专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 公募基金的核心使命，在于将对投资者的信义责任贯穿经营全程。这既要求坚守"投资者利益至上"的忠 实义务，更需秉持专业审慎的注意义务，让勤勉尽责融入投研、销售、运营每一个环节。而健全的法律 合规风控体系，正是让信义责任从理念转化为实践的关键载体。 以"客户至上、合作共赢、拥抱变化、勇于担当"的企业价值观为引领，鹏扬基金构建起全周期、多层次 的风险防控体系，为信义责任落地筑牢"防火墙"。 事前防御端，以合规文化培育为根基，通过全员培训、案例宣导绷紧风险意识弦；同时搭建完善制度框 架，前置审核产品与销售核心法律文件，精准评估创新业务风险并提供解决方案，从源头遏制风险萌 芽。 事中拦截时，将合规要求深度嵌入业务全流程，一方面督导法律文件履约情况，另一方面动态审核纠偏 风险苗头，实现风险的实时"精准拦截"。 事后修复环节，建立"复盘-整改-规则优化-培训-效果验证"的闭环机制，持续迭代管控能力。 这套全链条防控体系，让风险管控融入企业经营肌理，为鹏扬基金可持续发展夯实合规根基。 二、合规+服务：守护投资者信任底色 在公募基金迈向高质量发展的新时代，践行信义责任 ...

张利宁：近年来，我国公募基金行业的合规风控建设整体取得了显著成效，并持续向更高标准迈进。主 要体现在以下方面：一是监管框架逐渐完善，确立了"穿透式监管、全链条问责"的强监管基调；二是行 业普遍树立了"持有人利益优先"和"合规创造价值"的理念，并内化为机构的经营理念和行为规范；三是 行业机构的公司治理、合规管理和风险控制水平得到显著提升，整体抗风险能力大幅提升。 总之，公募基金行业的合规风控已从制度层面的建设，走向文化层面的内化发展，从事后惩戒扩展到事 前预防和事中控制，形成了较为成熟的监管体系和行业生态，为行业的高质量发展和投资者利益保护奠 定了较为坚实的基础。 中国证券报：公募基金高质量发展必然对合规风控体系建设带来更高的要求，请您谈谈行业的合规风控 工作面临哪些挑战和难题？ 张利宁：尽管合规风控体系相对完备，但随着行业的创新发展，挑战也在升级，主要包括以下三个方 面： 其一，产品复杂化带来的风险识别难题。例如，在衍生品与结构性产品中，随着股指期货、国债期货、 期权、雪球结构产品等广泛应用，风险因子更为隐蔽和复杂，对风险管理人员的专业能力提出了更高要 求。在ABS、REITs等另类投资中，由于底层资产透明度 ...

Core Points - The annual classification evaluation results for securities companies have been released, with 107 companies evaluated, resulting in 53 classified as A, 43 as B, and 11 as C, with 14 companies rated as AA within the A category [1][2] - The classification evaluation system has become a fundamental regulatory arrangement, guiding compliance, risk management, and service to the real economy [1][2] - The evaluation is based on the revised "Securities Company Classification Evaluation Regulations" released in August, which emphasizes high-quality development and encourages differentiated operations for small and medium-sized institutions [2][4] Evaluation Categories - The classification evaluation indicators are divided into four parts: compliance status, business development status, risk management capability, and special work conditions [3] - Compliance status is assessed based on regulatory measures or administrative penalties, while business development is evaluated through operational indicators like revenue and return on equity [3] - Risk management includes 47 specific indicators across six categories, and special work conditions consider contributions to industry culture and social responsibility [3][6] Regulatory Focus - The evaluation aims to enhance the functionality of securities companies in serving the real economy, with new indicators added to promote long-term capital market participation and wealth management services [4][5] - The focus is on improving professional capabilities in mergers and acquisitions, underwriting quality, and supporting small and medium enterprises [5][6] - The regulatory approach emphasizes strict compliance and risk management, incorporating various entities and actions into the evaluation process [7] Future Directions - The China Securities Regulatory Commission (CSRC) plans to enhance the transparency and fairness of the evaluation process for 2025, providing guidance through regulatory updates and training [8]

