本报记者 田鹏 今年上半年，在"快、准、狠打击违法违规，既抓早、抓小、抓苗头，更打大、打恶、打重点"的理念指引下，监管对财务 造假、信披违规、短线交易、资金占用等资本市场重点违法违规行为进行靶向治理，市场主体合规意识显著提升，市场生态持 续净化。 紧盯信披违规与拖延整改 从上半年监管实践来看，信息披露违法违规行为仍是资本市场的"顽疾"。数据显示，上述258起违法违规行为中，有101起 涉及信息披露违法违规，占比达39.15%，稳居违法违规类型首位。 具体而言，违规情形呈现多元化特征：既有定期报告数据失真、延迟披露等传统"病灶"，也存在公司日常治理中重大事项 未及时披露、关联交易隐瞒等隐蔽性风险点，暴露出部分市场主体规则意识淡薄、内控机制失效的深层问题。 值得警惕的是，个别公司存在长期系统性披露违法违规行为，如上交所于1月27日针对某上市公司采取通报批评监管措 施，剑指其连续多年发生关联交易，但均未按规定履行关联交易审议程序并及时披露的问题。 国浩律师（上海）事务所律师朱奕奕对《证券日报》记者表示，对投资者而言，信息披露是其了解并评估公司价值的重要 依据，信披违规将极大影响投资者信心；对市场而言，信披违规会导致 ...

全球音乐产业深度汇报 Spotify，Live Nation，腾讯音 乐及网易云音乐 20250703 摘要 在线音乐平台用户粘性高于长视频平台，通过扶持独立音乐和版权优势 保持 MAU 稳健，产品生命周期更长，社区建设侧重 UGC 和粉丝互动， 增强用户粘性。 独家版权终结后，腾讯音娱和网易云音娱深入内容制作，成立工作室孵 化自有内容，签约新人，巩固市场地位，降低版权成本，成本控制方面 优于长视频平台。 短视频对长视频平台有分流效应，但对音乐平台是推广渠道，通过短视 频平台进行流量扶持和二次创作，提升用户粘性，网易云音乐通过短视 频平台投放内容。 国内音乐付费率远低于欧美，但有望逐步贴近拉美水平，提升空间巨大。 腾讯音乐通过取消低价会员包和加大对高价会员流量支持，提升 ARPU。 网易云音乐在独立内容资源上具有优势，通过内部工作室和外部签约降 低分账比例，提高毛利率，成长性优于腾讯音乐，估值较高但可通过持 续变现消化。 Q&A 港股上市的腾讯音乐、网易音乐和大麦娱乐在过去一段时间内表现如何？ 最近一段时间，港股上市的腾讯音乐、网易音乐和大麦娱乐表现较好。这些公 司在业务层面逐步放量，支撑了其中长期增长逻辑。 ...

Core Viewpoint - Beijing is proposing new regulations to bring professional "sub-landlords" under industry supervision, addressing the long-standing gray area in the rental market [2][3][9]. Group 1: Regulatory Changes - The proposed regulation states that individuals renting out 10 or more units will be subject to industry oversight and must register as market entities [7][11]. - Internet platforms and real estate agencies are prohibited from providing services to individuals who are renting out 10 or more units [8][11]. - The regulation aims to fill the regulatory gap concerning professional "sub-landlords," who often operate without licenses and can exploit tenants [8][14]. Group 2: Impact on Rental Market - The new rules are expected to reduce the number of professional "sub-landlords" and curb the activities of those masquerading as "sub-landlords" while acting as illegal intermediaries [16]. - The regulation will help protect tenants' rights and create a healthier, more orderly rental market [16]. - The involvement of government policies is seen as timely and necessary for the industry's standardization [15]. Group 3: Oversight Mechanisms - The regulation outlines that local government bodies will enhance daily supervision of rental activities and report any violations [12][13]. - A coordination and information-sharing mechanism will be established among various government departments to address unregistered rental activities [13]. - The regulation mandates that collected deposits must be managed according to specific guidelines to ensure tenant protection [11].

