来源：市场资讯 （来源：F金融） 当前，我国资本市场正经历着自全面注册制改革以来最为深刻的制度重构期。随着《上市公司治理准则》（2025年修订）、《上市公司章程指 引》等核心法规的密集出台，2025-2026年已成为上市公司治理现代化的关键政策窗口期。上市公司不仅面临监事会职能向审计委员会转移、职工 代表董事强制设置、独立董事现场履职等结构性变革，更需应对协议转让合规、业绩预告窗口期管理、内幕信息防控等多维度的操作挑战。以下 为大观梳理的上市公司信披工作年度总结，供参考。 3、离任监事若知悉内幕信息，应持续防范内幕交易风险，避免触碰红线。 一、监事会改革 根据证监会《关于新〈公司法〉配套制度规则实施相关过渡期安排》的要求，上市公司应当在2026年1月1日前，按照《公司法》《实施规定》及 证监会配套制度规则等规定，在公司章程中规定在董事会中设审计委员会，行使《公司法》规定的监事会的职权，不设监事会或者监事。上市公 司调整公司内部监督机构设置前，监事会或者监事应当继续遵守证监会原有制度规则中关于监事会或者监事的规定。 监事离任的衔接处理，相关人员的权利义务仍需妥善衔接： 1、离任后6个月内不得减持股份；任期届满后 ...

进入年尾，有的ST公司因长期财务造假"披星戴帽"，有的则走向退市，A股"炒小炒差"的风气已经转 向。 12月2日，远大智能、ST立方被实施其他风险警示、退市风险警示，股票简称分别变更为ST远智 （002689.SZ）、*ST立方（300344.SZ）。当天早盘，两家公司股价均出现跌停。截至当日收盘，ST远 智报收4.33元/股，跌幅5.04%；*ST立方报收2.69元/股，跌幅19.94%。 两家公司近期均因长期财务造假 被罚。其中，*ST立方被查明连续三年累计虚增营收超6亿元，公司及多名责任人合计被罚4000万元。 就在本周，因触发交易类强制退市指标，*ST元成（603388.SH）将于12月5日终止上市。该公司存在长 期财务造假、欺诈发行的情况。 以往，部分资金喜欢"炒小炒差"，寄希望于ST股"咸鱼翻生"。如今， 资金正从"博傻"转向避险。南开大学金融发展研究院院长田利辉告诉第一财经，在全面注册制改革持续 深化背景下，多只ST股遭罚，是"零容忍"体系与退市常态化机制协同发力的必然结果。（第一财经） ...

2025.12.03 进入年尾，有的ST公司因长期财务造假"披星戴帽"，有的则走向退市，A股"炒小炒差"的风气已经转 向。 12月2日，远大智能、ST立方被实施其他风险警示、退市风险警示，股票简称分别变更为ST远智 （002689.SZ）、*ST立方（300344.SZ）。当天早盘，两家公司股价均出现跌停。截至当日收盘，ST远 智报收4.33元/股，跌幅5.04%；*ST立方报收2.69元/股，跌幅19.94%。 两家公司近期均因长期财务造假被罚。其中，*ST立方被查明连续三年累计虚增营收超6亿元，公司及 多名责任人合计被罚4000万元。 就在本周，因触发交易类强制退市指标，*ST元成（603388.SH）将于12月5日终止上市。该公司存在长 期财务造假、欺诈发行的情况。 以往，部分资金喜欢"炒小炒差"，寄希望于ST股"咸鱼翻生"。如今，资金正从"博傻"转向避险。南开大 学金融发展研究院院长田利辉告诉第一财经，在全面注册制改革持续深化背景下，多只ST股遭罚， 是"零容忍"体系与退市常态化机制协同发力的必然结果。 财务造假手段曝光 本文字数：3146，阅读时长大约5分钟 作者 |第一财经 周楠 综上，辽宁省证监 ...

12月2日，远大智能、ST立方被实施其他风险警示、退市风险警示，股票简称分别变更为ST远智 （002689.SZ）、*ST立方（300344.SZ）。当天早盘，两家公司股价均出现跌停。截至当日收 盘，ST远智报收4.33元/股，跌幅5.04%；*ST立方报收2.69元/股，跌幅19.94%。 两家公司近期均因长期财务造假被罚。其中，*ST立方被查明连续三年累计虚增营收超6亿元，公司 及多名责任人合计被罚4000万元。 就在本周，因触发交易类强制退市指标，*ST元成（603388.SH）将于12月5日终止上市。该公司存 在长期财务造假、欺诈发行的情况。 2025.12. 03 本文字数：3146，阅读时长大约5分钟 作者 | 第一财经 周楠 进入年尾，有的ST公司因长期财务造假"披星戴帽"，有的则走向退市，A股"炒小炒差"的风气已经转 向。 以往，部分资金喜欢"炒小炒差"，寄希望于ST股"咸鱼翻生"。如今，资金正从"博傻"转向避险。南开 大学金融发展研究院院长田利辉告诉第一财经，在全面注册制改革持续深化背景下，多只ST股遭 罚，是"零容忍"体系与退市常态化机制协同发力的必然结果。 财务造假手段曝光 今年4月底， ...

