【导读】中证协 修订 《证券行业执业声誉信息管理办法》 并征求意见 见习记者 舍梨 近日，记者从券商人士处获悉，中国证券业协会（以下简称 " 中证协 " ）对《证券行业执业 声誉信息管理办法》（以下简称《管理办法》）进行了修订，目前正在征求行业意见。 据悉，《管理办法》自2022年发布实施以来，为行业构建市场化的声誉约束机制奠定了制度 基础，本次修订是该办法运行三年后的首次调整。 此次修订主要有三大变化 ： 一是，明确以贿赂等手段干扰监管执法将被纳入违法失信范畴； 二是鼓励券商主动赔偿欺诈发行等导致的投资者损失，券商以先行赔付积极减轻或消除投资 者损害的，可免于记入执业声誉信息库；三是完善诚信信息来源，将来源于证监会诚信档案 数据库的信息调整为会员自行报送。 贿赂等行为被纳入违法失信 范畴 从修订内容来看，贯彻落实证监会关于坚持受贿行贿一起查的工作部署， 中证协 进一步明确 有关违法失信信息：以贿赂等不正当手段干扰中国证监会及其派出机构监管执法工作，被予 以行政处罚、纪律处分，或者因情节较轻、未受到处罚处理，但被纪律检查或行政监察机构 认定的信息，被纳入违法失信范畴。 业内人士认为，将行贿干扰监管纳入执业声誉 ...

Core Concept - Smart healthcare is becoming a new trend in the global medical industry, with smart hospitals serving as a key carrier of this concept, integrating medical resources and optimizing processes through advanced digital technologies like AI, cloud computing, big data, and IoT [1][3]. Group 1: Definition and Evolution of Smart Healthcare - Smart healthcare is a broad concept that varies in interpretation, encompassing disciplines, technologies, platforms, systems, and business models, and represents the evolution of internet healthcare [3][5]. - The evolution of medical information technology has progressed through several stages, from initial IT system implementations in the 1980s to the current 4.0 era characterized by smart healthcare, driven by advancements in 5G and AI technologies [5][9]. Group 2: Relationship Between Smart Healthcare and Smart Hospitals - Smart hospitals are a subset of smart healthcare, which encompasses a wider range of medical scenarios beyond just hospitals, including home and community care [7][9]. Group 3: Goals of Smart Healthcare - The primary goals of smart healthcare include providing high-quality, efficient, and safe medical services to patients, reducing the workload of healthcare professionals, promoting public health knowledge, improving national health standards, enhancing resource sharing, and lowering healthcare costs [10][11]. Group 4: Future Outlook - Experts indicate that smart healthcare is still in its early stages and requires collaborative efforts in policy, mechanisms, and technological innovation. Future advancements may include gene testing for health risk identification, big data for rapid diagnosis, and AI-driven home healthcare solutions [13].

长江商报消息 ●长江商报记者 沈右荣 实习生 赖海军 炒期货大幅亏损不按时披露，北交所乳业第一股骑士乳业（832786.BJ）及三名高管被证监会立案调 查。 7月4日晚，骑士乳业发布公告，公司收到中国证监会立案告知书，因公司期货投资亏损未及时履行信息 披露义务，涉嫌信息披露违法违规，6月26日，中国证监会决定对公司进行立案调查。同时被立案调查 的还有公司董事长、总经理党涌涛以及董秘、财务总监等。 当晚，骑士乳业还披露，因上述信息披露违法违规行为，骑士乳业收到了内蒙古证监局下发的《行政处 罚事先告知书》，公司及三位高管合计被罚340万元。 根据公告，骑士乳业及董事长、总经理党涌涛以及董事、董秘陈勇和董事、财务负责人王喜临均收到了 中国证监会的《立案告知书》和内蒙古证监局下发的《行政处罚事先告知书》。 《行政处罚事先告知书》详细披露了骑士乳业及三名高管违法违规的主要原因。 2024年，骑士乳业开展了豆粕、白糖、尿素等期货交易业务。据披露，截至2024年1月17日，骑士乳业 及其子公司共计8个期货账户（以下简称"骑士乳业期货账户"）累计亏损金额达到902.46万元，占骑士 乳业2022年度经审计净利润的12.60% ...

