Core Viewpoint - The Central Commission for Discipline Inspection and the National Supervisory Commission has issued a notice to strengthen the supervision of risk management and compliance departments within China Construction Bank, emphasizing accountability for non-compliance and the importance of robust compliance management [1][2]. Group 1: Compliance Management - The notice highlights the close relationship between compliance management and anti-corruption efforts, indicating that enhancing supervision of compliance in banking operations is a key measure to promote integrity [1]. - The supervisory body aims to implement a strong management system for compliance, thereby reinforcing the operational compliance framework of China Construction Bank [1]. Group 2: Accountability and Oversight - An analysis of recent disciplinary cases at China Construction Bank reveals that most corruption cases are linked to serious business violations, indicating a need for stricter adherence to regulations [2]. - The supervisory body is working with internal control and compliance departments to address violations through a comprehensive approach that includes investigation, correction, and treatment [2]. - Serious issues identified during supervision will lead to accountability for both direct and leadership responsibilities, enhancing the ability to prevent severe violations and corruption in key areas [2]. Group 3: Credit Compliance Management - The supervisory body is promoting the establishment of long-term mechanisms for managing major credit violations, including processes for investigation and accountability [3]. - There is a shift from post-incident accountability based on credit losses to real-time accountability based on credit violations, which aims to strengthen the rigidity of credit management systems and reduce opportunities for power abuse [3].

Core Viewpoint - The electric two-wheeler company Tailg has officially initiated its listing guidance, aiming for a Hong Kong IPO in 2026, which would make it the third major player in the industry to go public after Yadea and Aima, marking the complete assembly of the top three in the capital market [1][2]. Group 1: Company Overview - Tailg, founded by the Sun brothers, has transformed from a small repair shop into an industry giant with annual revenue exceeding 12 billion yuan and an annual production capacity of over 15 million units [3][5]. - The company has a global network of over 30,000 stores and exports to more than 90 countries, with estimated annual sales between 5 million and 7 million units, securing its position as the third-largest player in the market [3][5]. Group 2: Market Challenges - The implementation of the new national standard for electric bicycles (GB 17761-2024) starting September 1, 2025, poses significant compliance challenges and market adaptation issues for Tailg [2][10]. - The industry is shifting from a focus on volume expansion to value enhancement centered on smart and high-end products, which presents a challenge for Tailg, as its current offerings may not meet the expectations of younger consumers who prioritize technology and smart features [5][9]. Group 3: User Experience and Brand Reputation - Tailg faces significant user complaints, with over 2,000 valid complaints reported, primarily concerning after-sales service and battery performance, which could impact brand reputation and user loyalty [5][9]. - The company's smart features, while present, have not penetrated the market effectively compared to competitors, raising concerns about its ability to attract tech-savvy consumers [5][9]. Group 4: Regulatory and Compliance Issues - The new national standard introduces stringent safety requirements, and any compliance failures could lead to product recalls, fines, or regional sales bans, directly affecting revenue and the IPO process [10][12]. - Past regulatory cases have highlighted compliance gaps in Tailg's channel management, indicating potential vulnerabilities as the company prepares for its IPO [12]. Group 5: Governance and Ownership Structure - Tailg's ownership is highly concentrated among the founding Sun brothers and their partners, which has facilitated efficient decision-making but may hinder the company's ability to innovate and adapt in a rapidly changing market [13][15]. - The current ownership structure poses challenges for meeting public market requirements, as the company must significantly dilute ownership to comply with public holding regulations, potentially raising concerns about stock liquidity [15].

Core Viewpoint - Southwest Securities has faced regulatory penalties due to compliance failures at its Heilongjiang branch, highlighting issues in management and operational oversight [3][4][5]. Compliance Issues - The Heilongjiang branch of Southwest Securities received two regulatory warnings for inadequate compliance management and failure to enforce employee reporting requirements for mobile phone usage [4][5]. - The branch was also cited for allowing employees to engage in unethical practices, including improper financial gains [5][15]. Regulatory Actions - The Heilongjiang Securities Regulatory Bureau issued a warning letter requiring the branch to enhance compliance education and submit a written rectification report within 30 days [5][15]. - The direct responsible individual, Liu Li, was also warned for not reporting her actual mobile phone number and for receiving excessive performance bonuses [5][15][16]. Management Changes - The Heilongjiang branch has undergone two leadership changes within the year, indicating instability in management [8][18]. - The current head, Liu Wei, has been with Southwest Securities since 2004 and obtained investment advisor qualifications in 2015 [18][19]. Performance Decline - Despite being headquartered in Chongqing, Southwest Securities has seen a decline in performance in the Northeast region, with negative operating profits reported for 2023 and 2024 [9][20]. - In 2021, the Northeast region contributed 6.379 million yuan in revenue, with profits of 632,000 yuan, but profits have since decreased significantly [10][20].