Core Viewpoint - The regulatory environment for listed companies in the capital market remains stringent, with numerous companies facing investigations for information disclosure violations, even after delisting [2][12]. Group 1: Regulatory Actions - Nearly 40 listed companies and over 20 responsible individuals have been investigated in the first half of the year, with a focus on information disclosure violations [2]. - Companies such as Yangmei Chemical and Qing Shui Yuan, along with individuals like Su Tong and Yan Chunyu, have been subjected to investigations by the China Securities Regulatory Commission (CSRC) for issues including false annual report disclosures [2][4]. - More than 10 of the investigated companies are ST (Special Treatment) companies, indicating a higher risk profile [2]. Group 2: Recurring Violations - A significant portion of the companies under investigation, over 80%, have been found to have information disclosure violations [4]. - Recent cases include companies like Jiaao Environmental Protection and Jincheng New Materials, which are suspected of information disclosure violations [5]. - Some companies have faced multiple investigations; for instance, Jiaao Environmental Protection was previously penalized for similar violations in 2020 [9]. Group 3: Financial Health of Investigated Companies - Many companies facing investigations have reported consecutive years of losses and are entangled in legal disputes. Jiaao Environmental Protection reported losses exceeding 400 million yuan over three years [11]. - Huayang United has also shown significant losses, totaling over 1.8 billion yuan from 2022 to 2024 [11]. - The financial instability of these companies raises concerns about their ability to comply with regulatory requirements and maintain operations [11]. Group 4: Implications for Investors - The increasing number of investigations and the severity of penalties suggest a tightening regulatory environment, particularly for companies at risk of delisting [12]. - Investors are advised to be cautious with stocks that have delisting risks, as regulatory actions may lead to significant financial repercussions [12][13]. - Legal challenges in recovering losses from delisted companies are prevalent, complicating the investor compensation process [13].

Core Insights - EBC Financial Group has been recognized with multiple awards in 2025, including "Best CFD Provider" from Online Money Awards and two awards from World Finance Forex Awards: "Most Trusted Broker" and "Best Trading Platform" [1][2] Group 1: Awards and Recognition - EBC has received accolades for three consecutive years from World Finance, highlighting its excellence in technical execution and customer trust [2] - The awards reflect EBC's commitment to providing robust trading solutions in a regulated environment, focusing on execution quality, platform innovation, and customer protection [2][4] Group 2: Product Expansion - EBC has launched over 100 ETF CFDs listed in the U.S., enhancing its multi-asset product suite and leading in thematic trading innovation [2][3] - The ETF offerings include products from top issuers like Vanguard, iShares (BlackRock), and State Street Global Advisors, featuring zero management fees, leverage options, and low-cost trading [3] Group 3: Platform Innovation - EBC continues to enhance its platform with features like smart liquidity routing, comprehensive multilingual support, and ultra-low latency execution [4] - Proprietary tools such as Trading Black Box and Private Room optimize price aggregation and protect trade integrity, improving the trading experience for retail and institutional clients [4] Group 4: Company Overview - EBC Financial Group, established in London, is known for its expertise in financial brokerage and asset management, operating regulated entities in key financial jurisdictions [6][8] - The company has a strong regulatory compliance background and is recognized as a trusted broker in over 100 countries, maintaining a focus on transparency and customer-centric trading solutions [7][8]

Core Viewpoint - The release of the intelligent supervision rule library and knowledge base by the National Medical Insurance Administration is crucial for enhancing the management and compliance of medical insurance funds, leveraging digitalization and intelligence to support comprehensive and multi-layered information management in the healthcare sector [1][2][5]. Group 1: Promotion of Intelligent Supervision - The top-level design for intelligent supervision is guided by several key documents from the central government, indicating a clear direction for reform in medical insurance fund management [2]. - Local pilot projects for intelligent monitoring began in 2019, providing valuable experience for the implementation of these systems [2]. - The management approach established in 2022 outlines the functions, principles, and responsibilities related to the rule and knowledge libraries, serving as a foundational guideline for local medical insurance departments [2][4]. Group 2: Technical and Operational Framework - In May 2023, the national version 1.0 of the rule and knowledge libraries was publicly released, creating a unified framework for intelligent supervision across the country [4]. - In September 2023, a notice was issued to further advance intelligent auditing and monitoring, addressing challenges in system construction and application [4]. Group 3: Impact on Medical Institutions - The implementation of the rule and knowledge libraries is expected to enhance compliance among designated medical institutions, reducing the occurrence of non-compliant use of medical insurance funds [5][7]. - The relationship between medical services and medical insurance is symbiotic, with medical insurance playing a significant role in promoting healthcare development by alleviating the financial burden on patients [6]. - The libraries set clear boundaries for medical insurance supervision, fostering a healthy industry environment and encouraging medical institutions to adopt more valuable and efficient medical technologies [7]. Group 4: Internal Management of Medical Institutions - The availability of the rule and knowledge libraries provides a framework for internal management within medical institutions, allowing leaders to better oversee compliance with medical insurance policies [9][11]. - Some managers have successfully integrated the libraries into their hospital information systems, enabling real-time compliance checks during medical procedures and billing [11]. - The external supervision by medical insurance departments complements the internal management of medical institutions, aiming to ensure that every penny of the medical insurance fund is spent effectively [12].

