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！ 12月1日A股开盘后，天风证券（维权）低开近9%，截至发稿前下跌近7%。此前，天风证券于11月29日 发布公告称，公司于当日收到中国证监会下发的《立案告知书》，表示因涉嫌信息披露违法违规、违法 提供融资，中国证监会决定对其立案。 据智通财经报道，本次天风证券被监管立案或与2022年年度报告中披露的原民营大股东资金占用事项有 所关联。 天风证券在2022年年度报告中披露，公司原直接和间接持股合计5%以上股份的股东武汉当代科技产业 集团股份有限公司通过第三方主体占用公司资金，截至2022年12月31日，占用资金及利息已全部归还。 彼时市场即普遍预期，立案只是时间问题。如今立案告知书落地，印证了当时猜想。 有市场人士分析，此次立案标志着天风证券与当代集团的历史遗留问题彻底切割。2023年湖北国资宏泰 集团正式控股天风证券，目前持有公司28.33%股权。原大股东当代集团因债务危机已退出天风证券股 东行列。 天风证券是湖北省属唯一金融服务类企业湖北宏泰集团控股的省属金融企业，成立于2000年，总部 ...

Core Viewpoint - Tianfeng Securities is facing significant challenges following a regulatory investigation, leading to a sharp decline in its stock price and changes in shareholder composition [2][3]. Group 1: Regulatory Investigation - Tianfeng Securities has been placed under investigation by the China Securities Regulatory Commission (CSRC) for alleged violations related to information disclosure and illegal financing [2]. - The investigation is reportedly linked to issues concerning the former major shareholder, Wuhan Dandai Technology Industry Group, and its fund occupation matters disclosed in the 2022 annual report [2]. Group 2: Stock Performance - Following the announcement of the investigation, Tianfeng Securities' stock opened down nearly 9% and closed at 4.51 CNY per share, reflecting a decline of 6.63% on that day [2]. - For the first three quarters of the year, Tianfeng Securities reported revenue of 2.112 billion CNY, a year-on-year increase of 57.53%, and a net profit of 153 million CNY, marking a return to profitability [2]. Group 3: Shareholder Composition - As of the end of the third quarter, Hubei Hongtai Group is the controlling shareholder of Tianfeng Securities, holding 2.854 billion shares, which is 28.14% of the total [3]. - UBS had entered as a new shareholder with a 0.87% stake but exited the top ten shareholders by the end of September [3].

Core Viewpoint - Tianfeng Securities' stock price dropped nearly 9% following the announcement of an investigation by the China Securities Regulatory Commission (CSRC) for alleged information disclosure violations and illegal financing [2] Group 1: Investigation and Impact - The CSRC issued a notice on November 28, indicating that Tianfeng Securities is under investigation for suspected violations related to information disclosure and financing [2] - As of September 2025, Tianfeng Securities had 513,600 shareholders, with an average holding amount of 89,600 yuan, indicating that the stock price decline directly affects over 500,000 investors [2] - The investigation is believed to be linked to issues regarding the former major shareholder, Wuhan Dandai Technology Industry Group Co., Ltd., and its related parties, who allegedly occupied company funds from 2020 to 2022 [2][3] Group 2: Shareholder Structure and Historical Context - Following the entry of Hubei Guozi Hongtai Group in 2023, Dandai Group exited the shareholder list due to a debt crisis, but historical risks remain unresolved [3] - Tianfeng Securities has established a state-owned capital-led shareholding structure, with Hubei Hongtai Group and Wuhan State-owned Capital Investment Operation Group holding 28.14% and 7.50% respectively, forming a concerted action relationship [3] Group 3: Financial Performance - For the first three quarters of 2025, Tianfeng Securities reported operating income of 2.112 billion yuan, a year-on-year increase of 57.53%, and a net profit attributable to shareholders of 153 million yuan, marking a return to profitability [3] - The improvement in performance is attributed to increased net income from fees and commissions, as well as investment income [3] Group 4: Financing Activities - In June, Tianfeng Securities received approval from the CSRC for a private placement, becoming the first brokerage to complete a refinancing matter in the year, with a total fundraising amount not exceeding 4 billion yuan [3] - The funds raised are intended for debt repayment and working capital, with Hongtai Group fully subscribing to the new shares, increasing its stake to 28.14% [3] Group 5: Asset Overview - As of December 31, 2024, Tianfeng Securities had total assets nearing 100 billion yuan, with 29 subsidiaries, 77 business outlets, and over 3,000 employees [4]

