Core Viewpoint - The recent actions taken by the National Cyberspace Administration and financial regulatory authorities to address the spread of false information in the capital market, illegal stock recommendations, and virtual currency trading are beneficial for purifying the trading environment and building a harmonious market [1][3]. Group 1: Regulatory Actions - Regulatory authorities are seen as guardians of market order, and strict enforcement is essential to establish a solid first line of defense against market manipulation [1][3]. - The low cost of illegal activities is a significant reason for the persistence of misleading market narratives, necessitating increased enforcement and accountability for those involved [1][3]. - The use of advanced technologies such as big data and artificial intelligence is recommended to detect and address false information promptly [1]. Group 2: Corporate Responsibilities - Listed companies must enhance the timeliness and transparency of their information disclosures, adhering strictly to regulations regarding financial status, operational performance, and significant events [2]. - Effective communication with investors is crucial for addressing concerns and eliminating doubts, thereby reducing opportunities for misleading narratives to thrive [2]. Group 3: Investor Awareness - Investors are encouraged to improve their risk awareness and discernment skills to navigate the overwhelming amount of information they encounter daily [2]. - It is vital for investors to maintain a rational approach and not blindly follow unverified information, as this can lead to financial losses [2][3].

南京公用发展股份有限公司 第一章 总则 第一条 为了规范南京公用发展股份有限公司（以下简称"公司"）及其他 信息披露义务人的信息披露行为，加强信息披露事务管理，保护投资者合法权 益，根据《中华人民共和国公司法》（以下简称"《公司法》"）《中华人民 共和国证券法》（以下简称"《证券法》"）等法律、行政法规，制定本制 度。 第二条 信息披露义务人履行信息披露义务应当遵守本制度的规定。 南京公用发展股份有限公司 二○二五年五月 第三条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当 真实、准确、完整，简明清晰、通俗易懂，不得有虚假记载、误导性陈述或者 重大遗漏。 信息披露义务人披露的信息应当同时向所有投资者披露，不得提前向任何 单位和个人泄露。但是，法律、行政法规另有规定的除外。 在内幕信息依法披露前，内幕信息的知情人和非法获取内幕信息的人不得 公开或者泄露该信息，不得利用该信息进行内幕交易。任何单位和个人不得非 法要求信息披露义务人提供依法需要披露但尚未披露的信息。 信息披露义务人暂缓、豁免披露信息的，应当遵守法律、行政法规和中国 证监会的规定以及公司《信息披露暂缓与豁免业务管理制度》。 第四条 公司 ...

南京公用发展股份有限公司 第一章 总则 第一条 为规范南京公用发展股份有限公司（以下简称"公司"）信息披露暂缓与 豁免业务的管理，确保公司信息披露的合规性、及时性和公平性，保护投资者合法权 益，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上市公司信息披 露管理办法》《深圳证券交易所股票上市规则》（以下简称"《股票上市规则》"）、 《上市公司信息披露暂缓与豁免管理规定》等法律、法规以及《公司章程》的相关规定， 制定本制度。 二○二五年五月 南京公用发展股份有限公司 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、临时 报告中豁免披露中国证券监督管理委员会（以下简称"证监会"）和深圳证券交易所 （以下简称"深交所"）规定或者要求披露的内容，适用本制度。 第三条 公司应自行审慎判断应当披露的信息是否存在《股票上市规则》及深交所 其他相关业务规则中规定的可暂缓、豁免信息披露的情形，履行内部审核程序后实施， 并接受深交所对有关信息暂缓、豁免披露事项的事后监管。 第二章 信息披露暂缓与豁免的适用情形 第四条 公司和其他信息披露义务人有确实充分的证据证明拟披露的信息涉及国 家秘密或者其他因 ...

不披露业绩比较基准或基于多方面考虑 长期以来，业绩比较基准被视为资产管理产品吸引投资者的重要指标。 《办法》第十三条提到，资产管理产品可以不披露业绩比较基准。披露业绩比较基准的，应当说明业绩比较基准 的选择原因、测算依据或计算方法，重点反映业绩比较基准与投资策略、底层资产和相关金融市场表现的关系。 此外，产品管理人应当保持产品业绩比较基准的连贯性，原则上不得调整业绩比较基准。 华夏时报（www.chinatimes.net.cn）记者 卢梦雪 见习记者 张萌 北京报道 银行存款利率屡创新低，不少投资者转向资产管理产品，却发现自己陷入新的困局："业绩比较基准挺高，怎么实 际收益缩水这么多？" 在记者的走访中，不少投资者表达了类似困惑：实际收益未达预期，有的甚至出现"本金不保"的情况，与机构宣 传的"业绩比较基准"存在显著落差。 投资者合法权益应如何保障？日前，国家金融监督管理总局发布《银行保险机构资产管理产品信息披露管理办法 （征求意见稿）》（下称：《办法》），对资产管理信托产品、理财产品、保险资管产品的信息披露行为进行规 范，允许资产管理产品不披露业绩比较基准，披露则应明确测算依据等信息。此外，产品业绩比较基 ...

