4月29日晚，中原证券公布2025年一季报，公司营业收入为4.01亿元，同比下降37.7%；归母净利润为 1.03亿元，同比下降21.3%；扣非归母净利润为9863万元，同比下降22.1%。 中原证券在投资业务和子公司大宗商品销售方面出现了收入减少，导致一季度营业收入大幅下降。 事实上，中原证券2024年就出现了营收下滑。2024年，中原证券实现营收16.9亿元，同比下降14.13%。 分业务看，公司2024年自营业务亏损8449.51万元，较上年同期减少6.37亿元。投资银行业务收入同比下 降38.79%，一个原因是公司债券承销业务被暂停半年。 2024年10月公告显示，由于中原证券个别投行类业务存在违规行为，证监会决定对公司在2024年10月17 日至2025年4月16日期间，暂停公司债券承销业务。 然而，中原证券2024年自营业务竟然亏损8449.51万元。2025年一季度，公司投资收入继续下滑，公司 投资能力可见一斑。中原证券自营亏损并非单一因素导致，而是激进策略、风控失效、行业竞争共同作 用的结果。2025年一季度自营业务仍未改善，显示深层矛盾尚未解决。 中原证券的业绩波动，折射出区域券商在全面注册 ...

Group 1 - The implementation of new delisting regulations has led to a significant number of companies on the main board facing delisting risk warnings due to net profit losses and revenues below 300 million yuan [1][3] - As of April 29, a total of 48 companies have triggered financial delisting indicators, primarily in the social services, machinery, and textile industries, indicating prolonged losses and ineffective business transformations [3] - The new regulations aim to accurately identify "shell companies" and accelerate the elimination of poor-performing firms, thereby directing capital towards stable and fundamentally sound enterprises [3][4] Group 2 - The revenue threshold for delisting has been raised from 100 million yuan to 300 million yuan, intensifying the elimination of "zombie companies" [4] - *ST Longjin serves as a typical case under the new regulations, having been suspended due to continuous losses and revenues below 300 million yuan, with its revenue hovering around 100 million yuan from 2022 to 2024 [4] - The synergy between the new delisting rules and the comprehensive registration system is becoming evident, ensuring the effective operation of the capital market's survival of the fittest mechanism [4]

Core Viewpoint - The newly revised financial delisting indicators have effectively identified a number of main board companies with net profit losses and revenue below 300 million yuan, highlighting their weak operational sustainability and leading to delisting risk warnings for some companies [1][4]. Group 1: Financial Delisting Indicators - A total of 48 main board companies have triggered the new financial delisting indicators as of April 29, with industries such as social services, machinery, and textiles being the most affected [1]. - The new rules have raised the revenue threshold for delisting from 100 million yuan to 300 million yuan, directly impacting companies like Aiai Precision Engineering, which has struggled with revenue below the new threshold [2][4]. Group 2: Company Performance and Risks - Aiai Precision Engineering has reported continuous revenue below 300 million yuan since its listing in 2017, with a net profit loss of 8.8461 million yuan in 2024 due to poor operational performance and asset impairment [2]. - Other companies such as Weitai, Xingguang Co., and Sitong Co. have also faced delisting warnings due to similar financial issues, indicating a broader trend among underperforming firms [2][4]. Group 3: Regulatory Impact - The new delisting regulations are expected to accelerate the elimination of "shell" companies, thereby improving the overall quality of listed companies on the main board [1][4]. - Companies like *ST Longjin have been warned of delisting due to continuous losses and revenue below 100 million yuan, reflecting the stringent enforcement of the new rules [4]. Group 4: Broader Market Implications - The tightening of delisting criteria is seen as a mechanism to redirect capital towards more stable and profitable companies, enhancing the overall market quality [5][6]. - The regulatory framework aims to create a balanced and orderly exit for underperforming companies, facilitating a shift of resources towards high-quality enterprises [5][6].

