Group 1 - Jiangsu Securities Regulatory Bureau issued a warning letter to Founder Securities for failing to fulfill due diligence obligations during the continuous supervision of Jiangsu Jingyuan Environmental Protection Co., Ltd.'s convertible bonds, which included not detecting the improper use of raised funds and inaccurate disclosures [1] - Founder Securities and its representatives Yuan Hongfei and Yang Risheng are held primarily responsible for the violations of the Securities Issuance and Listing Sponsorship Business Management Measures [1] - The company is required to submit a written rectification report to the Jiangsu Securities Regulatory Bureau within 30 working days of receiving the decision [1] Group 2 - This is not the first time Founder Securities has been warned by regulators since 2025 [2] - The China Securities Regulatory Commission (CSRC) found that Founder Securities had inadequate due diligence in certain corporate bond projects, with issues related to incomplete disclosures and improper fee charging [3] - The CSRC also issued warning letters to individuals Qu Fankai and Shi Guangnan for their responsibilities in the inadequate due diligence and failure to verify the accuracy of financial statements [4]

近日，江苏证监局披露关于对方正证券承销保荐有限责任公司、袁鸿飞、杨日盛采取出具警示函措施的 决定。经查，方正证券承销保荐有限责任公司作为江苏京源环保股份有限公司（以下简称京源环保） 2022年可转债持续督导保荐机构，在履行持续督导职责过程中未尽到勤勉尽职义务，未发现京源环保存 在违规使用募集资金支付非募投项目费用、募集资金信息披露不准确等问题。方正证券承销保荐有限责 任公司上述行为违反了《证券发行上市保荐业务管理办法》相关条款之规定，保荐代表人袁鸿飞、杨日 盛应当对上述违规行为承担主要责任。江苏证监局表示，根据《证券发行上市保荐业务管理办法》第六 十四条的规定，决定对方正证券承销保荐有限责任公司和袁鸿飞、杨日盛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。方正证券承销保荐有限责任公司及相关保代应充分吸取教训，提高 执业质量，杜绝此类事件再次发生，并于收到本决定书之日起30个工作日内向江苏证监局报送书面整改 报告。 ...

央广网北京12月30日消息（记者 樊瑞）近日，又有券商收到监管函。 12月25日，江苏证监局披露2张罚单。其中一张直指方正证券承销保荐有限责任公司（以下简称方正证券）在持续督导工作中未尽到勤勉尽职义务，公司及 两名保代袁鸿飞、杨日盛被出具警示函的行政监管措施；江苏京源环保股份有限公司（以下简称京源环保）被采取责令改正措施，公司董事长兼总经理李武 林、副总经理季献华、董秘苏海娟、财务负责人钱烨被采取出具警示函措施。 | 索 引 号 | | bm56000001/2025-00015051 | | --- | --- | --- | | 发布机构 | | | | ਸਮ | 标 | 江苏证监局关于对方正证券承销保荐有限责任公司、袁鸿飞、杨日盛采取出具鲁 | | 文 | 름 | (2025) 222号 | 央广财经梳理公开信息发现，方正证券在年内已有多次被罚记录，包括投行业务和旗下营业部。 2025年3月28日，证监会对方正证券采取责令改正的行政监督管理措施，指出方正证券承销保荐存在个别公司债项目中尽职调查不到位；内核重点关注问题 披露不全面、对外报送资料审核把关不严；部分项目收费不规范等问题。瞿凡凯作为时任固定收益 ...

