所谓"绕标套现"，即在两融业务开展过程中，部分投资者利用融资融券交易，刻意规避融资融券标的证券范围、融资用途限制，存在严重的风险与合规隐 患。 1月9日，浙江证监局开出三张"罚单"，对信达证券温州瓯江路营业部、该营业部负责人以及员工均采取出具警示函的行政监管措施。起因是该营业部存在 多项违规行为，其中包括对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | 1 | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 两融余额突破2.6万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽视合规底线的风险。 又见两融绕标罚单 具体来看，信达证券温州瓯江路证券营业部存在三项问题：一是对两融绕标管控措施力度不足，客户存在两融绕 ...

两融余额突破2.6万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽视合规底线的风险。 又见两融绕标罚单 【导读】两融绕标违规再现，券商营业部及从业人员收警示函 1月9日，浙江证监局开出三张"罚单"，对信达证券温州瓯江路营业部、该营业部负责人以及员工均采取出具警示函的行政监管措施。起因是该营业部存在 多项违规行为，其中包括对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 截至2026年1月7日，A股市场两融余额达26047亿元，首次突破2.6万亿元大关，并创出历史新高，单日增长约248亿元。1月5日至7日，两融余额连续3个交 易日攀升，累计增加640.60亿 ...

【导读】两融绕标违规再现，券商营业部及从业人员收警示函 中国基金报记者 孙越 1 月 9 日，浙江证监局开出三张 " 罚单 " ，对信达证券温州瓯江路营业部、该营业部负责人 以及员工均采取出具警示函的行政监管措施。起因是该营业部存在多项违规行为，其中包括 对两融绕标管控不足、客户存在绕标操作，同时还伴随异常交易监控缺位、员工展业未留痕 等问题，反映出合规内控的薄弱。 | 序号 | 标题 | 文号 | 发文日期 | | --- | --- | --- | --- | | | 关于对王忠伟采取出具警示函措施的决定 | | 2026-01-09 | | 2 | 关于对黄旭东采取出具警示函措施的决定 | | 2026-01-09 | | 3 | 关于对信达证券股份有限公司温州瓯江路证券 营业部采取出具警示函措施的决定 | | 2026-01-09 | 两融余额突破 2.6 万亿元创下历史新高之际，上述罚单暴露出部分机构在业务快速增长中忽 视合规底线的风险。 同时，该营业部负责人王某某因对员工管理不到位，且对营业部风险管理缺位、合规内控不 完善负有直接管理责任，同样被采取出具警示函措施，相关信息记入证券期货市场诚信档 ...

Core Viewpoint - Western Securities has evolved from a regional brokerage to a national financial enterprise with total assets exceeding 100 billion, aligning its growth with the deepening reforms of China's capital market [1][2] Group 1: Company Development and Strategy - Established in 2001 through the integration of several financial institutions, Western Securities aimed to serve the national economy while focusing on the western region [2] - The company went public in 2012, enhancing its capital strength and promoting a comprehensive transformation towards market-oriented governance [2] - Key capital operations, including acquisitions and strategic expansions, have outlined a roadmap for rapid development, with total assets reaching 1105.83 billion by Q3 2025 [2] Group 2: Industry Context and Social Responsibility - The growth of Western Securities reflects its commitment to responding to systemic changes in the capital market while fulfilling social responsibilities and supporting regional economic development [3] - The company has played a role in local state-owned enterprise reforms, financing major infrastructure projects, and supporting technology innovation [3] Group 3: Comprehensive Financial Service System - Western Securities aims to build a comprehensive financial service system through party leadership, business collaboration, and cultural integration [4] - The company has structured its operations into five major business segments, enhancing synergy and focusing on investor-centered services [5] Group 4: Compliance and Cultural Development - The company emphasizes compliance and cultural development as essential for risk management and enhancing service quality [6] - It integrates principles of honesty, stability, and legal compliance into its governance, aligning with regulatory expectations [6] Group 5: Future Goals and Brand Renewal - In 2026, Western Securities launched a brand renewal to signify its commitment to high-quality development and its goal of becoming a leading investment bank [7] - The company plans to enhance its service capabilities, expand asset management, and deepen digital transformation while focusing on core regions and industries [7][8] Group 6: Vision for the Future - Western Securities recognizes the vast opportunities in the securities industry as a service provider for direct financing and wealth management [8] - The company aims to enhance its core competitiveness and contribute to the construction of a financial powerhouse while adhering to the principles of political and public service in finance [8]