姑苏城外，科创潮涌。12月2日下午，"产业向新 智创苏州——2025年苏州上市公司投资者集体接待 日"将如期而至，为全球投资者开启一场与苏州产业新力量的深度对话。 本次活动由苏州市地方金融管理局指导，苏州市上市公司协会主办，深圳市全景网络有限公司协办，东 吴证券股份有限公司、广发证券股份有限公司协办，活动旨在搭建上市公司与投资者之间的高效沟通平 台，进一步提升苏州上市公司的投资价值与发展质量。 "苏州板块"业绩亮眼，市值营收双增长 在数字经济与科技创新深度融合的背景下，活动特别设置数字人播报环节，以智能化方式呈现苏州上市 公司经营亮点。此外，交易所专家与券商分析师将围绕资本市场政策、行业趋势等主题进行分享，为投 资者提供专业参考。 随着全面注册制改革的深入推进，提高上市公司质量和投资者关系管理日益重要。苏州通过举办此类活 动，不仅有助于增强市场对"苏州板块"的认知与信心，也为上市公司倾听投资者声音、优化治理结构提 供了重要契机。在产业向新、智创发展的道路上，苏州上市公司正以扎实的业绩与开放的姿态，迎接更 广阔的发展空间。 今年以来，苏州上市公司交出了一份令人瞩目的"成绩单"。截至2025年11月30日，苏州境 ...

Core Insights - The Chinese ETF market has rapidly surpassed 5 trillion yuan, indicating significant growth potential compared to overseas markets [1][2] - The long-term outlook for the Chinese stock market is optimistic, with a recommendation for a "core-satellite" asset allocation strategy to manage market volatility and achieve wealth growth [1][3] ETF Market Potential - ETFs have become a crucial tool for asset allocation, covering a wide range of indices including A-shares, semiconductor sectors, and international markets like Nasdaq and S&P 500 [2] - The company focuses on two main ETF strategies: global macro quantitative ETF rotation and ETF arbitrage, aiming to provide stable returns while managing risks [2] - The investment philosophy emphasizes proactive strategy design, incorporating risk management mechanisms from the outset to enhance adaptability during market fluctuations [2] Outlook on the Chinese Stock Market - The Chinese stock market is seen as increasingly important for wealth accumulation, especially as the real estate market stabilizes [3] - The ongoing registration system reform and rising institutional investor participation are leading to a significant revaluation of market assets [3] - A layered allocation strategy is recommended, combining low-volatility ETF arbitrage for liquidity with long-term investments in growth-oriented strategies [3]

● 本报记者 魏昭宇 11月28日，由中国证券报主办，华鑫证券、西岸集团联合承办，深圳数据经济研究院提供独家学术支持 的"2025量化行业高质量发展大会暨金融科技·量化机构金牛奖颁奖典礼"成功举办。雷菱投资合伙人刘 晓俊在接受中国证券报记者采访时表示，中国ETF市场规模在短短几年内实现了突破5万亿元的跨越， 增长势头迅猛。不过，对比海外市场，中国ETF市场仍有巨大的发展空间。 刘晓俊表示，看好中国股市的长期前景，建议采取"核心-卫星"资产配置策略：部分配置于稳健的ETF套 利策略作为防御，部分通过ETF轮动等策略参与股市长期成长，以耐心持有应对市场波动，实现财富持 续增值。 刘晓俊进一步表示："在此预知风险的基础上，我们嵌入相应的风控机制，构成策略的核心框架。后续 的优化，如引入AI处理数据或适应政策变化，都是在这一稳健框架下的细节完善。这种'先立框架，后 补细节'的模式，确保了策略在面对市场周期与突发事件时具备更强的适应性与韧性。" 看好中国股市 谈及对未来的市场研判，刘晓俊表示，自己对中国股市长期前景持乐观态度。"当前中国房地产市场进 入稳定发展阶段，股市作为居民财富'蓄水池'的重要性日益凸显。在政策的引 ...