4月2日，湖北银行消息称，该行当日召开干部大会，省委组织部宣布省委决定：赵红兵任湖北银行党委书记，提名 董事长人选。 空缺近一年，湖北唯一一家省级城商行迎来新任掌门人！ 2024年3月，长江财险召开干部职工大会，省委组织部宣布省委决定：赵红兵任长江财险党委书记、董事长（拟 任）。 随后，湖北省委金融办在2024年5月主持召开支持长江财险转型发展调研座谈会议，省委金融办副主任、省地方金 融管理局副局长张龙及省财政厅副厅长李经锋等一行到访。 赵红兵在会上详细介绍了长江财险的下一步工作思路，并就公司进一步增资扩股、绩效考核方案、发展战略及路 径、保险业务开拓、优质股权投资、金融人才交流等方面事宜寻求支持。 据了解，长江财险成立于2011年11月，总部设在武汉，是湖北省首家全国性法人财产保险公司，由湖北省委、省政 府直接管理，注册资本金27.97亿元。 值得一提的是，赵红兵调任湖北银行后，张龙已出任长江财险党委书记，提名为董事长人选。 新一轮增资扩股预计6月底前完成 据了解，赵红兵现年56岁，早年长期在湖北省财政厅工作，2024年初调任掌舵长江财险。 "新帅"到任 据湖北银行消息，该行4月2日召开干部大会，省委组织部 ...

Group 1 - The core viewpoint of the article highlights the declining performance of Xinda Australia Fund, with a significant drop in revenue and net profit compared to 2023 [1] - Xinda Australia Fund reported a revenue of 644 million yuan in 2024, a year-on-year decrease of 31.24%, and a net profit of 101 million yuan, down 41.92% [1] - The fund's business structure, primarily focused on actively managed equity funds, has faced multiple pressures, leading to a continuous decline in revenue and net profit for two consecutive years [1] Group 2 - The current product landscape shows that mixed funds have the highest number at 52, with a total scale of 27.243 billion yuan, followed by bond funds at 20 with a scale of 43.957 billion yuan, and equity funds at 4 with a scale of 9.009 billion yuan [2] - The scale of actively managed equity funds has significantly shrunk, from 21.887 billion yuan at the end of 2021 to only 9.009 billion yuan by the end of 2024, nearly halving [3] - Mixed funds also saw a notable decline, from 42.805 billion yuan at the end of 2021 to 27.243 billion yuan by March 18, 2025, a reduction of over 15.5 billion yuan [3] Group 3 - In contrast, Xinda Australia Fund has been focusing on bond and money market funds, achieving substantial growth in these areas, with bond fund scale increasing by 36.399 billion yuan and money market fund scale growing by 46.038 billion yuan compared to the end of 2021 [4] - Despite a significant recovery in the A-share market in the second half of 2024, Xinda Australia Fund's performance growth was only 4.52%, lagging behind the CSI 300 index [7] - Over the past two years, Xinda Australia Fund's overall performance has consistently underperformed compared to the CSI 300 index, with a net value decline of 14.22% in 2023 [7] Group 4 - Investors, having experienced years of bear markets, are primarily focused on recovering their investments, leading to a situation where actively managed equity funds are seeing more redemptions despite net value recovery [8] - The public fund industry is undergoing a transformation phase, with leading institutions evolving from "scale kings" to "all-round players," while smaller institutions must pursue differentiation to survive [8] - The deepening of the comprehensive registration system and the acceleration of pension fund entry into the market will favor institutions with strong research capabilities, product innovation, and customer service [11]

文/梧桐小新 2023年2月上交所实施全面注册制后，将原分期发布的《科创板发行上市审核动态》变更为《上交所发行上市审核动态》。2023年至今，《上交所发行上市审核 动态》已发布14期，本文将这14期中46个"问题解答"汇总，供读者们分享、收藏。 | 期数 | 问题解答 | | --- | --- | | 2025年第2期 | 1、重组中独立财务顾问发挥专业服务能力相关要求 | | | 2、审计截止日后经营环境发生重大变化的核查要求 | | | 3、可转债项目累计债券余额的信息披露和核查要求 | | | 4、拟上市企业内部控制审计要求 | | 2025年第1期 | 1、研发人员认定注意事项 | | | 2、涉产学研合作技术成果的核查要求 | | | 3、再融资项目中介机构违法违规的核查要求 | | | 4、股份支付授予日的认定 | | 2024年第6期 | 1、并购重组项目预沟通的注意事项 | | | 2、再融资募集资金投向的披露和说明注意事项 | | | 3、主板板块定位条件中行业代表性的关注要点 | | 2024年第5期 | 1、再融资中关键少数涉重大事项的工作要求 | | | 2、中介机构如何申请审核系统 ...