Core Viewpoint - The essence of asset management is to act on behalf of clients and ensure their rights to information and choice, which is a necessary requirement for asset management institutions to fulfill their fiduciary duties [1] Group 1: Regulatory Framework - The Financial Regulatory Authority has drafted the "Management Measures for Information Disclosure of Asset Management Products by Banking and Insurance Institutions (Draft for Comments)" to standardize the information disclosure process throughout the product lifecycle [2][3] - The draft consists of six chapters and thirty-five articles, aiming to integrate information disclosure into all stages of asset management products, ensuring clarity in product sales, risk assessment, and yield calculations [2][3] Group 2: Disclosure Requirements - The draft specifies that during the product fundraising phase, key documents such as product prospectuses, contracts, and risk disclosure documents must be clearly defined to enhance transparency [3] - For the ongoing phase, it mandates accurate and comprehensive reporting of past performance and timely disclosure of significant events to clarify product risks [3] - At the termination phase, it requires disclosure of fees and income distribution in expiration announcements and liquidation reports to ensure clear understanding of product yields [3] Group 3: Prohibited Behaviors - The draft outlines eight prohibited behaviors regarding information disclosure, including false statements, misleading claims, and unauthorized performance predictions [4][5] - It emphasizes that asset management products must not use non-comparable or inaccurate data for performance comparisons and must not publicly disclose private product information [4][5] Group 4: Performance Benchmarking - The draft states that asset management products may not disclose performance benchmarks, but if they do, they must explain the rationale and calculation methods, clearly indicating that benchmarks do not guarantee future performance [6][7] - It also requires that performance benchmarks remain consistent and only be adjusted under strict internal approval processes, with all changes disclosed [6][7] Group 5: Differentiation Between Public and Private Offerings - The draft distinguishes between public and private offerings, imposing stricter disclosure requirements on public products due to their broader audience and lower investor knowledge [8][9] - Public products must disclose information through recognized platforms and adhere to specific timelines for quarterly and annual reports, while private products can use agreed-upon channels for disclosure [9][10]

中国证监会陕西监管局认为，邢雅江的上述行为涉嫌违反《中华人民共和国证券法》第七十八条第一款 规定，构成《中华人民共和国证券法》第一百九十七条第一款所述的"信息披露义务人未按照本法规定 报送有关报告或者履行信息披露义务"的行为，对邢雅江给予警告，并处以350万元罚款。 中国证监会此次对邢雅江立案的原因则是涉嫌金花股份持股变动信息披露等违法违规。对此，金花股份 表示，本次立案仅针对董事长个人，不会对公司日常生产经营活动产生影响，目前，公司日常经营运作 正常。 这不是邢雅江第一次被中国证监会立案，去年12月21日，金花股份就曾公告，公司董事长邢雅江收到中 国证监会下发的《立案告知书》，遭立案的原因同样为涉嫌信息披露违法违规。 去年靠处置子公司扭亏 金花企业（集团）股份有限公司（简称："金花股份"）董事长邢雅江近日收到中国证监会陕西监管局 《行政处罚事先告知书》。因涉嫌信披违规，中国证监会陕西监管局对邢雅江给予警告，并处以350万 元罚款。同日，中国证监会决定对邢雅江进行立案，原因也是信披违规。 董事长再次被证监会立案 公告显示，邢雅江因涉嫌犯罪于2024年4月至7月被公安机关采取取保候审，作为公司董事长，未及时将 ...

Group 1 - The core viewpoint of the article emphasizes the importance of enhancing corporate governance in listed companies, which is expected to improve their investment value and lead to significant pricing differences based on governance levels [1] - The article highlights several key measures, including strengthening the integrity obligations of controlling shareholders, supporting the introduction of institutional investors with more than 5% holdings as active shareholders, and ensuring independent directors constitute a majority on audit committees [1] - It mentions that improving the information disclosure system in corporate governance is crucial for external evaluation and decision-making, which is seen as a long-awaited positive development for the market [1] Group 2 - The former chief economist of a brokerage firm, Li Daxiao, views the policy as a major benefit, stating that enhancing corporate governance will effectively increase the investment value of listed companies [1] - The article suggests that with the implementation of a series of positive stock market reform policies, the Chinese stock market is expected to enter a new phase of healthy and stable development [1]