一年一度的证券公司分类评价结果出炉。 记者从权威渠道了解到，证监会近日向证券公司通报了2025年分类评价结果。目前，全行业参评公司共 107家(母子公司合并评价)，其中评价结果为A类的公司53家，B类公司43家，C类公司11家，A类公司 中，AA级公司14家。 分类评价制度已经成为证券公司监管的基础性制度安排之一，是传递监管导向、发挥监管"指挥棒"作用 的重要途径，在有效实施审慎监管、提高监管效能，引导证券公司强化合规风控、服务实体经济等方面 发挥了重要作用。据接近监管层的相关人士介绍，本年度的证券公司分类评价以今年8月修订后的《证 券公司分类评价规定》(以下简称《评价规定》)为依据，平稳落实了各项新规定和新指标。 AA级公司在A类公司中占比约25% 今年的分类评价结果显示，A类的公司53家，B类公司43家，C类公司11家，A类公司中，AA级公司14 家。据了解，近年来证券公司各类别的数量总体保持稳定，A、B、C类公司数量占比分别约为50%、 40%、10%，AA级公司在A类公司中占比约25%。 证券公司分类评价自2007年启动，每年进行一次，评价期为上一年度5月1日至本年度4月30日，按照证 券公司自评、证 ...

一年一度的证券公司分类评价结果出炉。 记者从权威渠道了解到，证监会近日向证券公司通报了2025年分类评价结果。目前，全行业参评公司共107家（母子公司合并评价），其中评价结果为A类的公司 53家，B类公司43家，C类公司11家，A类公司中，AA级公司14家。 分类评价制度已经成为证券公司监管的基础性制度安排之一，是传递监管导向、发挥监管"指挥棒"作用的重要途径，在有效实施审慎监管、提高监管效能，引导证 券公司强化合规风控、服务实体经济等方面发挥了重要作用。据接近监管层的相关人士介绍，本年度的证券公司分类评价以今年8月修订后的《证券公司分类评价 规定》（以下简称《评价规定》）为依据，平稳落实了各项新规定和新指标。 AA级公司在A类公司中占比约25% 今年的分类评价结果显示，A类的公司53家，B类公司43家，C类公司11家，A类公司中，AA级公司14家。据了解，近年来证券公司各类别的数量总体保持稳定， A、B、C类公司数量占比分别约为50%、40%、10%，AA级公司在A类公司中占比约25%。 证券公司分类评价自2007年启动，每年进行一次，评价期为上一年度5月1日至本年度4月30日，按照证券公司自评、证监局初审 ...

Core Viewpoint - The training held by Zhongtai Futures emphasizes the company's commitment to compliance and risk management, showcasing a "zero tolerance" stance towards violations and a strong determination to enhance "compliance for all" [1][3] Group 1: Compliance and Risk Management - The training is the highest standard and most attended compliance and risk management training in the company's history, with nearly 130 participants [1] - Chairman Lv Xiangyou highlighted the need to focus on key areas and weaknesses, enhancing compliance management effectiveness [3] - The company aims to implement a responsibility system where unit leaders are the primary responsible persons for compliance management [4] Group 2: Key Measures and Strategies - Key measures include strengthening pre- and post-control of major business activities, enhancing self-inspection of compliance risks, and promoting a culture of compliance that creates value [3][4] - The company will increase penalties for violations and use local cases to educate employees, ensuring accountability for those responsible for significant negative impacts [3] - A focus on "prevention first" and detailed control in key areas will be emphasized to build a robust compliance defense [4] Group 3: Fourth Quarter Goals - The company aims to exceed all targets for 2025 by analyzing gaps and implementing measures to achieve significant progress in the fourth quarter [4] - Specific arrangements for the fourth quarter's operations were made, emphasizing the need for a high-pressure environment to deter violations [4] - During the training, compliance commitment letters were signed by 12 unit leaders, indicating a collective commitment to compliance practices [5]

Group 1 - The core idea emphasizes the importance of cultivating a distinctive Chinese financial culture, which includes principles such as honesty, risk awareness, and compliance, as a guiding framework for the public fund industry [1] - The "Five Musts and Five Must Nots" of the Chinese financial culture is highlighted as a lifeline for the industry to ensure steady progress towards high-quality development [1] - The public fund industry is at a critical stage of transformation, focusing on integrating compliance culture and risk management into its operations to fulfill fiduciary duties and achieve a balance between functionality and profitability [1] Group 2 - The China Securities Regulatory Commission issued an action plan for the high-quality development of public funds, emphasizing the need to maintain risk management and shift focus from scale to investor returns [2] - Yimin Fund is committed to adhering to regulatory requirements and enhancing its industry image by implementing comprehensive risk identification and monitoring mechanisms [2] - The company aims to uphold its mission of strong regulation, risk prevention, and promoting high-quality development while maintaining loyalty and responsibility towards investors [2]