医保基金作为保障人民群众健康权益的重要资金池，其安全、合理、高效运行成为全社会关注的焦点。然而，传统的基金监管方式已难以适应 数字化、智能化治理的要求，医保基金智能监管逐渐成为推进医保精细化管理、防范基金风险、构建可持续医疗保障体系的重要抓手。 2024 年，全国医保系统共追回医保基金275亿元，其中通过智能监管子系统挽回损失31亿元，充分彰显了智能监管的显著成效。笔者结合医保基金 监管的政策背景、现实需求，探讨医保基金智能监管的核心特征及未来发展路径，以期为医保基金安全高效运行提供参考。 医保基金智能监管的政策背景 医保基金使用涉及主体多、链条长、风险点多，监管难度大。为应对这些挑战，国家出台了一系列政策文件， 推动医保基金监管的数字化转 型。2021年，国家医保局等七部门联合印发《医疗保障基金使用监督管理条例》，构建了依法依规、全链条、全流程的基金监管制度体系。 2023年，国家医保局发布《关于进一步深入推进医疗保障基金智能审核和监控工作的通知》，明确提出到2023年底前全部统筹地区上线智能监 管子系统，初步实现全国智能监控"一张网"。此外，《医疗保障基金智能审核和监控知识库、规则库框架体系（1.0版）》 ...

稳定币不仅是法定货币信用在数字空间的延伸，更是连接加密世界的关键入口。在欧盟、美国、中国香港相继出台监管法规，大力发展稳定币的背景下，稳定币成 为国家数字金融话语权的战略博弈。本报告系统梳理稳定币运行机制和应用场景，分析其与央行数字货币的差异以及对传统金融体系的影响。 ■ 稳定币是国家数字金融话语权的战略博弈。 稳定币是基于区块链技术、价格相对稳定的加密数字货币。在DeFi生态、RWA交易、跨境支付等新兴领域高速发展的 背景下，发展稳定币已成为各国抢占Web3时代制高点、强化数字金融话语权的战略博弈。中国香港《稳定币条例》的核心创新在于 严准入、强储备、保赎回。 中 美欧三大司法管辖区的监管制度呈现差异化战略导向： 中国香港侧重开放与兼容，美国强化美元主导地位，欧盟追求统一与安全。 ■ 稳定币的运行机制及应用场景。 （1） 基于锚定机制的不同，稳定币主要有法币抵押型、加密资产抵押型和算法型三种类型，其中法币抵押型占据稳定币市场主 导地位。 （2） 稳定币市场呈现出"一超一强，百花齐放"的格局，USDT与USDC合计占比86%，两者又因发展轨迹和运行机制的差异，具有不同的应用场景。 （3） 稳定币生态由发行、运 ...

巴黎大区工商会会长Dominique Restino在欢迎辞中表示："在价值链重组、可持续发展挑战加剧、经济主权日益受到重视等诸多快速变革下，法中关 系正开启全新篇章。法国企业亟须顺应时代变局，而中国是诸多领域至关重要的战略要地，也是法国企业的重要市场——对法国优势产业企业而言更 是如此。" 第十一届中欧"欧洲论坛"现场。 2025年正值中欧建交50周年重要节点，中法两国作为东西方文明对话的典范，正以开放为锚点，深化战略协同，探索重塑增长的重心。本次论坛 以"不确定时代：开放重塑增长"为主题，特邀中法两国政商学界重磅嘉宾共同探讨两国如何实现优势互补、双方产业如何在不确定时代实现可持续增 长等关键议题。 新京报贝壳财经讯（记者丁爽）"在地缘政治和全球经济充满不确定性的时代，唯有'开放'才能在不确定中创造确定性。时值中欧建交50周年之际， 中国和欧洲作为全球两大力量、两大市场、两大文明，可为当前不确定性的时代注入更多的确定性。"6月30日，第十一届中欧国际工商学院"欧洲论 坛"在巴黎举办，论坛致辞环节，中欧国际工商学院院长汪泓表示。 法国前外交部长于贝尔·韦德里纳（Hubert Vedrine）则在主旨演讲中指出 ...

Core Viewpoint - The National Medical Products Administration (NMPA) is accelerating the establishment of quality management system inspection points for high-end medical products, including surgical robots and recombinant collagen, to support the innovation and development of high-end medical devices [1] Group 1: Regulatory Measures - The NMPA has announced measures to optimize the lifecycle supervision of high-end medical devices, focusing on innovative products [1] - Regulatory discussions will be held for representative innovative medical devices, guiding local supervision in provinces with concentrated innovation [1] - The NMPA aims to analyze innovation points and risk points, and develop targeted regulatory measures [1] Group 2: Quality Management System - The NMPA is expediting the formulation of inspection points for quality management systems for various innovative products, including carbon ion/proton therapy systems and animal-derived artificial heart valves [1] - High-end products such as surgical robots, AI medical devices, and recombinant collagen will also have specific quality management system inspection points established [1] Group 3: Capacity Building - The NMPA plans to strengthen the selection and training of national-level inspectors for high-end medical devices [1] - There will be efforts to validate the quality management systems of provincial inspection agencies and enhance their capabilities [1] - The goal is to improve the quality and efficiency of inspections conducted by provincial agencies [1]