该行对2026年原油供需增量判断，情景假设分析：①OPEC若26年Q2重启增产路径，预计2026年全球供 应增量为193万桶/日;相比2025年的过剩幅度增加93万桶/日。②OPEC若26年都不重启增产，预计2026年 全球供应增量为165万桶/日;相比2025年的过剩幅度增加65万桶/日。 美国页岩油盈亏平衡成本平均55美金/桶 2025Q3季报最新指引，大部分页岩油公司均下修了2025年capex指引，但上修全年产量指引预期。根据 RBN统计的39家页岩油气公司桶油税前利润，测算E&P公司盈亏平衡成本约55美金/boe。 现货基差走弱，成品油裂解价差再创年内新高 Dubai现货相较brent基差走弱，同时沙特公布12月份对亚太的轻中质油OSP官价环比分别-1.2/-1.4美金/ 桶，估计是对供需偏弱的担忧。11月份以来Brent月差重新走强，截止11/20日Brent 1-2、Brent 1-6、 Brent1-12月差分别环比+0.41/+1.55/+2.5美金/桶，或反映欧美对俄油升级制裁导致供应的不稳定性，此 外成品油裂解差也在不断创年内新高。 智通财经APP获悉，天风证券发布研报称，原油市场目前处 ...

于天风证券涉嫌信息披露违法违规，被中国证监会立案调查，为维护证券投资者合法权益，上海汉联律 师事务所宋一欣律师向曾经购买过天风证券的证券投资者展开诉讼代理征集，代理投资者索赔诉讼，权 益受损的证券投资者可以向前述律师进行索赔登记。（宋一欣律师专栏） 登录新浪财经APP 搜索【信披】查看更多考评等级 2025年11月29日，天风证券（维权）股份有限公司（简称：天风证券，代码：601162）发布《关于收到 中国证券监督管理委员会立案告知书的公告》。因涉嫌信息披露违法违规、违法提供融资，根据《中华 人民共和国证券法》《中华人民共和国行政处罚法》等法律法规，中国证监会决定对公司立案。 根据《民法典》、《证券法》及最高人民法院的关于虚假陈述民事赔偿司法解释的规定，上市公司、控 股股东、实际控制人、董监高人员及其中介机构等因虚假陈述等的证券欺诈行为导致证券投资者权益受 损的，应承担民事赔偿责任，赔偿范围包括：投资差额、佣金、印花税等。权益受损的证券投资者可以 向有管辖权的法院提起民事赔偿诉讼。 2．以行政处罚决定为特征的前置条件取消后，投资者虽然可以直接诉讼，但由于调查手段有限，以立 案调查通知或行政监管措施决定作为直接 ...

Core Viewpoint - Tianfeng Securities opened nearly 9% lower due to allegations of information disclosure violations and illegal financing, leading to an investigation by the China Securities Regulatory Commission [3]. Market Performance - The A-share market opened with all three major indices rising: the Shanghai Composite Index increased by 0.14%, the Shenzhen Component Index rose by 0.42%, and the ChiNext Index gained 0.26% [5][6]. - The industrial metals sector saw significant gains, with silver and other non-ferrous metals rising over 7% and 6% respectively, including companies like Jiangxi Copper and Shenghe Resources [4]. Monetary Policy - The People's Bank of China conducted a 7-day reverse repurchase operation of 107.6 billion yuan at an interest rate of 1.4%, with 338.7 billion yuan of reverse repos maturing on the same day [7].

