Group 1: Regulatory Developments - The Hong Kong Securities and Futures Commission (SFC) is actively building a virtual asset ecosystem that is compliant, risk-controlled, and sustainable, aiming to seize new opportunities for investors [1] - The SFC supports the listing of virtual asset spot ETFs and is promoting the application of blockchain technology for the tokenization of securities [1] - The approval of fee limits for securities registration institutions in the paperless securities market is seen as a significant milestone, establishing a fair and transparent fee structure that protects minority shareholders [4] Group 2: Company Listings - Suzhou Youlesai Shared Service Co., Ltd. has submitted its second listing application to the Hong Kong Stock Exchange, indicating its determination to pursue capital market opportunities [2] - Youlesai's projected revenues for 2022, 2023, and 2024 are approximately 648 million, 794 million, and 838 million yuan, with net profits of about 31 million, 64 million, and 51 million yuan respectively [2] - Jinye International has submitted its initial prospectus to the Hong Kong Stock Exchange, with projected revenues of approximately 123 million and 155 million HKD for the fiscal years 2023/24 and 2024/25 [3] - The revenue growth of Jinye International over the next two fiscal years indicates a solid market position and good prospects in Hong Kong, which may attract investor interest [3] Group 3: Market Performance - The Hang Seng Index closed at 23892.56, down 0.59% on June 13 [5] - The Hang Seng Tech Index and the National Enterprises Index also experienced declines of 1.72% and 0.85% respectively [5]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Red Cat Holdings, Inc. due to allegations of misleading statements regarding the company's production capacity and contract values, which have led to significant investor losses [2][4]. Group 1: Company Overview - Red Cat Holdings, Inc. (NASDAQ: RCAT) is involved in the production of small, portable drones for military applications, specifically under the U.S. Army's Short Range Reconnaissance Program [5]. - The company has faced scrutiny for overstating the production capacity of its Salt Lake City facility and the overall value of its contracts, particularly the SRR Contract [4][6]. Group 2: Financial Performance and Stock Impact - Following disclosures about the actual production capacity of the Salt Lake City facility being only 100 drones per month, Red Cat's stock price fell by 8.93% to close at $1.02 per share on July 28, 2023 [8]. - In the first quarter of fiscal year 2025, Red Cat reported losses per share of $0.17, missing consensus estimates by $0.09, and revenue of $2.8 million, missing estimates by $1.07 million [9]. - After a report from Kerrisdale Capital alleged that the SRR Contract was worth only $20 million to $25 million, Red Cat's stock price dropped by 21.54% to close at $8.56 per share on January 17, 2025 [12][13]. Group 3: Legal Proceedings - A federal securities class action has been filed against Red Cat, with a deadline of July 21, 2025, for investors to seek the role of lead plaintiff [2]. - The complaint alleges that Red Cat and its executives made materially false and misleading statements regarding the company's business and operations throughout the class period [4][6].

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against DoubleVerify Holdings, Inc. due to allegations of violations of federal securities laws, with a deadline for investors to seek lead plaintiff status by July 21, 2025 [2][4]. Group 1: Allegations Against DoubleVerify - The complaint alleges that DoubleVerify misled investors by failing to disclose that customers were shifting ad spending from open exchanges to closed platforms, where the company's capabilities were limited [4]. - It is claimed that the monetization of DoubleVerify's high-margin Activation Services was hindered due to the expensive and time-consuming development of technology for closed platforms [4]. - The complaint states that DoubleVerify's competitors were better positioned to incorporate AI into their offerings, negatively impacting the company's competitive edge and profits [4]. - Allegations include that DoubleVerify systematically overbilled customers for ad impressions served to declared bots, and that risk disclosures were materially false and misleading [4]. Group 2: Impact of Allegations - The truth about DoubleVerify's financial struggles was revealed on February 27, 2025, when the company reported lower-than-expected fourth quarter 2024 sales and earnings, leading to a significant stock price drop of $7.83 per share, or 36% [5]. - The stock price fell from a closing price of $21.73 on February 27, 2025, to $13.90 on February 28, 2025, following the disclosure of reduced customer spending and service suspensions [5]. Group 3: Legal Proceedings - The lead plaintiff in the class action will be the investor with the largest financial interest who is typical of class members, overseeing the litigation on behalf of the class [6]. - Any member of the class can move to serve as lead plaintiff or remain an absent class member without affecting their ability to share in any recovery [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a significant penalty on the well-known investor Tu Wenbin for manipulating stock prices, with illegal gains totaling 36.2733 million yuan and a total penalty amounting to nearly 77 million yuan [1][3]. Summary by Relevant Sections Regulatory Actions - The CSRC determined that Tu Wenbin controlled a group of accounts that exhibited significant financial advantages, employing tactics such as continuous trading, price manipulation, and false reporting to manipulate multiple stock prices [3][10]. - The total amount of illegal gains was 36.2733 million yuan, leading to a confiscation of 34.8562 million yuan and additional fines totaling nearly 77 million yuan [3][11]. Historical Context - Tu Wenbin was previously penalized in 2017 for illegal short-term trading, indicating a pattern of regulatory violations [4][6]. - In 2015, Tu was involved in a case concerning the stock of Changchun Aopu Optoelectronics Technology Co., where he was found to have violated securities laws, resulting in a fine of 100,000 yuan [5][6]. Market Manipulation Characteristics - The CSRC's actions reflect a broader commitment to combat market manipulation, emphasizing the need to protect investors from fraudulent practices that distort market prices [10][12]. - The CSRC has outlined its strategy to intensify enforcement against market manipulation, focusing on high-profile cases to deter such behavior in the future [11][12].