Core Insights - The private equity industry in China is undergoing positive changes, with over 800 private equity firms deregistering as of September 19 this year, and more than 50% of these deregistrations being voluntary [1][3]. Group 1: Industry Transformation - The increase in the proportion of voluntarily deregistered private equity firms reflects a purifying trend in the industry, as regulatory scrutiny has intensified, leading firms to shift from "not daring to violate" to "not wanting to violate" regulations [1][3]. - The number of deregistered private equity fund managers this year reached 851, with 449 voluntary deregistrations and 332 deregistrations initiated by the association [3]. Group 2: Competitive Landscape - The rapid reshuffling of the "billion" tier of private equity firms indicates accelerated industry competition, with nearly 10 firms dropping out of the top tier this year due to compliance issues or poor performance [4]. - The competitive landscape has shifted from a focus on short-term performance to a broader emphasis on compliance, risk control, and after-sales service, prioritizing investor interests for long-term development [4]. Group 3: Compliance and Risk Management - There is a notable increase in compliance awareness among private equity firms, with many actively enhancing their compliance and risk management capabilities to foster long-term competitiveness [5][6]. - Firms are establishing robust internal controls and risk management systems, with specific measures in investment decision-making processes to ensure compliance and mitigate risks [6].

Group 1 - The core idea of the article emphasizes the importance of stock reform for companies aiming to go public, likening it to a "health check and rectification" process that addresses historical financial and management issues [1] - Stock reform involves clarifying the company's financial status and resolving past problems, such as incomplete capital contributions and unclear accounting records, to avoid issues during audits [1][3] - The overall process of stock reform includes preparation, self-assessment, due diligence, and compliance with regulations, ensuring that the company is ready for the public offering [1][6] Group 2 - In the preparation phase, selecting the right intermediaries, such as accountants and financial advisors, is crucial for identifying and addressing historical issues within the company [2][3] - Companies should conduct internal assessments before engaging external intermediaries to understand their own issues and prepare for targeted solutions during due diligence [2] - During due diligence, companies must focus on verifying asset existence, liabilities, and the legitimacy of past capital contributions to ensure a clean financial slate [3][4] Group 3 - The design of the reform plan should prioritize retaining essential assets while eliminating non-core or unprofitable segments, ensuring that the company is streamlined for profitability [4][5] - Financial records must be thoroughly cleaned up, addressing any discrepancies in capital contributions and ensuring compliance with accounting standards [4][5] - The execution of the reform must follow established procedures, ensuring that all reports and evaluations align and that necessary approvals are obtained [5][6] Group 4 - Compliance and risk management are critical during stock reform, with each company's approach varying based on its structure, such as state-owned or private enterprises [6][7] - Companies must ensure that their net assets are accurately represented and not artificially inflated, maintaining a buffer for unforeseen expenses [8] - Related party transactions and the use of company funds must be carefully managed to prevent financial misrepresentation and potential legal issues [8]

近年来，期货公司数字化转型步伐显著加快，但网络和信息安全方面的风险点也随之增加。如何在业务 发展与合规安全之间找到平衡点，成为期货公司需要直面的挑战。 将系统外部接入管理纳入合规风控体系 据记者统计，截至今年8月底，各地证监局发布的与期货公司相关的处罚中，共有8例涉及与外部软件和 信息接入相关的网络和信息安全问题。主要违规情形包括：未对部分外部接入信息系统开展合规评估； 未妥善保存外部接入信息系统合规评估材料；客户申请使用交易系统前，未开展必要的核查工作；对部 分自然人客户外部接入信息系统存在尽职调查和准入评估不充分、后续管理不到位的情况；对部分客户 接入的外部信息系统未开展合规评估、风险评估和技术系统测试；在新上线系统的部署过程中，向开发 商提供公司实盘部署环境；交易系统发生交易链路中断等。 赵智鹏告诉期货日报记者，目前，期货行业在网络和信息安全方面存在一些难点，一方面是IT投入成本 较高，另一方面是面对市场获客竞争的压力。"金融行业的网络和信息安全标准以及监管要求普遍较 高，期货行业也不例外，诸如生产运行保障、网络安全、等级保护、流程规范等，这方面的IT投入和人 员投入都是不小的成本。同时，期货公司为了赢 ...