2025年，中国资本市场浪潮奔涌，证券公司作为核心中介与市场"看门人"，其发展轨迹深刻牵动着金融 生态的稳定。证监会对证券行业"长牙带刺、有棱有角"的监管态度一以贯之，视合规管理为行业发展的 重要因素，以"零容忍"姿态打击违法违规行为，彰显了守护资本市场根基的坚定决心。 监管高压下，违规代价愈发凸显。截至2025年末，81家券商机构累计收到181张罚单，400名从业人员被 监管采取了监管措施，更有1.35亿元的巨额罚单指向违规券商高管。 合规风控是券商的"生命线"，这既是证监会的反复警示，也是行业发展的必然选择。从修订《证券发行 与承销管理办法》到出台分类评价新规，监管通过制度完善和"扶优限劣"机制，引导行业筑牢合规防 线。对于券商而言，唯有将合规嵌入业务全流程，强化内控管理，才能在高压监管下实现稳健发展，既 守护自身长远前景，也为资本市场高质量发展提供坚实保障。 81家券商机构被罚 国泰海通数量居首 经梳理Wind数据，南都·湾财社记者注意到，截至2025年末，81家券商机构（含分支机构或营业部）收 到共计181张罚单。具体来看，国泰海通收到的罚单数量最多，达到7张；申万宏源和申万宏源承销保荐 分别收到3张 ...

Core Viewpoint - Yingda Chang'an Insurance Brokerage Co., Ltd. aims to become a leading domestic and internationally recognized energy-focused insurance brokerage company, providing comprehensive risk management solutions based on professional risk management capabilities and centered on insurance brokerage [1] Group 1: Commitment to Core Business - The company emphasizes its core mission of serving the real economy, focusing on the power grid, energy industry chain, and national strategic initiatives to empower high-quality development [2] - Yingda Chang'an prioritizes risk protection for the power grid, offering tailored insurance solutions to mitigate potential risks and ensure comprehensive coverage [3] Group 2: Support for Industrial Development - The company actively engages with large state-owned enterprises, facilitating the construction of intelligent insurance management platforms and supporting significant projects, thereby enhancing financial vitality in the industrial chain [4] - Yingda Chang'an has replaced cash guarantees with insurance guarantees amounting to 1,669.30 billion for power grid suppliers and 614.25 billion for state-owned enterprises, assisting over 91,400 suppliers with 1.8577 million policies [4] Group 3: Reform and Innovation - The company is committed to reform and innovation, optimizing its development layout and governance structure to enhance management efficiency and stimulate internal growth [5][6] - Yingda Chang'an has established a comprehensive development system with 40 quantifiable indicators to guide high-quality development [5] Group 4: Digital Empowerment - The company has launched a digital service platform, enhancing data application capabilities and transitioning services from post-incident claims to proactive prevention [7] Group 5: Risk Management and Compliance - Yingda Chang'an prioritizes compliance and risk management, establishing a multi-layered risk prevention system to avoid systemic risks and ensure high-level compliance in the insurance intermediary sector [8] - The company has implemented a risk monitoring mechanism and enhanced internal control management, achieving a 100% compliance rate with risk preferences [9] Group 6: Strategic Goals - Positioned at a critical juncture between the end of the 14th Five-Year Plan and the beginning of the 15th, Yingda Chang'an is committed to high-quality development, contributing to the construction of a strong financial nation and supporting energy revolution and modernization efforts in China [10]

12月25日，中山农商银行发布公告称，该行将在2026年1月8日召开 2026年第一次临时股东会会议，会 上将审议关于选举刘敬砚为执行董事的议案。 值得注意的是，根据该行披露的执行董事候选人简历，刘敬砚已出任该行党委书记。 候选人兼具监管与实操经验 中山农商银行披露的执行董事候选人简历显示，刘敬砚，男，1977年 12 月出生，广东台山人，中共党 员，汉族，在职研究生学历、工学硕士学位，经济师职称，现任该行党委书记。 据了解，刘敬砚先后担任中国人民银行江门市中心支行金管科、银管科科员；中国银行业监督管理委员 会江门监管分局监管二科科员、副科长，统计信息科副科长、科长；江门农村商业银行股份有限公司党 委委员、副行长；广东省农村信用社联合社三农金融服务部副总经理，普惠金融部副总经理、总经理等 职务。刘敬砚暂未持有该行股份。 从履历来看，刘敬砚一直深耕于广东金融业，从业轨迹贯穿金融监管、地方银行经营、省级农信系统三 大核心领域，是典型的 "本土成长型" 金融从业者。 早年，他长期深耕金融监管一线，积累了扎实的合规风控与行业研判能力。此后，刘敬砚转战银行业实 操领域，其曾在出任江门农商行副行长一职时表示，一直以来，江 ...

Core Insights - The Central Economic Work Conference provides essential guidance for the financial industry, emphasizing the importance of serving the real economy and ensuring compliance and risk management [1][2][6] Group 1: Industry Development Directions - The conference outlines three key directives for the futures industry: serving the real economy, maintaining compliance and risk management, and pursuing differentiated development paths [2] - The emphasis on expanding domestic demand and building a strong domestic market aligns with the futures industry's role as a risk management tool for enterprises [2][3] Group 2: Service to the Real Economy - The futures industry is urged to focus on professional and refined risk management to address the challenges faced by enterprises, such as high procurement costs and price volatility [3][4] - Guoxin Futures has developed a diversified service system that integrates on-exchange and off-exchange services, enhancing its ability to serve industrial clients [3] Group 3: Risk Management and Compliance - A robust compliance and risk management framework is deemed essential for the futures industry to support the real economy and prevent systemic risks [6] - Guoxin Futures is implementing a comprehensive compliance system that includes dynamic tracking of regulatory changes and the integration of technology to enhance risk prediction and management efficiency [6] Group 4: Commitment to National Strategy - The company is actively engaging in initiatives that align with national strategies, such as promoting green transformation and supporting rural revitalization through innovative financial products [5] - Guoxin Futures has launched numerous "insurance + futures" projects, covering various agricultural sectors and providing risk management services to thousands of farmers [5] Group 5: Long-term Vision - Guoxin Futures aims to contribute to the construction of a modern futures market in China, guided by the principles of serving the real economy, managing financial risks, and fostering innovation [7]

