当中介机构积极履职从个案变成常态，把职业操守从倡议变成刚性要求，才能不断提升市场透明度 和运行质量，有力促进资本市场行稳致远。 (责任编辑：关婧) 监管态势发生根本变化。新证券法实施后，"零容忍"成为资本市场的执法逻辑。中介机构被置于与 上市公司同等重要的监管地位。违法成本急剧提高，市场禁入、巨额罚款成为现实，失职必问责成为明 确的制度要求。 典型案件形成强烈震慑。康美药业、康得新等案件中的高强度处罚，使得以前怕得罪客户，现在怕 违反法律正在成为一线会计师真实的职业心理。行业自律持续强化。财政部、行业协会连续推动会计师 事务所综合评价体系建设等措施，提升了审计质量的"水平线"，压缩了不规范执业的空间。市场机制倒 逼质量上升。注册制改革下，信息披露成为核心要求，非标意见与退市风险紧密关联，会计师签字就要 担责。当市场机制反向约束审计质量，倒逼会计师更谨慎、更专业、更独立。 风气之变，是监管之变、制度之变，也是行业自我纠偏的结果。下一步，继续压实中介机构"看门 人"职责，还需要多方协同发力。 一是强化审计独立性。推动审计委员会主导聘任、审计轮换制度常态化，减少上市公司实控人的干 扰，让会计师敢于说"不"。二是提升 ...

（来源：经济日报） 转自：经济日报 ■ 国家林草局消息，"十四五"以来，通过统筹推进就地保护与迁地保护，全国65％的高等植物群落、 80％的国家重点保护野生植物得到有效保护，德保苏铁、杏黄兜兰等300多种濒危植物实现了野外回 归。 ■ 中国期货业协会最新数据显示，1月至11月全国期货市场累计成交量81.17亿手，累计成交额675.45万 亿元，同比分别增长14.74％和20.19％。 ■ 中国物流与采购联合会近日消息，"十四五"期间我国食材产业规模稳步扩容，整体呈现稳健增长态 势。2025年食材消费市场规模有望突破10万亿元大关。 ■ 6日，国家互联网信息办公室起草了《网络数据安全风险评估办法（征求意见稿）》，现向社会公开 征求意见。 我国成功发射卫星互联网低轨14组卫星。郭程摄（新华社） ■ 6日，我国在海南商业航天发射场使用长征八号甲运载火箭，成功将卫星互联网低轨14组卫星发射升 空，卫星顺利进入预定轨道，发射任务获得圆满成功。 ■ 中国人民银行与澳门金融管理局5日公布续签双边货币互换协议并升级为常备互换安排，协议长期有 效。互换规模由原来的300亿元人民币／340亿澳门元扩大至500亿元人民币／570亿 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session emphasizes enhancing the inclusiveness and adaptability of the capital market system, aiming to improve the coordination between investment and financing functions, which is crucial for achieving the goals of the 15th Five-Year Plan [1][2]. Group 1: Significance of Enhancing Capital Market System - The importance of improving the inclusiveness and adaptability of the capital market is underscored by various directives from the leadership, highlighting the need for a safe, transparent, and vibrant capital market [2][3]. - The capital market is seen as a key driver for technological and industrial development, facilitating the optimization of innovation resources and improving overall productivity [3]. - The capital market serves as a platform for the public to share in the economic development, with over 200 million stock investors and 700 million fund investors in China [3]. Group 2: Key Tasks and Measures for the 15th Five-Year Plan - The focus is on developing direct financing through equity and bonds, enhancing the service capabilities for real enterprises, and supporting the issuance of quality companies [9]. - There is a push to cultivate more high-quality listed companies, optimizing their structure and enhancing investment value [9]. - The establishment of a favorable environment for long-term investments is prioritized, aiming to attract and retain long-term capital [10][11]. Group 3: Regulatory and Open Market Enhancements - The need for a scientific and effective regulatory framework is emphasized, adapting to rapid market changes and enhancing risk monitoring capabilities [11]. - Expanding the capital market's openness is crucial for improving international competitiveness, with a focus on facilitating cross-border investment activities [12]. - Creating a fair and vibrant market ecosystem is essential, with efforts to strengthen legal frameworks and investor protection mechanisms [12].