Core Viewpoint - Guiyang Bank has appointed Li Hongqing as the new vice president, completing its executive structure of "one president and four vice presidents," which aims to address the challenges of performance pressure and weak grassroots risk control [2][11]. Group 1: Executive Changes - The Guizhou Regulatory Bureau has approved Li Hongqing's appointment as vice president of Guiyang Bank, following his previous role as board secretary [2][3]. - Li Hongqing, born in 1982 and the youngest executive at the bank, holds a PhD in management and has extensive experience in various roles within the bank and other financial institutions [3][5]. - The new executive structure includes Chairman Zhang Zhenghai, President Sheng Jun, and four vice presidents: Li Songyun, He Kaqiang, Li Ningbo, and Li Hongqing [3]. Group 2: Financial Performance - As of September 2025, Guiyang Bank's total assets reached 746.589 billion, with total deposits of 435.027 billion and total loans of 345.741 billion [6]. - The bank's operating income for the first three quarters of 2025 was 9.435 billion, a year-on-year decrease of 13.73%, while net profit attributable to shareholders was 3.915 billion, a slight decline of 1.39% [6][7]. - The bank's net interest income decreased by 1.065 billion, a drop of 12.29%, and the net interest margin fell by 0.23 percentage points to 1.57% [7][8]. Group 3: Asset Quality and Risk Management - As of September 2025, the non-performing loan ratio was 1.63%, showing improvement from 1.7% in June, but still high compared to peers [9]. - The bank's provision coverage ratio was 239.59%, above the regulatory requirement, but has decreased since the beginning of the year [9]. - Guiyang Bank has faced multiple regulatory penalties for inadequate credit review and management, raising concerns about its compliance capabilities [10]. Group 4: Challenges Ahead - The new executive team is tasked with improving compliance management and addressing the challenges of performance pressure and weak grassroots risk control [11]. - The bank's operational efficiency has declined, with the cost-to-income ratio rising to 28.09%, indicating increased cost control pressures [8]. - The bank's ability to maintain its capital adequacy ratios and manage credit quality will be critical in navigating potential risks in the future [9].

（来源：联环药业） 会议首先由生产、质量部门负责人作专项工作汇报。总经理李东红在讲话中指出，11月份公司整体生产经营保持稳定运行态势，其中小容量注射剂四车间 通过实施烘箱设备更换及灯检-包装全自动生产线改造项目，不仅显著提升了产品质量稳定性，更有效降低了人工劳动强度，为生产效率优化提供了有力 支撑。在合规管理方面，公司通过内部检查发现部分生产现场问题需认真落实整改，同时进一步规范了车间改造审批流程。 会议最后，董事长钱振华在总结讲话中强调，当前正值年度工作收官的关键时期，全体员工要以高度的责任感和紧迫感做好各项工作，一是要强化年度总 结与规划衔接，系统梳理2025年工作成果，深入剖析存在的问题与不足，科学制定2026年工作计划及改进措施，确保发展目标清晰、路径明确。二是要高 度重视国家集采1到8批的续标工作，充分发挥联环药业的集团化优势进行资源整合，针对不同产品特点制定策略。三是要不断加强内控建设，在经营合规 的同时，做到流程、形式合规，各部室、车间应高度重视、全力配合ERP系统上线运行，重点完善业务流程标准化、审批权限规范化、可追溯化建设。四 是要筑牢安全生产防线，深刻吸取香港火灾事故教训，高度重视安全生产 ...

中国经济网北京12月8日讯 黑龙江证监局日前发布关于对西南证券（600369）股份有限公司黑龙江分公 司采取出具警示函措施的决定、关于对刘利采取出具警示函措施的决定。 经查，西南证券黑龙江分公司存在以下问题：一是合规管理不到位，未有效落实员工在用手机报备的公 司制度要求，二是员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构董 事、监事、高级管理人员及从业人员监督管理办法》第二十二条、《证券期货经营机构及其工作人员廉 洁从业规定》第十条第六项。根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条、 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第五十一条、《证券期货经 营机构及其工作人员廉洁从业规定》第十八条规定，黑龙江证监局决定对西南证券黑龙江分公司采取出 具警示函的行政监管措施。西南证券黑龙江分公司应切实强化合规管理，做好合规教育、廉洁从业教 育，严守合规底线，杜绝此类问题再次发生。 经查，黑龙江证监局发现刘利在西南证券有限公司黑龙江分公司任职期间，未按公司要求报备本人实际 使用的手 ...

经查，西南证券黑龙江分公司存在以下问题：一是合规管理不到位，未有效落实员工在用手机报备 的公司制度要求，二是员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构 董事、监事、高级管理人员及从业人员监督管理办法》第二十二条、《证券期货经营机构及其工作人员 廉洁从业规定》第十条第六项。根据《证券公司和证券投资基金管理公司合规管理办法》第三十二条、 《证券基金经营机构董事、监事、高级管理人员及从业人员监督管理办法》第五十一条、《证券期货经 营机构及其工作人员廉洁从业规定》第十八条规定，黑龙江证监局决定对西南证券黑龙江分公司采取出 具警示函的行政监管措施。西南证券黑龙江分公司应切实强化合规管理，做好合规教育、廉洁从业教 育，严守合规底线，杜绝此类问题再次发生。 经查，黑龙江证监局发现刘利在西南证券有限公司黑龙江分公司任职期间，未按公司要求报备本人 实际使用的手机号码、超额领取公司发放的绩效奖金。 上述行为违反了《证券公司和证券投资基金管理公司合规管理办法》第十条、《证券基金经营机构 董事、监事、高级管理人员及从业人员监督管理 ...