Core Viewpoint - The A-share market is expected to recover steadily in 2026, driven by policy support, profit recovery, and global liquidity easing, with a focus on new trends and opportunities in various sectors [1][2]. Group 1: Market Outlook - Institutions generally hold a positive outlook for the A-share market in 2026, anticipating a "slow bull" market supported by increased domestic and foreign capital inflows, corporate profit recovery, and enhanced policy measures [1][2]. - The expected net profit growth for listed companies in 2026 is around 4.8%, with a potential for an additional 10% valuation expansion under optimistic scenarios [3]. Group 2: Industry Allocation Recommendations - Key investment themes for 2026 include technology and consumer sectors, with a consensus on the growth potential from overseas expansion [1][2]. - Specific focus areas include resource and traditional manufacturing upgrades, globalization of Chinese companies, and the expansion of AI applications [2][4][6]. - The "old economy" sectors, particularly high-quality leading companies in energy, consumption, and real estate, are also seen as having significant investment value [12]. Group 3: Strategic Insights from Analysts - Analysts from various firms emphasize the importance of a balanced approach to investment, with a focus on both growth and value strategies, particularly in technology and traditional sectors [12][14]. - The ongoing AI revolution and its commercialization are highlighted as critical drivers for future growth, with specific attention to sectors like machinery, renewable energy, and innovative pharmaceuticals [5][6][10].

登录新浪财经APP 搜索【信披】查看更多考评等级 运营商财经网 付桢/文 江苏证监局在近期对方正证券旗下的投行公司及相关责任人，出具了一份警示函。公司因江苏京源环保 股份有限公司（简称京源环保）的相关项目，违反了相关规定，和京源环保一起被点名处罚了。运营商 财经网将做以下梳理。 江苏证监局也要求公司充分吸取教训，提高执业质量，杜绝此类事件再次发生。而运营商财经网梳理发 现，方正证券当时的投行业务线发现了较多调整。首先本次被点名的两位保荐代表人，并非一直负责京 源环保的项目，杨日盛在2023年4月初开始担任。 其次在时任责任人上，京源环保项目早期一直是由方正证券的老将徐子兵负责。徐子兵曾是方正承销保 荐的董事长、总经理，他直到2023年3月才卸任该职。接任他的是从平安证券来的袁玉平，但不到两 年，他在今年1月1日更新的信息中就卸任了该职。 目前分管方正证券投行业务的是公司副总裁孙斌。虽然孙斌早先已经在公司工作多年，但是京源环保被 处罚项目发生时，他只是公司的首席风险官。孙斌对本次罚单的具体内容，又知道多少呢？ 运营商财经网金融部主任刘庆指出，本次处罚中，京源环保收到的另一份警示函原因更多，相比之下， 方正承销保 ...

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Market Overview - On December 29, the securities sector declined by 0.64% compared to the previous trading day, with Bank of China Securities leading the decline [1] - The Shanghai Composite Index closed at 3965.28, up 0.04%, while the Shenzhen Component Index closed at 13537.1, down 0.49% [1] Individual Stock Performance - Notable performers included: - Caitong Securities (601108) with a closing price of 8.76, up 1.04% and a trading volume of 578,300 shares [1] - Changcheng Securities (002939) closed at 10.32, up 0.39% with a trading volume of 371,200 shares [1] - Bank of China Securities (601696) closed at 15.29, down 2.49% with a trading volume of 1,381,300 shares and a transaction value of 2.116 billion [2] Capital Flow Analysis - The securities sector experienced a net outflow of 2.801 billion in main funds, while retail funds saw a net inflow of 1.794 billion [2] - The individual stock capital flow showed: - CITIC Securities (600030) had a main net inflow of 24.5348 million, but retail saw a net outflow of 23.0071 million [3] - Caitong Securities (601108) had a main net inflow of 21.1596 million, with retail inflow of 1.2096 million despite a net outflow from speculative funds [3]