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 险资预计持续增配红利股 2025 年 06 月 15 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/17 2024/10/15 2025/2/12 2025/6/12 非银金融 沪深300 相关研究 《权益 ETF 系列：调整空间相对有限， 结构性行情持续涌现。》 2025-06-15 《非上市险企 2026 年执行新准则，预 计险资增配 OCI 股票趋势将延续》 2025-06-12 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 15 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 06 月 09 日-2025 年 06 月 13 日）非银金融板块各子行业均跑赢沪深 300 指数。保险行业 上涨 2 ...

近日，福建证监局公布两则罚单，剑指一家老牌投顾公司。 罚单显示，福建中讯证券研究有限责任公司（以下简称中讯证研）在开展证券投资咨询业务过程中存在6项违规现象，被福建证监局责令暂停新增客户3个 月；中讯证研时任副董事长蔺会杰以个人名义注册并控制的公司官方微博账号存在传播不实信息、误导投资者等违规行为，被出具警示函。 监管曝光6项违规行为 副董事长被警示 中讯证研是较早成立的第三方投顾机构之一。据其官网信息显示，中讯证研创立于1998年3月16日，是首批经中国证监会批准的，具有证券投资咨询业务 资格的专业投资咨询机构。 罚单显示，福建证监局发现中讯证研在开展证券投资咨询业务过程中，存在6项违规现象，具体包括：一、公司治理存在不足，合规管理和内部控制不完 善；二、在客户招揽环节存在传播不实信息、误导性宣传、暗示收益、承诺收益和通过公众媒体提供涉及个股的投资建议的情形；三、向客户提供投资建 议存在缺少合理依据、未注明公司名称和证券投资顾问的姓名及其登记编码的情形；四、对部分客户提供证券投资顾问业务过程中，执行适当性管理存在 不足，未进行充分的风险提示，回访机制不健全；五、存在未在中国证券业协会注册登记为证券投资顾问的 ...

6月13日，中证协修订发布了《证券公司履行社会责任专项评价办法》。此举旨在进一步督促证券公司履行 社会责任，完善社会责任激励约束机制。 本次修订，做了不同专项评价之间指标的统筹协调，避免评价指标重复。比如，针对券商做好金融"五篇大文 章"的情况将开展新的专项评价，本次就将相关重复的指标进行了剔除。 此外，本次还新增了"政府支持机构债券中标情况"等指标，突出证券公司积极服务国家重大战略的功能导向。 避免各专项评价指标重复 据悉，根据中国证监会有关工作部署，为进一步压实证券公司做好金融"五篇大文章"的主体责任，完善相关考 核评价激励机制，中证协拟开展证券公司做好金融"五篇大文章"专项评价。为做好专项评价之间的统筹协调， 结合前期监管部门和行业机构对社会责任专项评价工作提出的意见建议，拟对《证券公司履行社会责任专项评 价办法》进行修订完善，进一步明确导向、细化要求。 此次《评价办法》修订工作坚持四方面原则： 一是坚持统筹协调。为避免各专项评价的指标内容重复，将绿色债和双创债相关指标并入证券公司做好 金融"五篇大文章"专项评价，提高评价导向的精准性。 二是坚持突出重点。着重强调服务实体经济和国家发展战略功能，督促行业 ...

