科创信息12月23日晚公告，当日公司和相关责任人收到中国证监会湖南监管局下发的《行政处罚事先告 知书》。该公司及相关涉事主体除需承担行政处罚责任外，后续还将面临适格受损投资者发起的证券虚 假陈述赔偿诉讼。 近年来，资本市场监管部门持续聚焦违法违规行为，以"长牙带刺"的执法力度强化监管震慑，释放出对 财务造假、信息披露违法等行为"零容忍"的严管高压信号。 据不完全统计，截至2025年12月23日，处于诉讼时效期内、因存在明确违规行为或涉嫌违规，投资者可 依法提起索赔的证券标的达256家（含股票和债券）。 2025年年底前，将有6家公司的投资者索赔诉讼时效正式届满。投资者若未在此前通过提起诉讼、申请 仲裁等方式主张权利，将丧失依法维权的实体胜诉权，错失通过司法途径挽回损失的最后机会。 随着2025年进入尾声，部分案件的诉讼时效即将到期，成为投资者维权的"最后窗口期"。广东奔犇律师 事务所主任刘国华律师提醒，据不完全统计，已有6家公司的维权诉讼时效临近届满：退市中昌为12月 27日，海陆重工、远程股份为12月28日，扬子新材、新宁物流为12月29日，退市运盛则为12月30日。投 资者需密切关注时间节点，避免因错过时 ...

专题：财经中国2025年会 和讯网 12月7日，国家一级教授、中国人民大学国家金融研究院院长、中国人民大学原副校长吴晓求谈到重构 中国资本市场生态链，他认为重构的逻辑就是从过去的融资者为中心的理念过渡到投资者权益保护。这 样一来，就要系统地考虑过去的规则已经不适合于今天了。 吴晓求表示，从资产端开始，要从金融市场的企业开展。从这个意义上说，创业板，特别是科创板是具 有重要的价值，虽然能从它的实践中找到缺陷，但总体的方向是正确的，包括注册制的改革。 其次，资产端改了以后，资金端必须要改，就是投资端要改。过去我们的投资端是以中小投资者为主， 就是个人投资者为主，这个市场当然成长不起来，一个以个人投资者为主的市场永远没有成长性。投资 端的改革核心是要扩大市场的流动性，让市场有充分的流动性，有了充分的流动性之后，资产的价格才 能发现，才能进行有效的组合，这个资产的流动性才能改善。 再次，生态链的第三端是制度层面的改革，要围绕着投资者利益、权益的保护这个角度，整个规则都要 调整。这是一个非常漫长的过程。 12月7日，由联办集团、和讯共同主办、财经中国会承办，主题为"寻找中国经济破局之路"的和讯财经 中国2025年会暨第 ...

Core Viewpoint - The regulatory authority maintains a "zero tolerance" stance towards violations in the capital market, emphasizing that delisting does not equate to immunity from penalties [1][8]. Group 1: Regulatory Actions - On November 21, the Hunan Securities Regulatory Bureau issued a notice of administrative penalty to Hengli Industrial Development Group Co., Ltd. (referred to as "Hengli Industrial" or "R Hengli 1") and 19 related individuals, proposing a total fine of 39.4 million yuan [1][6]. - Hengli Industrial has been subjected to two investigations by the regulatory authority due to suspected violations of financial data disclosure [1][7]. Group 2: Financial Misconduct - Hengli Industrial inflated its revenue through fictitious transactions in ethylene glycol trading, resulting in inflated revenues of approximately 227 million yuan, 181 million yuan, 135 million yuan, and 51.19 million yuan from 2020 to the first half of 2023, representing 74.24%, 52.27%, 55.08%, and 47.77% of the reported revenues for those periods [2][4]. - The company also inflated its costs by approximately 220 million yuan, 175 million yuan, 132 million yuan, and 49.41 million yuan during the same periods, constituting 77.53%, 53.9%, 55.45%, and 50.43% of the reported costs [2][4]. Group 3: Accountability of Executives - The investigation identified five key executives, including the former chairman and president, as directly responsible for the violations related to financial disclosures [4][5]. - Additional executives, including the former financial director and other board members, were also implicated for failing to exercise due diligence regarding the abnormal trading activities [5][6]. Group 4: Consequences and Future Implications - The regulatory authority plans to impose an 8 million yuan fine on Hengli Industrial and a total of 31.4 million yuan in fines on the 19 responsible individuals, with some facing market bans of 3 to 5 years due to the severity of their violations [6][7]. - The case serves as a precedent, reinforcing the message that delisting does not exempt companies from accountability, and it highlights the ongoing commitment to investor protection even after a company has been delisted [8][9].