《A股IPO审核笔记》学习包 1.纸质资料《A股IPO审核笔记》 2.线上课程《A股全面注册制详解》 3.电子资料《沪深京交易所业务指南》 4.梧桐定制笔记本1个 扫码限时7.7折 《A股IPO审核笔记》从中介机构角度，梳理了企业在A股上市过程中被审核机构重点关注的八个方面问 题，分别涉及股东核查、同业竞争、收入/成本/毛利率、资金流水、股份支付、研发费用、内控制度、现场 检查/现场督导等内容。 第一章股东信息核查是从核查规则入手，解读了股东核查的适用范围以及其中涉及的底层逻辑。例如哪些主 体必须穿透？哪些可以不穿透？证监会和沪深交易所规则之间存在哪些差异？ 2024年A股IPO市场共新增100家企业，同比 2023年 减少68.05%。同时，A股市场年内超430家企业IPO折 戟，创近年来新高。 在IPO审核趋严形势下，为了更好地满足大家的学习需求，我们围绕IPO审核关注点，推出了这本超赞的 ——《A股IPO审核笔记》！ 并重点解析了股权代持及存在不同类型股东的情况下， 企业上市需要注意的股东穿透核查标准。 第二章主要以十几个生物医药公司为案例，探析了同业竞争的核查范围与认定方式，除此外，还分析了三种 特殊 ...

1、100家！2024年IPO中介机构排名（A股） 2、2024年A股100家IPO上市公司省份排名，粤浙苏位列前3 3、中国A股IPO中介机构排名（2020-2024） 4、最新！2024年A股IPO中介机构收费排行榜 5、2024年A股IPO终止情况（否决、过会后终止、终止注册） 6、沪深主板2024年新上市公司2023年净利润中位数1.93亿，最低8508万元 7、创业板2024年新上市公司2023年净利润中位数1.2亿 ，最低5111万 8、科创板2024年新上市公司2023年净利润中位数1.74亿，最低3105万 9、北交所2024年新上市公司2023年净利润中位数4748万 10、北交所三周年！IPO中介机构排名（2021-2024） 11、北交所三周年！上市公司数量省份排名，江苏第一！ 12、科创板5周年！中介机构排名（保荐/律所/审计） 13、科创板5周年！上市公司数量省份排名，江苏第一！ 文/梧桐数据中心整理 第一部分 市场数据 第二部分 政策、动态 1、国务院：地方政府不得以IPO成功为条件，给予发行人或中介机构奖励 2、《上市公司章程指引》与修订稿条款对照表 3、《上市公司信息披露管理办 ...

在全面注册制的推动下，A股市场为企业上市提供了更多机遇，上市，成为众多企业跃升的关键一步。 但筹备IPO的过程依然充满挑战。从股改、引入战投、股权激励到募投项目，每个环节都需精心策划。 基于此，我们为大家梳理了一下上述几个主要环节的关键实务要点，帮助大家快速掌握 A股IPO筹备的 核心内容 ： 一、 股改前的十大重点问题 -从离散的投资结构到集团框架 拟上市主体选择与主体股权 架构整合搭建 - 税收筹划 -内部员工持股平台搭建 持股平台税收筹划 -控股股东反向股权激励 -经销商/客户股权激励 考虑相关利益方的股权激励 与股权支付筹划 股东适合性规范 股份支付测算与投资者进入时间规划 - 扣非净利润测算与上市标准对标 ~ 股份份额规划与上市整体时间线衔接 -商业计划书编制 -战略投资者划分 -战略投资者对接 战略投资者引入- - 居调与谈判 -估值与协议 - 增资扩股与股权转让 - 募投项目设计与可研报告编制 上市前分红与募投项目融资 募投项目规划设计 之间的关系 股改前的 十大重点问题 -现金流与墓投项目资金规范 二、 战略投资者引入要点 上述内容来自课程 《A股IPO筹备关键4环节： 股改、引入战投、股权激 ...