Financial Performance - The company's net profit attributable to shareholders for Q3 increased by 57.36% year-on-year, primarily due to effective cost control and growth in brokerage service fees [2][3] - The net cash flow from operating activities was 874 million CNY, a decline of 64.13% year-on-year, mainly due to reduced client margin deposits [3] Business Optimization - In 2025, the company optimized its market-making business by enhancing internal control systems, streamlining business processes, and increasing risk awareness [3] - The company reported no risk incidents in its market-making operations in 2025, demonstrating effective risk management [3] Capital Growth - The growth in the scale of Hongye Capital's futures and spot business is attributed to continuous investment in talent acquisition and resource utilization [4][5] - Future plans for Hongye Capital include expanding business areas, upgrading service models, and enhancing technology and risk control capabilities [4] Brand Development - The company emphasizes its brand image as the only "A+H" listed futures company and state-owned enterprise, focusing on core values of "inheritance, openness, integrity, and excellence" [5] - The company has received multiple honors, such as "National Civilized Unit" and "2024 Financial System Model Point," enhancing its brand image [6] Customer Service Enhancements - The company has improved customer service through professional research capabilities, digital services, and personalized service models [6] - A dedicated service team and tailored risk management solutions are provided for large industrial clients [6] Governance and Transparency - The independent director emphasizes the importance of robust corporate governance and information disclosure to protect shareholder rights, especially for minority shareholders [6][7] - Regular reviews of financial reports and compliance with regulations are conducted to ensure transparency and accountability [6] Social Responsibility - The "Insurance + Futures" initiative focuses on supporting rural revitalization and food security, providing price and income guarantees for key agricultural products [7] - The initiative also promotes financial literacy among farmers, helping them manage market risks effectively [7]

证券日报网讯城投控股11月27日在互动平台回答投资者提问时表示，公司始终严格履行信息披露义务， 坚守合规经营底线，将持续聚焦主业发展，以稳健的经营表现回报投资者信任。 （文章来源：证券日报） ...

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].

登录新浪财经APP 搜索【信披】查看更多考评等级 责任编辑：石秀珍 SF183 11月24日，但斌通过微博发布声明，回应近期有关其展示海外基金业绩的质疑。 二是符合海外监管机构对信息披露的明确要求。例如，美国证券交易委员会（SEC）要求基金定期披露 持仓与业绩数据，欧盟《另类投资基金管理指令》（AIFMD）也规定基金需向投资者公开投资策略、 历史业绩等关键信息。因此，相关持股情况与业绩数据均属于法定公开信息，可供查询； 三是未违反中国境内的监管规定。但斌强调，其管理的国内基金从未公开披露业绩，而海外基金的业绩 展示本质是对公开市场信息的客观呈现，正如巴菲特公开讨论苹果、可口可乐等投资案例的收益与逻辑 一样，属于正常的市场信息交流，不构成变相宣传或违规披露。 他在声明中表示，相关基金为注册于海外的合规产品，其业绩展示严格遵循国际规则与注册地监管要 求，具体体现在三个方面： 一是遵循全球投资业绩标准（GIPS）核心准则。该标准由CFA协会制定，为全球投资机构提供统一的 业绩计算与披露框架，旨在通过透明、公平的方式呈现投资成果，是行业公认的合规业绩展示依据； ...

Group 1 - Chengdu allows existing self-owned rental housing to be converted into ordinary commercial housing for market trading, aiming to optimize resource utilization and stabilize the market [1] - Shanghai will auction 9 land parcels on November 24, with a total starting price of 16.911 billion yuan, indicating the resilience of the land market [2] - Country Garden's subsidiary, Tengyue Construction, received a warning letter from the Guangdong Securities Regulatory Commission for failing to disclose significant corporate changes, highlighting governance issues within the company [3] Group 2 - Road King Infrastructure's wholly-owned subsidiary, New Choice Global, faces a winding-up petition related to a debt of 442 million USD, although the board believes it will not significantly impact the overall business [4] - The debt committee of China Fortune Land Development has authorized Ping An Asset Management to conduct a special financial due diligence on the company, reflecting creditors' concerns over financial transparency [5]

