星标 ★ IPO日报 精彩文章第一时间推送 证监会主席吴清 3月6日下午，十四届全国人大四次会议举行经济主题记者会，国家发展和改革委员会主任郑栅洁、财政部部长蓝佛安、商务部部长王文涛、中国人民银行 行长潘功胜、中国证券监督管理委员会主席吴清就发展改革、财政预算、商务、金融证券等相关问题回答中外记者提问。 IPO日报梳理重点内容如下。 深化创业板上市改革，增设上市标准 证监会主席吴清在回答记者提问时表示，"十四五"期间，交易所市场的股债融资额达到了64万亿元，直接融资的比重提高到31.97%。 "眼下，A股市场的总市值已经超过了110万亿元，5400多家上市公司年营收额超过了GDP的一半。"吴清说。当前，沪深300成份股中战略性新兴产业占比 达到45%，向新向优发展的动力不断集聚。 近年来，一批创新企业高效完成IPO和并购重组，A股市场的科技叙事逻辑更加清晰和具象化。这背后是经济高质量发展带来的机遇和经济高质量发展的 韧性。 吴清表示，近期即将推出深化创业板改革，突出创业板功能定位，拓展制度包容性和覆盖面，增设一套更加精准、更加包容的上市标准，支持新产业、新 业态、新技术企业的发展，支持新兴消费、现代服务业等优 ...

十四届全国人大四次会议于2026年3月6日（星期五）下午3时，在梅地亚中心新闻发布厅举行记者会，邀请国家发展和改革委员 会主任郑栅洁、财政部部长蓝佛安、商务部部长王文涛、中国人民银行行长潘功胜、中国证券监督管理委员会主席吴清就发展改 革、财政预算、商务、金融证券等相关问题回答中外记者提问。 吴清：巩固加强稳市机制建设 健全中长期资金入市机制 中国证券监督管理委员会主席吴清表示，全方位加强市场风险监测，高度关注风险的跨市场、跨期限、跨境传导，巩固加强战略性力量储备和稳 市机制建设，进一步健全中长期资金入市机制，动态完善应对外部输入性风险的政策工具箱，全力维护市场稳定运行。 吴清：严查严处蹭热点、炒概念、搞操纵等行为 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 中国证券监督管理委员会主席吴清表示，着力扎牢织密投资者权益保护的安全网，推动畅通投资者维权救济渠道，健全多元化争议解决路径，促 进更多代表人诉讼和先行赔付等民事赔偿典型案例的落地，规范上市公司及大股东实控 ...

3月6日下午3时，十四届全国人大四次会议举行经济主题记者会，证监会主席吴清表示，近期即将深化创业板改革，突出创业板功能定位，拓展制度包容性和覆 盖面，增设一套更加精准、更加包容的上市标准，支持新产业、新业态、新技术企业的发展， 支持新型消费、现代服务业等优质创新创业企业在创业板发行上 市。 此外，吴清表示，优化再融资机制，将进一步在制度规则层面，优化再融资注册机制。进一步的突出"扶优扶科"导向，对于治理和经营规范、市场认可度高的优 质上市公司，大幅的提升审核效率，将现行的科创板、创业板的轻资产、高研发投入的认定标准，进一步拓展到主板市场。 吴清：将科创板改革的有益经验复制推广到创业板 吴清表示，将科创板改革的有益经验复制推广到创业板，实施IPO优先审阅，允许符合条件的在审企业面向老股东增资扩股，优化新股发行定价等等一些改革举 措。全方位推动提升创业板上市公司质量，建立健全从推荐上市、遴选审核的全过程监管制度机制，更好的服务地方经济和民营经济的发展。 吴清：A股市场的科技叙事逻辑更加清晰和具象化 会议上，吴清表示，近年来，一批创新企业高效完成IPO和并购重组，A股市场的科技叙事逻辑更加清晰和具象化。这背后是经济 ...