Core Viewpoint - The article discusses allegations that China is using its embassies to undermine the reputation and sales of the French "Rafale" fighter jet, with claims of promoting Chinese military aircraft instead [1][2]. Group 1: Allegations and Responses - French intelligence reports suggest that Chinese military officials are actively working to discredit the "Rafale" jet, particularly targeting countries like Indonesia that have already placed orders [1][2]. - The Chinese Ministry of Defense has denied these allegations, labeling them as baseless and defamatory [1][2]. Group 2: Impact on Military Sales - The "Rafale" jet is a significant part of France's defense industry, with sales to eight countries, including Indonesia, which has ordered 42 units and is considering additional purchases [1]. - Following recent military conflicts, there has been a surge in misinformation campaigns on social media, promoting the superiority of Chinese military technology [2]. Group 3: International Reactions - Military experts suggest that Western media and analysts have a tendency to downplay Chinese military capabilities while promoting their own arms sales [3]. - The article notes that the U.S. and other Western nations have shown urgency in promoting their own fighter jets, particularly the F-35, in light of the recent air combat involving the "Rafale" [3]. Group 4: Market Dynamics - The article highlights the competitive landscape at the Paris Air Show, where both the Chinese J-10CE and the "Rafale" were showcased, indicating the ongoing rivalry in the defense market [4]. - Indonesia's defense officials are exploring the possibility of acquiring Chinese J-10 fighter jets, contingent on performance and pricing [3].

Core Viewpoint - The China Securities Association has revised the "Securities Industry Practitioner Reputation Information Management Measures" to enhance the management mechanism for industry reputation, focusing on discouraging bribery and encouraging proactive compensation for investor losses [1][2][3] Group 1: Revision Objectives - The revision aims to implement regulatory spirit by including bribery that interferes with regulatory enforcement in the category of illegal and untrustworthy behavior [1] - It encourages securities firms to proactively compensate investors for losses caused by fraudulent issuance, allowing them to apply for exemption from reputation records if they take responsibility [1][2] Group 2: Impact on Industry Practices - The new rules provide a "safe passage" for compliant firms, motivating them to take responsibility and mitigate risks without the fear of damaging their reputation [2] - The linkage between proactive compensation and the firm's reputation will compel firms to enhance risk control measures during due diligence and ongoing supervision [2][3] Group 3: Inclusion of Bribery in Reputation Management - The revision includes information on bribery that disrupts regulatory enforcement in the reputation management framework, leading to potential industry-wide penalties for involved institutions and individuals [3] - This move reflects the regulatory body's intention to use reputation capital as a pricing mechanism to hold "predators" accountable, thereby purifying the market environment [3] Group 4: Changes in Information Reporting - The revised measures formalize the requirement for members to self-report information to the reputation information database, a practice that has been trialed during a transition period [3]

一、 日内特殊时刻与主力资金行为刻画 日内特殊时刻： 不同时刻下的订单具有不同信息含量，我们发现在日内跌幅较 大、股价较低、成交量较高、量价背离等日内特殊时刻的主力资金交易行为具有 更多的信息含量。 主力资金交易行为刻画——标准化笔均成交金额SATD因子： 以平均每笔成交金 额（ATD）指标刻画主力资金，将特殊时刻笔均成交金额除以全天笔均成交金 额，得到去量纲后的标准化笔均成交金额（SATD）因子。 二、 基于股价涨跌的主力资金交易行为刻画 股价下跌时刻蕴含的Alpha信息： 根据分钟股价涨跌将不同时刻划分为上涨、下 跌和横盘，发现下跌时刻SATD因子对股价未来收益具有较好的预测效果。进一步 地，下跌幅度越大，因子表现越好。 基于逐笔成交数据改进SATD因子： 引入逐笔成交数据，根据每笔成交的主动买 卖方向对特殊时刻成交记录进行划分，构造主买和主卖SATD因子。 跌幅最大时刻主卖SATD因子： 基于跌幅最大时刻、主动卖出订单构建的主卖 SATD因子，RankIC均值8.96%，年化RankICIR为4.24，月胜率86%。 三、 基于股价高低的主力资金交易行为刻画 股价最低时刻主卖SATD因子： 基于股价最低 ...