09:27 天风证券低开近9%，公司因涉嫌信息披露违法违规、违法提供融资被证监会立案。 | | 4.40 -0.43 -8.90% | | | 天风证券 1 601162 交易 | | 立即 | | --- | --- | --- | --- | --- | --- | --- | | | SSE CNY 9:25:01 交易中 查看L2全景 | | | 疑似减持受限通 融 △ □ + | | | | 委比 | 92.91% 委差 | 130084 | | Wind ESG评级 A | | 详情 | | 中古 | 4.45 | 2074 | रेस | -1.79% 120日 | | 10.55% | | 卖口 | 4.44 | 528 | RE | -8.90% 250日 | | -12.70% | | | 4.43 | 2043 | 20日 | -16.03% 52周高 | | 6.12 | | | 4.42 | 296 | 60日 | -24.66% 52周低 | | 3.57 | | | 4.41 | 21 | | 2023 | 2024 | 2025Q3 | | 三星英 王三三 | 4.40 | 3 ...

Core Insights - The current antimony smelting companies are in the early order delivery cycle, leading to a tightening supply situation [1] - The market's main theme is price stability in the short term, with a weak order expectation for December and a slight possibility of price correction [1] - As the demand for downstream stocking gradually releases before the Spring Festival, there may be an opportunity for price increases in the market [1]

Core Viewpoint - The current antimony smelting enterprises are in the early order delivery cycle, leading to a tightening supply situation. The market's main theme is price stability in the short term, with a potential for slight price adjustments in December due to weak order expectations. However, as the demand for inventory replenishment from downstream industries gradually releases before the Spring Festival, there may be another opportunity for price increases in the market [1]. Group 1 - Antimony smelting enterprises are currently experiencing a tightening supply situation due to being in the early order delivery cycle [1] - The market's main theme is price stability, with expectations of slight price adjustments in December due to weak order forecasts [1] - There is potential for a price increase opportunity as downstream inventory demand is expected to rise before the Spring Festival [1]

Group 1 - The "Futures Market Making Business Management Rules" have been officially implemented, indicating a regulatory shift in the futures trading landscape [1] - The U.S. stock market indices closed higher, with the Dow Jones Industrial Average rising by 0.61%, the Nasdaq by 0.65%, and the S&P 500 by 0.54%, reflecting positive market sentiment [1] - Notable individual stock movements included Intel surging over 10% due to anticipated shipments of Apple's M-series processors, while Oracle fell by 1.5% amid reports of seeking $38 billion in loans for OpenAI-related agreements [1] Group 2 - The Nasdaq China Golden Dragon Index increased by 0.54%, with JD.com up 1.4% and Baidu up 0.5%, while Alibaba saw a slight decline of 0.2% [2] - International oil prices experienced minor fluctuations, with WTI crude oil down 0.17% at $58.55 per barrel and Brent crude down 0.22% at $63.20 per barrel [2] - Precious metals performed well, with COMEX gold futures rising 3.40% to $4,218.30 per ounce, marking a 28.09% increase over the month, the highest since February 2009 [2] Group 3 - The People's Bank of China emphasized the illegality of virtual currencies and their associated activities, reinforcing a strict regulatory stance against virtual currency trading [3] - The establishment of a dedicated Commercial Space Administration by the National Space Administration signifies a move towards better regulation and support for China's commercial space industry [3][4] - The Ministry of Industry and Information Technology highlighted the rapid growth of China's power and energy storage battery industry, while also addressing challenges such as irrational competition and the need for quality supervision [6] Group 4 - The China Securities Regulatory Commission is seeking public opinion on the implementation measures for the supervision of the securities and futures market, outlining various regulatory actions [5] - Adjustments to major stock indices, including the Shanghai Stock Exchange indices, are set to take effect on December 13, 2024, reflecting ongoing market dynamics [7] - The market regulatory authority is preparing to introduce a new supervision management method for live e-commerce, indicating a focus on enhancing regulatory frameworks in this sector [7]