Core Insights - The article emphasizes the importance of compliance in the operations of futures and risk management companies, highlighting the need for a dynamic compliance mechanism to navigate hidden compliance traps in business processes [3][5]. Compliance Key Points and Practical Recommendations 1. Key Compliance Nodes in Business Processes - Business entry must prevent internal cross-risk, ensuring risk isolation between futures companies and risk management companies as mandated by regulations [4]. - Recent cases reveal significant compliance failures, such as a brokerage firm failing to isolate customer information, leading to regulatory penalties [4][5]. 2. Contract Design: Substance Over Form in Rigid Payment Clauses - The Asset Management New Regulations prohibit any form of rigid payment clauses, with strict penalties for violations [6]. - Institutions must avoid ambiguous terms that imply guaranteed returns, as these may be deemed invalid in disputes [6]. 3. Margin Management: Building a Comprehensive Risk Control Loop - Margin management is critical for risk control, with recommendations for ensuring margin collection meets exchange standards and maintaining thorough records [7][8]. - Institutions should establish robust credit management systems and ensure that margin amounts are reasonable and aligned with contract risks [8][9]. 4. Investor Suitability Management Requirements - A dynamic customer assessment mechanism is essential, requiring ongoing evaluations of investors' risk tolerance [10][11]. - Strict product risk matching is necessary, prohibiting the sale of high-risk products to low-risk tolerance investors [12]. 5. Comprehensive and Intelligent Risk Control System - Institutions should develop a unified compliance data platform to standardize regulatory data collection and enhance real-time monitoring [15]. - Automated monitoring of key parameters and the implementation of algorithmic trading monitoring modules are recommended to improve compliance efficiency [16][17]. 6. Strengthening Data Security and Personal Information Protection - Institutions must classify and manage data according to its sensitivity, ensuring compliance with data protection laws [19][20]. - Long-term retention of business logs is necessary for regulatory audits and compliance verification [21]. 7. Cross-Border Business and Geopolitical Risk Prevention - The article discusses the increasing facilitation of foreign investor participation in China's futures market, while also highlighting the need for geopolitical risk management in cross-border contracts [25][26]. - Institutions are advised to include renegotiation mechanisms in contracts to address unforeseen geopolitical events [26]. Conclusion - The futures market is expected to develop with a focus on both compliance and innovation, necessitating futures companies to strengthen their compliance frameworks while seizing business opportunities [29].

| 索 引 号 | | bm56000001/2025-00014086 | से 荣 | 行政监管措施;行政执法 | | --- | --- | --- | --- | --- | | 发布机构 | | | 发文日期 | 2025年12月05日 | | 名 | 称 | 关于对西南证券股份有限公司黑龙江分公司采取出具警示函措施的决定 | | | | 文 | 름 | 监管措施〔2025〕53号 | 主题词 | | 北京商报讯（记者刘宇阳）12月5日，黑龙江证监局发布公告表示，经查，西南证券股份有限公司黑龙江分公司（以下简称"西南证券黑龙江分公司"）存在 合规管理不到位，未有效落实员工在用手机报备的公司制度要求；员工管理不到位，存在违反廉洁从业规定谋取不正当利益的情形。 黑龙江证监局指出，上述行为违反了相关规定，决定对西南证券黑龙江分公司采取出具警示函的行政监管措施，并要求西南证券黑龙江分公司应切实强化合 规管理，做好合规教育、廉洁从业教育，严守合规底线，杜绝此类问题再次发生。 同时，黑龙江证监局表示，经查，发现刘利在西南证券黑龙江分公司任职期间，未按公司要求报备本人实际使用的手机号码、超额领取公司发放的绩效奖 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is conducting a review of off-market bond investment trading activities among securities and fund management institutions to ensure compliance and accurate data reporting [1][2]. Group 1: Regulatory Review - The review focuses on two main aspects: the accuracy of the institution names registered in the off-market bond investment trading data reporting system and whether institutions have actually engaged in bond trading activities with their own funds and asset management businesses [1][2]. - Institutions are required to report their bond investment trading data monthly, and those not engaged in any bond-related business must register on the monitoring platform and provide basic information [2]. Group 2: Off-Market Bond Trading - Off-market bond trading includes activities such as cash bond trading, bond repurchase, bond forwards, and bond lending, conducted by securities and fund management institutions using their own funds and asset management [2]. - Institutions that have not obtained public fund qualifications must report their completed rectifications according to specific guidelines [2]. Group 3: Derivative Products - Off-market derivatives provide customized, flexible, and finely managed tools for professional investors, meeting diverse investment needs [3]. - These derivatives serve as effective risk management tools, helping investors mitigate investment volatility while maintaining their underlying asset positions [3]. - The development of off-market derivatives is driving strategic transformation and service upgrades for trading firms, enhancing their core capabilities in risk management and digital empowerment [3].