2025 年上半年中国宏观经济表现如何？ 2025 年上半年，中国的 GDP 表现好于预期。一季度 GDP 增长率为 5.4%，二 季度预计实现 4.9%至 5%的增长水平。整体来看，上半年的宏观数据为完成全 年 5%的 GDP 增长目标奠定了良好基础。然而，房地产投资和销售数据下滑、 出口持续性面临挑战、年轻人失业率高企以及居民收入增速放缓等问题依然存 在。此外，工业品价格指数、CPI 和 GDP 平减指数均为负值，显示出价格领域 的下行压力，这也影响了消费预期和投资者信心。 静水流深 - 下半年宏观经济十大亮点 20250707 摘要 中国经济面临多重挑战，包括房地产市场低迷、出口不确定性增加、就 业市场压力大以及居民收入增速放缓，这些问题制约企业利润、产能利 用率及投资信心。 中国在全球贸易中的地位依然稳固，出口份额占全球比重稳定上升，表 明中国综合国力不断提升，坚持制造强国和科技创新将继续推动其在全 球产业链中的核心地位。 美国预计将在 2025 年下半年进入降息周期，美元走弱，人民币汇率有 望企稳甚至回升，利好中国宏观经济发展及资金流动，对 A 股市场也是 利好消息，同时利好香港资本市场。 港股市场 ...

Core Points - The company announced that its chairman and general manager, Li Yuejie, along with director Zhu Chuncheng, are under criminal coercive measures due to suspected violations related to the disclosure of important information [1][2] - Zhu Chuncheng has been released on bail, while the issues are linked to an administrative penalty imposed by the China Securities Regulatory Commission in September 2023 [1] - To ensure stable management during this period, the board appointed Han Meng, a director and deputy general manager, to act as chairman and general manager [1] Company Actions - The board convened a meeting on July 7, 2025, to approve the appointment of Han Meng to assume the responsibilities of the chairman and general manager [1] - The company will continue to monitor the situation and fulfill its information disclosure obligations as required [2] - Designated media for information disclosure includes Shanghai Securities News, China Securities Journal, Securities Times, and the Shanghai Stock Exchange website [2]

Core Points - The article outlines the information disclosure management system of Hainan Jinpan Intelligent Technology Co., Ltd, emphasizing the importance of timely, fair, and accurate disclosure of information to protect the rights of stakeholders [1][2][3] Group 1: Information Disclosure Obligations - The board of directors is responsible for ensuring the effective implementation of the disclosure system, guaranteeing the timeliness and fairness of disclosures [2][3] - Information disclosure must be truthful, accurate, complete, and should not selectively disclose information or mislead investors [2][3] - Insider information must not be disclosed before it is legally required, and individuals with insider knowledge are prohibited from trading based on that information [2][3] Group 2: Reporting Requirements - The company is required to disclose periodic reports, including annual, semi-annual, and quarterly reports, which must be completed within specified timeframes [5][6] - Annual reports must include key financial data, stock and bond issuance details, and significant events affecting the company [13] - The company must disclose any major events that could significantly impact its securities or investment decisions, including changes in management or significant financial losses [13][14] Group 3: Procedures for Disclosure - The process for disclosing periodic reports involves drafting by senior management, auditing by the audit committee, and approval by the board of directors [33][34] - For temporary reports, the company must follow specific procedures to disclose significant events that could affect trading prices or investment decisions [34][35] - The company must ensure that any corrections or clarifications to previously disclosed information are made promptly [35] Group 4: Responsibilities and Compliance - The board secretary is responsible for coordinating disclosure activities and ensuring compliance with regulations [41][42] - All stakeholders, including major shareholders and management, must report any significant changes that could affect the company’s operations or securities [19][20] - The company must maintain confidentiality regarding undisclosed information and ensure that all disclosures comply with legal and regulatory requirements [23][24]

Group 1 - The company establishes a system for the temporary suspension and exemption of information disclosure to ensure compliance with relevant laws and regulations [1][2][8] - Information disclosure obligations are determined based on the rules of the Science and Technology Innovation Board and the company's actual circumstances [1][2] - The company emphasizes the importance of confidentiality regarding state secrets and commercial secrets, prohibiting any form of disclosure that could lead to violations [2][3] Group 2 - The scope of information that can be temporarily suspended or exempted includes state secrets and commercial secrets, with specific conditions outlined for each [2][3] - The company must adopt measures to prevent the leakage of information that is temporarily suspended or exempted from disclosure [4][5] - A detailed internal review process is established for handling requests for temporary suspension or exemption of information disclosure [5][6] Group 3 - The company is required to disclose information promptly once the reasons for temporary suspension or exemption are eliminated [6][12] - There is a responsibility accountability mechanism in place for any violations of the established procedures regarding information disclosure [7][8] - The company must comply with the relevant laws and regulations, and any conflicts with these regulations will be resolved according to the law [8][9]