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》指出，着力提升资本市场监管的科学性、有效性。金融创新更新迭代快，具 有明显的顺周期性和强外溢性。要适应市场的快速发展变化，加快构建全方位、立体化的证券期货监管 体系，完善对金融创新活动的监测监管和风险应对机制。加强战略性力量储备和稳市机制建设，强化重 点领域风险和跨市场跨行业跨境风险防范化解，持续提升资本市场内在稳定性。运用好大数据、人工智 能等现代信息技术手段，高效识别违法违规线索和风险隐患。坚持依法监管、分类监管，严厉打击财务 造假、欺诈发行、市场操纵和内幕交易等恶性违法行为，维护公开公平公正的市场秩序。 ...

Core Viewpoint - The forced delisting of *ST Suwu is a significant action reflecting the regulatory authority's zero-tolerance stance towards illegal activities in the capital market, emphasizing the need for compliance and integrity among listed companies [2][3][4]. Summary by Sections Company Violations - *ST Suwu has been penalized for multiple violations, including failing to disclose the actual controller, inflating revenue and profits, and not reporting non-operational fund usage by related parties. The company faces a fine of 10 million yuan, and responsible individuals are fined a total of 20.5 million yuan, with the chairman banned from the securities market for 10 years [2][3]. Regulatory Actions - The China Securities Regulatory Commission (CSRC) has implemented a strict punishment mechanism, which includes the forced delisting of *ST Suwu as part of a broader "cleaning" initiative in the capital market. This action aims to eliminate fraudulent entities and maintain a healthy market ecosystem [3][4]. Market Implications - The incident serves as a warning to investors about the risks of blindly following stocks without understanding the underlying compliance and operational integrity. It highlights the necessity for investors to be cautious and informed about the companies they invest in [3][4]. Future Outlook - The delisting of *ST Suwu is seen as a starting point for ongoing efforts to purify the capital market. The case is expected to serve as a cautionary tale for other companies, reinforcing the importance of legal compliance for sustainable business development [4].

Core Viewpoint - Since 2025, securities regulation has become stricter, with a focus on swiftly addressing various illegal activities by listed companies to maintain market order and protect investors' rights [1][12]. Group 1: Regulatory Actions - In November alone, 15 listed companies have been investigated, a significant increase from 7 in October and 12 in September, indicating a growing enforcement effort against violations in the capital market [3][5]. - As of November 24, a total of 138 A-share companies or related parties have been investigated this year, with 68 companies suspected of information disclosure violations, accounting for 49.28% of the total [1][12]. Group 2: Types of Violations - The investigations reveal a variety of violations, including 68 companies for information disclosure issues, 6 for insider trading, 5 for disciplinary violations, 4 for financial fraud, 1 for reduction violations, and 50 for other reasons [12][13]. - Notable companies under investigation include 聚石化学 (688669.SH) and 豪尔赛 (002963.SZ) for information disclosure violations, with the latter's actual controller arrested for bribery [4][5]. Group 3: Enforcement Statistics - The China Securities Regulatory Commission (CSRC) has significantly increased its enforcement actions, with 2,214 administrative penalties and fines totaling 41.4 billion yuan during the "14th Five-Year Plan" period, marking increases of 58% and 30% respectively compared to the previous period [12][13]. - From 2024 to the first half of 2025, 130 individuals responsible for financial fraud in listed companies have faced market bans [12].