Group 1 - The core announcement from Guotou Ruijin Fund regarding the silver fund compensation plan indicates that over 90% of investors will receive full compensation due to extreme market conditions affecting silver valuations [1][10][12] - The total compensation amount is estimated to be around 4.33 billion yuan, which is less than 5% of Guotou Capital's audited net profit for 2024, projected at 26.94 billion yuan [1][6][7] - The compensation plan reflects the commitment of Guotou Ruijin and its shareholders to investor protection, showcasing a significant effort to address investor concerns [1][12] Group 2 - The compensation scheme is designed to ensure fairness among investors, particularly focusing on small and medium-sized investors, with a tiered compensation structure based on the impact of valuation adjustments [10][11] - The compensation will be processed through a dedicated program developed in collaboration with Alipay, allowing for efficient online claims and quick disbursement of funds to investors [11][12] - The compensation plan is noted for its extensive coverage and efficiency, setting a precedent in the securities and fund industry for addressing similar issues [12]

每经记者｜李蕾 每经编辑｜许绍航 赵云 春节前，国投瑞银基金发布《关于白银基金相关方案的公告》，针对旗下国投瑞银白银期货证券投资基金（LOF）因白银市场历史性极端行情引发的估值 调整事宜，推出专项工作方案，超九成投资者将获得全额补偿。 那么，基金公司总共要出多少钱？又将带来怎样的影响？ 《每日经济新闻》记者注意到，国投瑞银实控人国投资本的最新公告透露了相关信息。 实控人公告来了 此次补偿金额的核心测算依据，来自国投资本2月23日发布的公告（落款日期为2月24日）。 公告称，该方案带来的影响金额低于国投资本2024年度经审计归母净利润的5%，而该机构2024年净利润为26.94亿元。有业内人士根据国投资本持有国投 瑞银基金的股权情况计算，理论上后者要支付的补偿金额最高能达到4.33亿元左右。 纵观过去几年国投瑞银基金的营收情况，2022年、2023年、2024年的（合并）经营收入分别为12.55亿元、14.20亿元和13.79亿元，对应的净利润分别为 1.63亿元、3.46亿元和3.76亿元，而2025年上半年的合并净利润为1.49亿元。相较其近年盈利水平，本次补偿力度更显难得。 也正因如此，有行业人士评价，该 ...

每经记者｜李蕾 每经编辑｜赵云 春节前，国投瑞银基金发布《关于白银基金相关方案的公告》，针对旗下国投瑞银白银期货证券投资基 金（LOF）因白银市场历史性极端行情引发的估值调整事宜，推出专项工作方案，超九成投资者将获得 全额补偿。 那么，基金公司总共要出多少钱？又将带来怎样的影响？ 《每日经济新闻》记者注意到，国投瑞银实控人国投资本的最新公告透露了相关信息。 公告称，该方案带来的影响金额低于国投资本2024年度经审计归母净利润的5%，而该机构2024年净利润 为26.94亿元。有业内人士根据国投资本持有国投瑞银基金的股权情况计算，理论上后者要支付的补偿金 额最高能达到4.33亿元左右。 纵观过去几年国投瑞银基金的营收情况，2022年、2023年、2024年的（合并）经营收入分别为12.55亿 元、14.20亿元和13.79亿元，对应的净利润分别为1.63亿元、3.46亿元和3.76亿元，而2025年上半年的合 并净利润为1.49亿元。相较其近年盈利水平，本次补偿力度更显难得。 也正因如此，有行业人士评价，该专项方案充分体现了国投瑞银和股东的诚意与决心。 此次补偿金额的核心测算依据，来自国投资本2月23日发布的公 ...

Core Viewpoint - The public fund industry is facing a liquidity and valuation crisis triggered by the sudden volatility in silver prices, particularly affecting the Guotou Ruijin Silver Futures LOF fund, which saw a dramatic drop in value and investor complaints [1][4]. Group 1: The Net Value Storm - The crisis began with an unprecedented surge in silver prices, causing the Guotou Ruijin Silver Futures LOF fund's net value to increase from 1.26 yuan in October 2025 to 5.25 yuan by January 29, 2026, a cumulative increase of over 300% [5]. - The fund's scale rapidly grew from 4.3 billion yuan to over 10 billion yuan, attracting a large number of investors [5]. - On January 30, 2026, the fund unexpectedly announced a one-day suspension, coinciding with a significant drop in international silver prices, which fell by over 25% [6]. Group 2: Valuation Adjustment and Investor Impact - On February 2, 2026, the fund opened with a 10% drop and subsequently announced a valuation adjustment, leading to a record single-day decline of 31.5%, with the net value plummeting from 3.2838 yuan to 2.2494 yuan [7][9]. - The fund's explanation for the adjustment was that domestic futures prices could not accurately reflect the underlying asset's value, which was deemed a compliant operation [9]. - Investors who submitted redemption requests before the adjustment faced significant losses due to the unexpected revaluation, leading to widespread dissatisfaction [10][11]. Group 3: Investor Complaints and Company Response - As losses mounted, investor complaints surged, questioning the sudden suspension and the lack of operational transparency [12][15]. - In response to the complaints, Guotou Ruijin announced the establishment of a special task force to address investor concerns and pledged to protect their rights [15][16]. - However, the announcement did not adequately address key investor concerns, such as the timing of the valuation adjustment and potential compensation for affected investors [18]. Group 4: Future Implications for the Company and Industry - The crisis represents both a challenge and a test for Guotou Ruijin, emphasizing the need for concrete solutions to investor grievances and improved risk management practices [19]. - The events of early 2026 will serve as a significant case study for the public fund industry, highlighting the importance of transparency and investor communication [20].

