margin trading contract rules to prevent investors from engaging in circumvention operations [4]. Penalties on Jianghai and Guoxin Securities - Jianghai Securities' Harbin Hongjun Street branch was penalized for failing to execute client follow-up procedures adequately and for incomplete documentation, violating compliance management regulations [5]. - Jianghai Securities also faced penalties for issues related to third-party involvement in client solicitation and inadequate management of employees, including hiring unqualified personnel [5]. - Guoxin Securities' Nanchang Green Road branch was penalized for providing investment advisory services without proper registration and for accepting client commissions without compliance, reflecting poor internal controls [6]. Regulatory Environment - The regulatory authorities have adopted a strict stance against violations in the securities industry, issuing over 300 penalties in 2025, affecting nearly 80 firms, with brokerage business being a major area of concern [6].

十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 继续聚焦资源和传统制造定价权的提升 | | 农西亚养 | 把握做多窗口 牛市行情或将继续推进 | | 信达证券 | 市场成交放量风险偏好回升 交易性资金有望回暖接力 | | 中泰证券 | 开年市场新高后或如何演绎? | | 未要正常 | 春季行情短期进入主升阶段 继续聚焦科技成长和周期成长主线 | | 方正证券 | 春季攻势已经展开 配置上建议关注三条主线 | | 浙商证券 | 市场选择直接上攻 均衡配行业、持仓迎春节 | | 光大证券 | 政策红利释放 A股市场热度短期有望延续 | | 东吴证券 | 建议以景气成长为主 | | 中国银河 | A股市场开启"躁动"行情 重点布局结构性投资机会 | 中信证券：继续聚焦资源和传统制造定价权的提升 从当前的量价和风偏指标来看，短期市场热度偏高，但情绪指标还没有转弱迹象，预计主题、小票轮动 的震荡上行格局可能还会延续到两会前后，直至内需预期的上修，市场才会回到基本面驱动状态。不 过，抛开短期的市场躁动，站在全年维度，真正具备持续入场体量的配置型资金今年对 ...

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！ 智通财经1月11日讯（编辑 若宇）十大券商最新策略观点新鲜出炉，具体如下： | 券商 | 核心观点 | | --- | --- | | 中信证券 | 继续聚焦资源和传统制造定价权的提升 | | 年西证券 | 把握做多窗口 牛市行情或将继续推进 | | 信达证券 | 市场成交放量风险偏好回升 交易性资金有望回暖接力 | | 中泰证券 | 开年市场新高后或如何演绎? | | 来等班券 | 春季行情短期进入主升阶段 继续聚焦科技成长和周期成长主线 | | 方正证券 | 春季攻势已经展开 配置上建议关注三条主线 | | 浙商证券 | 市场选择直接上攻 均衡配行业、持仓迎春节 | | 光大证券 | 政策红利释放 A股市场热度短期有望延续 | | 东吴证券 | 建议以景气成长为主 | | 中国银河 | A股市场开启"躁动"行情 重点布局结构性投资机会 | 中信证券：继续聚焦资源和传统制造定价权的提升 从当前的量价和风偏指标来看，短期市场热度偏高，但情绪指标还没有转弱迹象，预计主题、小票轮动 的震荡上行格局可能还会延续到两会前后，直至内需预期的上修， ...

刚开年，券商监管罚单便呈批量落地态势。 1月9日，来自黑龙江、浙江、深圳等证监局公布6张罚单，江海证券及旗下哈尔滨红军街证券营业部，被采取出具警示函措施；信达证券温州 瓯江路证券营业部、营业部负责人王忠伟以及从业人员黄旭东均被采取出具警示函措施；证券从业人员LIN YAN因借用他人名义持有、买卖 证券，被处以30万元罚款，LIN YAN累计亏损高达1406.34万元。 叠加此前披露的罚单，开年短短6个工作日内监管已开出9张罚单，波及5家券商及5名从业人员。 | | 开年一周九罚 (2026.1.9) | | | --- | --- | --- | | 相关券商 | 案例标题 | 公告日期 | | | 中国证券监督管理委员会深圳监管局行政处罚决定书〔2025 〕10号 | 2026-01-09 | | 江海证券 | 关于对江海证券采取出具警示函措施的决定 | 2026-01-09 | | 江海证券 | 关于对江海证券哈尔滨红军街证券营业部采取出具警示函措施的决定 | 2026-01-09 | | 第一创业,华泰证券 | 河北证监局关于对王凯乐采取出具警示函行政监管措施的决定 | 2026/01/05 | | 信 ...