Core Viewpoint - The regulatory authority demonstrates a "zero tolerance" approach towards violations in the capital market, as evidenced by the administrative penalties imposed on Hengli Industrial Development Group Co., Ltd. for false financial disclosures [3][10][14]. Summary by Sections Regulatory Actions - On November 21, the Hunan Securities Regulatory Bureau issued an administrative penalty notice to Hengli Industrial and 19 related individuals, proposing a total fine of 39.4 million yuan [3][9]. - The penalties reflect the regulatory body's commitment to addressing illegal activities in the capital market, with ongoing investigations into Hengli Industrial's irregularities [3][10]. Financial Misconduct - Hengli Industrial was found to have inflated its revenue and costs through fictitious transactions in its glycol trading business, leading to significant discrepancies in its financial reports from 2020 to the first half of 2023 [4][5]. - The company reported inflated revenues of approximately 227 million yuan, 181 million yuan, 135 million yuan, and 51.19 million yuan for the respective years, constituting 74.24%, 52.27%, 55.08%, and 47.77% of the reported revenues [5]. Accountability of Executives - Key executives, including the chairman and president, were identified as directly responsible for the violations, with penalties totaling 31.4 million yuan for these individuals [6][9]. - Additional executives and board members were also implicated for failing to exercise due diligence regarding the company's trading activities and financial disclosures [7][8]. Consequences of Delisting - Hengli Industrial's stock was delisted on July 16 due to failure to disclose its 2024 annual report within the legal timeframe, marking a significant decline in its operational status [10][14]. - The company faced two separate investigations within a month, highlighting the regulatory body's swift action against non-compliance [13][14]. Investor Protection - Despite the company's delisting, the protection of investor rights remains a priority, with ongoing legal actions against companies for false disclosures, reinforcing the message that delisting does not equate to immunity from accountability [14].

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强 资本市场中小投资者保护的若干意见》（以下简称《若干意见》）。这份资本市场投资者保护领域的综 合性政策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中 央、国务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政 策措施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资 本市场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值 取向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 在信息披露方面，提升披露质量。针对中小投资者的信息劣势，《若干意见》要求严格落实信息披 露简明清晰、通俗易懂要求，健全招股说明书信息披露指引体系，加大对公司首次公开发行股票项目涉 及的保荐机构、律师事务所、会计师事务所的检查督导力度，实现现场监管全覆盖。 严厉打击侵害中小投资者利益的违法行为。对欺诈发行、财务造假、内幕交 ...

Core Viewpoint - The report highlights the exemplary practices of securities companies in fulfilling social responsibilities, particularly in supporting rural revitalization and poverty alleviation efforts in China [1][2]. Group 1: Support for Rural Revitalization - By the end of 2024, 104 securities companies will have paired with 398 poverty-stricken counties, with 66 companies specifically assisting 91 key rural revitalization counties [1]. - Securities companies facilitated direct financing of 75.405 billion yuan for enterprises in poverty-stricken counties through various financial instruments [1]. Group 2: Public Welfare Contributions - The industry’s total public welfare expenditure for the year reached 594 million yuan, with 43 companies contributing over 5 million yuan and 19 companies exceeding 10 million yuan [1]. - Cumulatively, the industry has invested 3.926 billion yuan in public welfare over the past five years, maintaining a high level of commitment [1]. Group 3: Support for the Real Economy - The securities industry provided 5.6 trillion yuan in direct financing to support the development of the real economy, directing funds towards national strategic initiatives and key sectors [1]. Group 4: Investor Rights Protection - Securities companies have enhanced investor education efforts, conducting 5,490 educational activities and reaching over 149,000 participants through various programs [2]. - The industry aims to continue supporting agricultural modernization and rural revitalization through practical measures and partnerships [2].

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强资本 市场中小投资者保护的若干意见》(以下简称《若干意见》)。这份资本市场投资者保护领域的综合性政 策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中央、国 务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政策措 施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资本市 场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值取 向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 严厉打击侵害中小投资者利益的违法行为。对欺诈发行、财务造假、内幕交易、操纵市场、违规减持、 短线交易、利用自媒体传播虚假信息等违法行为从严查处。违法违规行为往往是中小投资者权益受损的 根源，加强打击可提升制度威慑、防止"割韭菜"。 退市是中小投资者损失易发的领域。对于重大违法强制退市的公司，投资者与上市公司间矛盾、纠纷更 ...

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强资本 市场中小投资者保护的若干意见》（以下简称《若干意见》）。这份资本市场投资者保护领域的综合性 政策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中央、国 务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政策措 施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资本市 场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值取 向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 为贯彻落实党中央、国务院关于资本市场投资者保护工作的系列决策部署，《若干意见》应运而生。中 国证监会主席吴清日前在2025金融街论坛年会上表示，《若干意见》围绕强化发行上市、退市等过程中 的投资者保护，营造更加公平的交易环境，提升行业机构的客户服务水平，推进证券期货纠纷多元化解 机制建设等中小投资者重点关切，推出23项务 ...

Core Viewpoint - The company's stock price is influenced by multiple factors, including its performance, macroeconomic conditions, market supply and demand, and industry development [1] Group 1 - The company emphasizes the protection of investor rights, particularly for small and medium-sized investors [1] - The company is actively committed to improving quality and efficiency to enhance investor returns [1] - The company's operational status is normal, with no undisclosed significant information [1]

Core Viewpoint - The company emphasizes the importance of market dynamics, value management, and investor rights protection, aiming to enhance operational quality and investor relations [1] Group 1 - The company is closely monitoring market trends and is committed to optimizing its management practices [1] - The company aims to improve the quality of information disclosure to convey its investment value effectively [1] - A reasonable and stable dividend plan will be developed based on actual performance to reward investors [1] Group 2 - The company believes that establishing a solid and stable image in the capital market is crucial for achieving sustainable value returns [1]