Core Viewpoint - The company received a shareholder inquiry letter from the China Securities Investor Service Center regarding compliance with disclosure and approval procedures related to a significant transaction that generated substantial profits exceeding regulatory thresholds [1][2][3]. Group 1: Transaction Details - The company reported a financial net gain of 420 million yuan from a transaction, which represents over 50% of the company's audited net profit of 185 million yuan for 2022 [1][3]. - The transaction's total amount was 425 million yuan, and it was noted that the transaction's profit exceeded the regulatory requirement of 5 million yuan [3]. Group 2: Regulatory Compliance Issues - The company faced scrutiny due to a warning letter from the Heilongjiang Securities Regulatory Bureau, which identified non-operational fund occupation by the controlling shareholder amounting to 80 million yuan, returned in February 2024 [2]. - The company failed to timely disclose and seek shareholder approval for the transaction, which was only addressed in a board meeting held on April 1, 2025, with subsequent disclosure on April 2, 2025 [3]. Group 3: Measures for Improvement - The company has implemented a comprehensive review and revision of its information disclosure management system to ensure compliance with standards, processes, and responsibilities [4]. - Internal controls have been strengthened, emphasizing the importance of compliance with disclosure regulations and enhancing the effectiveness of internal governance [5][6]. - The company has initiated training programs for personnel involved in information disclosure to improve their understanding of legal requirements and enhance compliance awareness [6][7].

Core Points - The document outlines the information disclosure management measures for Hebei Fucheng Wufeng Food Co., Ltd, aiming to ensure that the company and its information disclosure obligors fulfill their obligations in a legal, truthful, accurate, complete, and timely manner to protect investors' rights [1][2][3] Group 1: Information Disclosure Obligations - Information disclosure obligors include the company, its directors, senior management, shareholders, actual controllers, acquirers, and other relevant parties [2][3] - Information must be disclosed simultaneously to all investors and should not be leaked to any individual or organization prior to public disclosure [2][3] - The company must ensure that disclosed information is true, accurate, complete, and easy to understand, avoiding any misleading statements or omissions [2][3][4] Group 2: Types of Reports - The company is required to disclose periodic reports, including annual reports, interim reports, and quarterly reports, which must contain significant information affecting investors' decisions [6][12] - Annual reports must be completed and disclosed within four months after the end of the accounting year, while interim reports should be disclosed within two months after the first half of the year [6][12] - The content of the annual report includes basic company information, major accounting data, stock and bond issuance, and changes in shareholder structure [14][15] Group 3: Temporary Reports - The company must immediately disclose any significant events that could impact the trading price of its securities, including major asset transactions, changes in control, or legal issues [23][24] - Significant events must be disclosed as soon as the board of directors makes a decision or when relevant parties sign agreements [25][26] Group 4: Internal Control and Responsibilities - The board of directors and the board secretary are responsible for managing information disclosure, ensuring compliance with legal and regulatory requirements [20][21] - The company must implement internal controls to ensure the accuracy and confidentiality of financial information before disclosure [28][29] - Any violations of disclosure obligations by directors or senior management can lead to disciplinary actions, including fines or dismissal [59][60]

Market Overview - On May 23, 2025, A-shares saw a collective decline with the Shanghai Composite Index closing at 3348.37 points, the Shenzhen Component Index at 10132.41 points, and the ChiNext Index at 2021.50 points. A total of 1107 stocks rose while 4204 stocks fell, with a total trading volume of 11555.89 billion yuan [1] - Hong Kong stocks showed mixed results on the same day, with the Hang Seng Index rising by 0.24% to 23601.26 points and a total trading volume of 2036.71 billion HKD. The Hang Seng Index increased by 1.1% over the week, while the Hang Seng Tech Index fell by 0.65% [1] - US stocks experienced fluctuations with the S&P 500 Index down by 0.67% to 5802.82 points, the Nasdaq Composite Index down by 1% to 18737.21 points, and the Dow Jones Industrial Average down by 0.61% to 41603.07 points. For the week, the S&P 500 Index fell by 2.61% [1] New Stock Offerings - On May 26, 2025, there was one new stock available for subscription, with no new stocks listed [2] - The new stock, Youyou Green Energy, has a subscription code of 301590 and an issue price of 89.6 yuan per share, with a price-to-earnings ratio of 15.37. The company specializes in EV full-scene direct current fast charging solutions and core charging components [4] Regulatory Developments - The Financial Regulatory Bureau is drafting a new regulation aimed at achieving "three clears" for asset management products of banks and insurance institutions. The draft includes comprehensive norms for the entire lifecycle of asset management products, focusing on information disclosure [5][6] - The draft regulation emphasizes clear product descriptions, accurate performance reporting, and transparent fee disclosures at various stages of the product lifecycle [6] - The State Administration for Market Regulation is seeking public opinion on a guideline to standardize the charging behaviors of online trading platforms, ensuring fair practices and protecting the rights of platform operators [6] Financial Information Management - The National Internet Information Office is actively addressing online financial information irregularities, resulting in the closure of several accounts that disseminated false information or engaged in illegal stock recommendations [7]