所谓"绕标套现"，即在两融业务开展过程中，部分投资者利用融资融券交易，刻意规避融资融券标的证券范围、融资用途限制，存在严重的风险与合规隐 患。 1月9日，浙江证监局开出三张"罚单"，对信达证券温州瓯江路营业部、该营业部负责人以及员工均采取出具警示函的行政监管措施。起因是该营业部存在 多项违规行为，其中包括对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | 1 | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 两融余额突破2.6万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽视合规底线的风险。 又见两融绕标罚单 具体来看，信达证券温州瓯江路证券营业部存在三项问题：一是对两融绕标管控措施力度不足，客户存在两融绕 ...

两融余额突破2.6万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽视合规底线的风险。 又见两融绕标罚单 【导读】两融绕标违规再现，券商营业部及从业人员收警示函 1月9日，浙江证监局开出三张"罚单"，对信达证券温州瓯江路营业部、该营业部负责人以及员工均采取出具警示函的行政监管措施。起因是该营业部存在 多项违规行为，其中包括对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 截至2026年1月7日，A股市场两融余额达26047亿元，首次突破2.6万亿元大关，并创出历史新高，单日增长约248亿元。1月5日至7日，两融余额连续3个交 易日攀升，累计增加640.60亿 ...

【导读】两融绕标违规再现，券商营业部及从业人员收警示函 中国基金报记者 孙越 1 月 9 日，浙江证监局开出三张 " 罚单 " ，对信达证券温州瓯江路营业部、该营业部负责人 以及员工均采取出具警示函的行政监管措施。起因是该营业部存在多项违规行为，其中包括 对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕 等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 两融余额突破 2.6 万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽 视合规底线的风险。 同时，该营业部负责人王某某因对员工管理不到位，且对营业部风险管理缺位、合规内控不 完善负有直接管理责任，同样被采取出具警示函措施，相关信息记入证券期货市场诚信档 ...

每经AI快讯，金禄电子发布公告称，2026年1月9日，金禄电子接受信达证券股份有限公司调研，公司 董事会秘书陈龙、证券事务代表谢娜参与接待，并回答了投资者提出的问题。 （记者 王晓波） 每经头条（nbdtoutiao）——20余省份机制电价揭晓！上海比山东高84%，浙江比辽宁高31%⋯⋯专家： 企业用电成本仍有下降空间 ...

Core Insights - The Chinese M&A market experienced significant growth in 2025, with a total of 8,151 disclosed transactions and a transaction volume of approximately 25,894 billion yuan, representing a year-on-year increase of about 16.12% [1] - The recovery of the M&A market is attributed to a combination of policy, industry, and capital resonance, marking a shift in China's economic development from "quantity increase" to "quality improvement" [1][3] - The trend indicates a transition in the regulatory framework from "fatherly" control to a "market-friendly" service model, significantly reducing institutional transaction costs and enhancing market vitality [1][3] Regional Distribution - Beijing led the M&A market with a transaction volume of 10,930 billion yuan, up 48.59% year-on-year; Shanghai followed with 6,092 billion yuan, down 14.92%; and Guangdong ranked third with 4,593 billion yuan, down 17.89% [2] - There were 28 M&A events exceeding 100 billion yuan, with notable transactions including China Shenhua's acquisition of Guoyuan Power at 1,335.98 billion yuan, and CICC's mergers with Dongxing Securities and Xinda Securities at 1,142.75 billion yuan [2] Industry Distribution - The industrial sector led M&A activity with a transaction volume of 7,605 billion yuan, up 11.67% year-on-year; the real estate sector saw a remarkable increase of 549.36% to 4,443 billion yuan; and the information technology sector reached 2,855 billion yuan, up 35.84% [2][3] - The significant growth in the real estate sector is attributed to necessary asset-liability restructuring, with many transactions aimed at project clearance and risk mitigation [3] M&A Trends and Strategies - The industrial sector's M&A activity reflects a shift from "spreading out" to "stepping up," focusing on enhancing supply chain resilience and precision [3][4] - Horizontal integration M&A events accounted for 5,966 billion yuan, representing 22.70% of total transaction volume, indicating a deep structural phase of "stock reshuffling" across various industries [4] - Companies are increasingly pursuing "structural power" through horizontal mergers, aiming to establish stronger competitive barriers and enhance management efficiency and technological innovation [4] Future Outlook - In 2026, two key areas of focus are expected: strategic acquisitions in hard technology industries, particularly in semiconductors and industrial software, and professional integration led by state-owned enterprises in sectors like new energy and high-end equipment [5] - Cross-border M&A in the high-tech sector is anticipated to gain momentum as Chinese companies seek to acquire advanced technologies and talent globally, enhancing their position in the global tech supply chain [5][6]