6月13日，证监会发布的一则行政处罚决定书显示，知名"牛散"屠文斌因操纵多只股票价格，被罚没近7700万元。 行政处罚决定书显示，经查明，屠文斌控制使用"屠文斌"普通证券账户、信用证券账户以及多个他人账户，形成"账户组"。 涉案期间，屠文斌所控制的账户组资金优势显著，其通过连续交易、拉抬股价、大额封涨停、虚假报撤等手法操纵多只股票价格，违法所得共计3627.33万 元。 上述违法事实，有询问笔录、硬件信息、情况说明、证券资料、银行资料等证据，足以证明。证监会表示，屠文斌的上述行为违反了2005年《证券法》第七 十七条第一款第四项的规定，构成2005年《证券法》第二百零三条所述操纵证券市场的行为。 经屠文斌申辩及证监会复核后，根据当事人违法行为的事实、性质、情节与社会危害程度，依据2005年《证券法》第二百零三条，证监会决定: 一、针对屠文斌违法所得30万元以上的相关操纵行为，共没收违法所得3485.62万元，并处以3485.62万元罚款； 二、针对屠文斌违法所得不足30万元的相关操纵行为，共没收违法所得141.71万元，并处以400万元罚款; 三、针对屠文斌无违法所得的相关操纵行为，共处以180万元罚款。 据 ...

新京报贝壳财经讯 6月13日晚，北交所官网发布关于开展存量上市公司证券代码批量切换（即248家北 交所存量上市公司的920新代码切换）等业务仿真测试的通知。 测试要求显示，代码切换后，上市公司主体身份的连续性、投资者权益及相关业务办理的连续性不受影 响。 根据要求，代码切换完成后，按原代码产生的融资融券未了结合约按照新代码继续有效，办理展期、保 证金余额计算、维保比例计算等投资者权益不受代码切换影响。对大股东、董事、监事（如有）、高级 管理人员、持有原始股的股东等的融资融券交易限制应当按照新代码进行控制。券商融资融券余额数据 应使用新代码报送。同时，北交所做市权限将由旧代码切换至新代码。 参测机构包括：北交所、全国股转公司、中国结算、深证通、证券公司、基金公司、信息商等。 编辑 黄鑫宇 测试时间分为三轮，分别为2025年6月16日至2025年6月27日（第一轮）、2025年6月30日至2025年7月11 日（第二轮）、2025年7月14日至2025年7月25日（第三轮）。 校对 赵琳 代码切换后，上市公司股票在北交所上市以来的行情信息按照新代码连续展示；全国中小企业股份转让 系统（即新三板，以下简称全国股转系 ...

Core Points - The well-known investor Tu Wenbin has been heavily penalized by the China Securities Regulatory Commission (CSRC) for market manipulation activities [1][3][4] - Tu Wenbin's illegal gains from manipulating stock prices amounted to 36.2733 million yuan, leading to a total penalty of nearly 77 million yuan [3][4] Summary by Sections Regulatory Actions - The CSRC's administrative penalty decision revealed that Tu Wenbin controlled multiple accounts to manipulate stock prices through various illegal methods, including continuous trading and false orders [3] - The penalties imposed include the confiscation of illegal gains totaling 34.8562 million yuan and fines of 34.8562 million yuan for actions with illegal gains over 300,000 yuan, as well as additional fines for other violations [3][4] Previous Violations - This is not Tu Wenbin's first offense; he was previously penalized in 2017 for violating securities laws related to trading in shares of Changchun Aopu Optoelectronics [5][6] - In that case, he was fined 100,000 yuan for selling shares within a prohibited timeframe, which constituted a violation of the Securities Law [6] Recent Holdings - In 2022, Tu Wenbin and his spouse, Shi Yuqing, gained attention for jointly holding over 5% of shares in Baoxin Technology, but by 2023, their holdings had dropped below 5% [7] - As of the first quarter of 2025, Tu Wenbin's holdings in listed companies have significantly decreased, with only minor stakes in Qian Zhao Optoelectronics and Rongke Technology [7][8] Associated Individuals - Tu Wenbin is often associated with Shi Yuqing, and another individual named Tu Shien has also been mentioned in connection with their trading activities [6][10]