Core Viewpoint - In the first half of 2020, Founder Securities reported a decline in revenue and net profit, indicating challenges in its financial performance amidst a competitive market environment [1][2]. Financial Performance - The company achieved an operating income of 3.393 billion yuan, a year-on-year decrease of 5.45% [1]. - The net profit attributable to shareholders was 642 million yuan, down 15.95% year-on-year [1]. - The net profit after deducting non-recurring gains and losses was 663 million yuan, a decrease of 14.13% [1]. - The net cash flow from operating activities was 4.988 billion yuan, a significant drop of 76.64% [1]. - Total assets amounted to 128.088 billion yuan, a decrease of 6.23% from the end of the previous year [1]. - Total liabilities were 88.450 billion yuan, down 8.92% from the end of the previous year [1]. - The asset-liability ratio was 55.59%, a reduction of 6.64 percentage points compared to the end of the previous year [1]. - The weighted average return on equity was 1.66%, down 0.34 percentage points year-on-year [1]. Business Segments - Brokerage and credit trading income was 2.659 billion yuan, a decrease of 1.75% year-on-year, with an operating profit margin of 58.69%, up 6.81% [2]. - Proprietary investment income was 596 million yuan, down 12.93%, with an operating profit margin of 110.78%, an increase of 23.74% [2]. - Asset management income was 175 million yuan, a significant decrease of 47.44%, with an operating profit margin of 70.58%, down 6.58% [2]. - Investment banking income was 298 million yuan, an increase of 9.61%, with an operating profit margin of 47.39%, up 25.06% [2]. - The company completed 98 bond underwriting projects with a total scale of 36.554 billion yuan, ranking 17th in company bond underwriting [2]. Employee and Compensation - As of June 30, 2020, the company had 6,734 employees, including 12 senior management personnel [4]. - The average salary per employee for the first half of 2020 was 218,800 yuan [4]. - The company paid 1.757 billion yuan to employees during the reporting period, compared to 1.466 billion yuan in the same period last year [4]. Legal Matters - The company reported 14 ongoing litigation or arbitration matters, none of which exceeded 10% of the latest audited net assets [4][5]. - Significant legal disputes include a financing dispute involving 16.53 million yuan and a contract dispute with Zhengquan Holdings involving 427 million yuan [8][9].

中国经济网北京12月29日讯 证监会网站12月26日披露江苏证监局关于对江苏京源环保股份有限公 司采取责令改正措施并对李武林、季献华、苏海娟、钱烨采取出具警示函措施的决定。 经查，江苏京源环保股份有限公司(简称京源环保，股票代码：688096.SH)存在以下违规行为： 一是公司存在违规使用募集资金支付非募投项目费用的情况，也未在募集资金专项报告等公告中如 实披露，导致公司信息披露不准确，违反了《上市公司信息披露管理办法》(证监会令第182号)第三条 第一款，《上市公司信息披露管理办法》(证监会令第226号)第三条第一款，《科创板上市公司持续监 管办法(试行)》(证监会令154号)第三十二条，《上市公司监管指引第2号——上市公司募集资金管理和 使用的监管要求》(证监会公告〔2022〕15号)第六条、第十二条第一款，《上市公司募集资金监管规 则》(证监会公告〔2025〕10号)第八条、第十六条的规定。公司董事长兼总经理李武林、副总经理季献 华、董事会秘书苏海娟应当对公司相关违规行为承担主要责任。 二是公司在2024年年度报告中披露，公司法人治理的实际状况符合《上市公司治理准则》等相关规 范的要求，该表述与江苏证监 ...

Core Viewpoint - Jiangsu Securities Regulatory Bureau issued a warning letter to Founder Securities and its representatives for failing to fulfill their due diligence obligations during the continuous supervision of Jiangsu Jingyuan Environmental Protection Co., Ltd.'s convertible bonds, leading to undiscovered violations regarding the use of raised funds and inaccurate disclosures [1][4]. Group 1: Company Actions - Founder Securities acted as the continuous supervision sponsor for Jiangsu Jingyuan Environmental Protection Co., Ltd. during its 2022 convertible bond issuance [1][4]. - The company failed to identify violations related to the improper use of raised funds for non-project expenses and inaccuracies in fundraising information disclosure [1][4]. Group 2: Regulatory Measures - The regulatory authority decided to issue a warning letter as an administrative regulatory measure against Founder Securities and its representatives, Yuan Hongfei and Yang Risheng [1][4]. - The actions of Founder Securities violated the Securities Issuance and Listing Sponsorship Business Management Measures, specifically Articles 5 and 28 [1][4]. - The warning will be recorded in the securities and futures market integrity archives, and the company is required to submit a written rectification report within 30 working days [1][4].