Core Viewpoint - Guotou Ruijin Fund has announced its commitment to actively address investor concerns regarding the valuation adjustment of the Silver LOF fund, emphasizing investor rights protection and transparency in the process [1] Group 1: Company Actions - On February 6, Guotou Ruijin Fund released an announcement regarding its proactive approach to resolving investor claims related to the Silver LOF fund [1] - The company has established a working group to develop relevant action plans to facilitate investor claims through mediation, arbitration, and other legal channels [1] - Guotou Ruijin Fund aims to ensure the effective execution of resolutions and has the capability to safeguard investors' legal rights [1]

Core Viewpoint - The announcement by Guotou Ruijin Fund Management Co., Ltd. emphasizes the company's commitment to addressing investor concerns regarding the valuation adjustments of the Guotou Ruijin Silver Futures Securities Investment Fund (LOF) [1] Group 1: Investor Commitment - The company prioritizes investor interests and will adhere to principles of legal transparency while actively responding to investor demands [1] - Efforts will be made to minimize the impact of valuation adjustments on investors and to protect their legal rights [1] Group 2: Support Channels - A working group has been established to develop plans that facilitate investors in resolving their claims through mediation, arbitration, and other legal channels [1] - The company will actively support the effective execution of settlements, mediations, and arbitrations to ensure the protection of investors' legal rights [1]

Core Viewpoint - The administrative penalty decision reveals that Jushi Chemical and its subsidiaries inflated revenue by 157 million yuan through false trading practices, highlighting investor protection issues [1][2]. Group 1: Investor Compensation Conditions - Jushi Chemical announced on February 3, 2026, that it received an administrative penalty from the Guangdong Regulatory Bureau of the China Securities Regulatory Commission, confirming the inflation of revenue, costs, and profits through false trading [2][9]. - Investors must meet specific conditions to qualify for compensation: they must have purchased shares after the company engaged in false statements and held them until the misconduct was publicly revealed or corrected [3][10]. - The period for eligible investors to claim compensation is from August 29, 2023, to November 21, 2025, with losses incurred after November 22, 2025, also qualifying [4][11]. Group 2: Revenue Inflation Details - The administrative penalty detailed three methods used by Jushi Chemical to inflate revenue: 1. Engaging in false trades with four trading companies controlled by its subsidiary, resulting in an inflated revenue of 86.55 million yuan and a profit reduction of 1.687 million yuan [4][11]. 2. Involvement in third-party trade chains, inflating both revenue and costs by 52.23 million yuan [4][11]. 3. Sales of isooctane without actual shipment, inflating revenue by 18.02 million yuan [4][11]. - Overall, the company inflated its revenue by 157 million yuan, costs by 158 million yuan, and reduced profits by 1.6629 million yuan, representing 8.32%, 8.51%, and 6.81% of total revenue, costs, and profit respectively for the first half of 2023 [4][11]. Group 3: Company Performance - Jushi Chemical, primarily engaged in the research, production, and sales of new chemical materials, has faced deteriorating operational conditions, with significant performance declines expected in 2024 [5][13]. - For 2025, the company anticipates a net loss attributable to shareholders ranging from 90 million to 120 million yuan, marking its second consecutive year of losses [6][13]. - The decline in revenue and increased losses in the liquefied petroleum gas business are attributed to fluctuations in international crude oil prices [7][13].