Group 1 - Shanghai Xiba's stock price fell by 5.16% due to the announcement of investigations into short-term trading involving its employee director and vice president [1] - The China Securities Regulatory Commission (CSRC) issued investigation notices to multiple companies, indicating a broader crackdown on market misconduct [1][2] - The recent cases highlight typical violations in the capital market, including short-term trading, market manipulation, and financial fraud [3] Group 2 - Regulatory measures are intensifying, with increased penalties for violations, such as raising the maximum fine for financial fraud from 600,000 to 10 million yuan [4] - The judicial system is reflecting these changes, as seen in the sentencing of Meng Qingshan from Meihua Biological, which exemplifies the new legal landscape [4] - Strengthened regulation and higher costs for violations are expected to reshape the A-share market environment, reducing the incentive for market participants to engage in misconduct [4]

Core Viewpoint - The regulatory environment for listed companies in China has become increasingly stringent, with a significant rise in investigations and penalties for violations, particularly related to information disclosure and financial misconduct [1][9]. Group 1: Regulatory Actions - As of November 17, 2023, a total of 85 A-share companies or their related parties have been investigated by the China Securities Regulatory Commission (CSRC) this year, with 52 companies suspected of information disclosure violations [1]. - In November alone, multiple companies, including Hunan Kechuang Information Technology Co., Ltd., were notified of investigations for suspected violations of information disclosure laws [3]. - The CSRC has intensified its crackdown on securities violations, with a notable increase in administrative penalties and criminal prosecutions, reflecting a commitment to maintaining market integrity [9]. Group 2: Company-Specific Incidents - North University Pharmaceutical Co., Ltd. faced significant leadership challenges as its chairman and president, Xu Xiren, was arrested on criminal charges, leading to a temporary delegation of responsibilities [5][6]. - Other companies, such as Mahi Technology and Suzhou Futai Information Technology Co., Ltd., also reported investigations and the implementation of detention measures against their key executives [7]. - Administrative penalties were imposed on companies like Delisted Longyu and ST Tian Sheng for serious financial misconduct, with fines totaling over 30 million yuan for Longyu alone [4]. Group 3: Impact on Corporate Governance - The arrest of key executives raises concerns about potential power vacuums in corporate governance, emphasizing the need for robust internal controls and governance mechanisms to ensure continuity in operations [8]. - Legal experts suggest that companies must have contingency plans in place to manage leadership transitions effectively when key individuals are detained or arrested [8].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market through six key initiatives outlined by the Chairman of the China Securities Regulatory Commission, Wu Qing [2] Group 1: Key Initiatives - Actively develop direct financing methods such as equity and bonds [2] - Promote the cultivation of more listed companies that meet high-quality development standards [2] - Create a more attractive environment for long-term investments [2] Group 2: Regulatory and Market Environment - Focus on improving the scientific and effective nature of capital market regulation [2] - Gradually expand the high-level institutional opening of the capital market [2] - Collaboratively foster a regulated, inclusive, and vibrant capital market ecosystem [2]

Core Viewpoint - The regulatory enforcement in China's capital market is accelerating, exemplified by the swift penalty imposed on ST Dongni for information disclosure violations, highlighting a new norm of "early detection, quick punishment, and strict correction" in regulatory practices [1][3][5]. Group 1: Regulatory Efficiency - The time taken from investigation to final penalty for ST Dongni was less than 7 months, showcasing the improved efficiency of regulatory processes [3][5]. - Other cases have also seen significant reductions in processing times, with examples like Baiyin Nonferrous completing the process in just 43 days and Fuhuang Steel in about 1 month and 12 days [7][8]. - The overall enhancement in regulatory efficiency indicates a shift towards a more standardized and expedited enforcement process, effectively maintaining market order [8][9]. Group 2: Specific Violations and Penalties - ST Dongni was fined a total of 15.7 million yuan for failing to timely disclose significant contract progress and for falsifying financial reports, which included misclassifying R&D expenses and underreporting inventory write-downs [4][5]. - The penalties included 7 million yuan for the company and 8.7 million yuan for six responsible individuals, reflecting a focus on holding key personnel accountable [4][5]. Group 3: Regulatory Strategy and Approach - The regulatory approach has evolved from "post-event punishment" to "prevention before events" and "correction during events," indicating a proactive stance against financial misconduct [9][10]. - Enhanced categorization and rapid response to severe violations, such as fund occupation, demonstrate a zero-tolerance policy towards actions that harm shareholder interests [9][10]. - The ongoing improvements in regulatory transparency and enforcement systems are expected to support the high-quality development of the capital market [10].