Core Viewpoint - The speech emphasizes the importance of encouraging venture capital development and improving exit channels for investment funds [1] Group 1: Venture Capital Development - There is a call to promote the development of venture capital investments [1] - The need for a stable expectation for venture capital fund exits is highlighted through the normalization of IPOs and refinancing [1] Group 2: Regulatory Reforms - The speech advocates for the deepening of comprehensive registration system reforms [1] - It stresses the importance of maintaining a regular pace for IPOs and refinancing activities [1] Group 3: Mergers and Acquisitions - There is a strong encouragement for the development of the mergers and acquisitions market [1] - The establishment of market-oriented merger and acquisition mother funds is recommended [1]

Group 1: Market Overview - The A-share market reached a historic milestone with a total market value exceeding 100 trillion yuan in August 2025, reflecting significant growth and transformation during the "14th Five-Year Plan" period [1] - The bond market ranks second globally, while the futures trading volume remains the highest worldwide, indicating a substantial increase in the breadth and depth of China's capital market [3] - The market structure has optimized, with the technology sector now accounting for over 25% of the A-share market capitalization, surpassing traditional sectors like banking and real estate [4] Group 2: Regulatory Framework - The "National Nine Articles" released in 2024 established a framework for a safe, transparent, and vibrant capital market, marking a significant regulatory transformation [2] - The implementation of the new Securities Law and the introduction of the Futures and Derivatives Law have further enhanced the legal framework of the capital market [2] - A total of 207 companies smoothly delisted during the "14th Five-Year Plan" period, reflecting a robust exit mechanism [2] Group 3: Investment Trends - Long-term funds, including social security and insurance funds, have significantly increased their presence in the A-share market, holding approximately 21.4 trillion yuan by August 2023, a 32% increase from the end of the "13th Five-Year Plan" [4] - The direct financing ratio has risen to 31.6%, indicating that the capital market is becoming a primary engine for supporting technological innovation [6] - The total cash dividends distributed by A-share listed companies reached 2.4 trillion yuan in 2024, a 9% increase from 2023, showcasing a shift towards sustainable returns for investors [6] Group 4: Technological Innovation - Over 90% of newly listed companies in recent years are technology-oriented, with the Sci-Tech Innovation Board alone hosting 589 companies and a total market value exceeding 7 trillion yuan [5] - The Sci-Tech Innovation Board has seen significant contributions from companies developing globally innovative products, with over 60 companies launching first-of-their-kind products [5] - The capital market is increasingly recognized as a key driver of technological innovation, with a growing number of firms achieving international standards in their products and technologies [5] Group 5: Market Stability and Investor Protection - The market stability mechanism has evolved from temporary measures to a normalized operation, enhancing the resilience and risk management capabilities of the A-share market [8] - Regulatory actions against financial fraud and market manipulation have intensified, with 2,214 administrative penalties issued during the "14th Five-Year Plan" period, reflecting a commitment to a fair market environment [9] - Investor protection measures have been strengthened, including the introduction of compensation mechanisms and stricter regulations for intermediary institutions [10]

Core Viewpoint - The court ruling on the securities fraud case involving Longli Bio and its underwriter Guolian Minsheng Securities has resulted in significant compensation for investors, highlighting the accountability of both the company and its intermediaries in financial misconduct [1][2][3] Group 1: Court Ruling and Compensation - The Jinan Intermediate People's Court ruled that 1,618 investors are entitled to over 275 million yuan in compensation due to Longli Bio's fraudulent financial practices [1] - Longli Bio's actual controller, Cheng Shaobo, is held jointly liable for the compensation, while Guolian Minsheng Securities and Lixin Accounting Firm are responsible for 5% and 30% of the compensation, respectively [1][2] - The total compensation includes 274 million yuan in investment loss, 809,000 yuan in legal fees, and 80,700 yuan in notification fees [2] Group 2: Background of Longli Bio - Longli Bio was a prominent biomass energy company listed on the Shenzhen Stock Exchange, but it faced severe financial issues leading to its delisting in 2020 [1] - The company engaged in systematic profit inflation from 2015 to mid-2017, which concealed operational losses [1] - The China Securities Regulatory Commission (CSRC) found that Longli Bio's financial fraud lasted for several years and involved substantial amounts, resulting in fines for both the company and its key personnel [1] Group 3: Legal and Regulatory Implications - The ruling emphasizes the strict regulatory environment targeting financial fraud, particularly actions led by actual controllers like Cheng Shaobo [3] - The differentiation in liability between the underwriting and auditing firms reflects the judicial system's expectations of intermediaries' roles in the capital market [3] - As the comprehensive registration system reform progresses, the responsibilities of intermediary institutions are expected to increase [3]