Core Insights - The article emphasizes the importance of risk management in the real economy, highlighting the need for financial services to engage deeply with businesses rather than merely providing tools [2][3][4]. Group 1: Risk Management in Real Economy - The volatility of rebar steel prices at an annual rate of 35% poses significant survival challenges for downstream processing companies, which have an average profit margin of only 2% [2]. - A leading electric vehicle wiring harness manufacturer, heavily reliant on copper, faces challenges in hedging due to a lack of expertise, prompting intervention from Ping An Futures [2][3]. - Ping An Futures provides a tailored copper futures hedging solution, addressing the company's core pain point of inventory accumulation during traditional off-peak seasons [3]. Group 2: Comprehensive Service Approach - The company offers a full-service model that includes trade execution, dynamic risk monitoring, and regular performance evaluations, aligning with the client's desire for minimal resource investment [3]. - Ping An Futures recognizes the layered needs of industrial clients, particularly those struggling with performance evaluation in hedging operations, showcasing its industry-leading insights and innovative solutions [3]. Group 3: Innovative Evaluation Systems - The research team proposes that the ultimate goal of using financial derivatives for manufacturing companies is to stabilize gross profit margins rather than to profit from futures trading [4]. - A comprehensive evaluation system is designed, focusing on stabilizing gross margin volatility and reducing the marginal impact of commodity price changes on profit margins [4]. Group 4: Agricultural Risk Management - Ping An Futures actively responds to national calls by integrating derivatives with insurance mechanisms, launching "insurance + futures" projects to provide price risk protection for farmers [4][5]. - The company has initiated 12 projects by November 2025, covering various commodities and providing significant nominal principal scale of nearly 350 million yuan [4]. Group 5: Technological Empowerment - The company aims to build a technology-driven organization, integrating AI and big data with financial expertise to enhance service capabilities [6]. - The "Huiyan+" AI research platform evolves into a powerful knowledge creation engine, enabling complex queries and generating structured analysis reports [6][7]. Group 6: Wealth Management Ecosystem - With China's total household wealth exceeding 170 trillion yuan, the wealth management market is shifting towards long-term stable returns, positioning futures and derivatives as key tools [10]. - Ping An Futures focuses on connecting quality assets with long-term capital, providing comprehensive services to over 1,000 financial institutions [11]. Group 7: Compliance and Risk Control - The company prioritizes compliance and risk control as foundational elements of its business culture, establishing a governance structure that ensures collaboration among various departments [14]. - Advanced risk monitoring systems are implemented to dynamically assess market transactions and identify suspicious activities, enhancing the company's ability to manage risks proactively [8][9]. Group 8: Commitment to Professionalism - Ping An Futures is committed to creating value through professional services, aligning its efforts with the needs of the real economy and national strategies [15]. - The company aims to be a trusted partner in risk management for the real economy and a guardian of long-term wealth growth for residents [15].

在中央金融工作会议明确提出"加快建设金融强国"的时代背景下，"诚实守信，不逾越底线；以义取 利，不唯利是图；稳健审慎，不急功近利；守正创新，不脱实向虚；依法合规，不胡作非为"的"五要五 不"要求，首次从精神和价值层面为金融行业高质量发展确立了"价值导航"与"行为标尺"。国泰君安期 货积极响应中国证监会和中国期货业协会的号召，将"五要五不"文化融入公司治理和业务实践，形成了 独具特色的企业文化建设模式。 党建引领，筑牢文化根基。国泰君安期货党委深刻认识到，党的领导是中国特色金融文化之魂。公司构 建了"三个一"党建品牌，即凝聚共谋发展的"一条心"，拧紧干事创业的"一股绳"，下好"金融报国"的"一 盘棋"，推动党建与公司治理深度融合。 合规风控，坚守经营底线。国泰君安期货将合规经营视为公司发展的生命线，构建了覆盖事前、事中、 事后的全过程风险管理体系。公司坚持"一道防线压实、二道防线健全、三道防线独立"的原则，将合规 与风险管理主动前移至业务一线，通过制度化、系统化的管控措施，确保各项业务合规运行。在廉洁文 化建设方面，公司创新建立"强廉、育廉、倡廉、促廉、护廉、润廉"的"六廉"机制，通过编制《违纪违 法警示案例汇 ...