Core Points - The board of directors of Huludao Zinc Industry Co., Ltd. held its 17th meeting on November 21, 2025, where all members confirmed the accuracy and completeness of the information disclosed [1] - The meeting was attended by all 9 directors, and the convening complied with relevant laws and regulations [1] Group 1: Resolutions Passed - The board approved the proposal to increase the futures hedging business quota for 2025 [2][3] - The board approved the proposal to conduct futures hedging business in 2026 [4][5] - The board approved the feasibility analysis report for conducting futures hedging business [6][7] - The board approved the proposal for expected related party transactions for 2026, with related directors abstaining from voting [8][9][10] - The board approved the revision of the futures hedging business management system [10][11] - The board approved the establishment of the information disclosure deferral and exemption management system [12][13] - The board approved the proposal to convene the second extraordinary general meeting of shareholders in 2025 [14]

Group 1 - The company held its third extraordinary general meeting of shareholders on November 21, 2025, at its headquarters in Nanjing, with all resolutions passed without any objections [2][4] - The meeting was chaired by the company's chairman, Zhu Jun, and followed the voting procedures as per the Company Law and Articles of Association [2][4] - The meeting included the attendance of all seven current directors and the board secretary, Li You [3] Group 2 - The company received a warning letter from the Jiangsu Securities Regulatory Bureau due to failure to timely disclose significant litigation developments related to a rental contract dispute involving its subsidiary [7][8] - The warning letter indicated that the company, along with its chairman, board secretary, and financial director, failed to comply with the information disclosure regulations, leading to inaccuracies in the 2025 semi-annual report [8][10] - The company acknowledged the issues raised in the warning letter and committed to improving compliance with legal and regulatory requirements to prevent future occurrences [10]

Core Viewpoint - The company has introduced a new system to regulate the behavior of controlling shareholders and actual controllers, aiming to enhance corporate governance and ensure accurate and timely information disclosure [1][2]. Group 1: New System Overview - The new system, titled "Regulations on the Behavior of Controlling Shareholders and Actual Controllers and Information Inquiry System," will replace the previous regulations upon its effective date [1]. - The new regulations are based on various legal frameworks, including the Company Law and Securities Law of the People's Republic of China, and are applicable to controlling shareholders, actual controllers, and their related parties [1]. Group 2: Behavioral Norms - The new system outlines several behavioral norms for controlling shareholders and actual controllers, emphasizing their duty to act in good faith and diligence towards the company and minority shareholders [2]. - It prohibits the misuse of related transactions, profit distribution, and asset restructuring to harm the legitimate rights of the company and minority shareholders [2]. - Specific actions such as misappropriating company funds through various means are strictly forbidden, ensuring the independence of the company's assets, personnel, finance, and operations [2]. Group 3: Share Transfer and Control - The new system mandates that controlling shareholders and actual controllers must not use others' accounts or funds to trade company shares and must adhere to legal regulations regarding share transfers [2]. - It requires maintaining a stable shareholding structure and mandates compliance with information disclosure principles during share transactions [2]. Group 4: Information Disclosure Management - A significant aspect of the new system is the establishment of an information disclosure management system, requiring immediate notification to the company under specific circumstances, such as significant changes in shareholding or major restructuring [3]. - It also emphasizes confidentiality for undisclosed significant information and mandates prompt notification in case of leaks [3]. Group 5: Implementation and Oversight - The board of directors is responsible for the formulation, modification, and interpretation of the new system, which will take effect upon board approval [4].

Core Viewpoint - The Vice Chairman of the China Securities Regulatory Commission (CSRC), Li Chao, emphasized the importance of honesty and integrity for listed companies, stating that they must earn market trust through practical achievements [1][2]. Group 1: High-Quality Development of Listed Companies - The CSRC is focused on promoting high-quality development of listed companies, which are considered the foundation of the capital market [2]. - The implementation of the new "National Nine Articles" and the "1+N" policy framework has reinforced regulatory measures aimed at risk prevention, strong oversight, and promoting high-quality development [2]. - Li Chao highlighted the need for improved institutional inclusiveness and adaptability in the capital market, as well as a coordinated investment and financing function [2]. Group 2: Responsibilities of Listed Companies - Listed companies are expected to take on the primary responsibility for high-quality development and must adhere to four key standards: 1. Be a model of honesty and integrity, ensuring truthful communication and avoiding deception [2][3]. 2. Be a model of standardized governance, embedding governance awareness into corporate culture and ensuring effective oversight [3]. 3. Be a model of innovative development, aligning with national strategies and focusing on deepening industry advantages [3]. 4. Be a model of positive returns to investors, fostering a "shareholder-first" philosophy and establishing effective communication mechanisms [3]. Group 3: Role of the China Listed Companies Association - The China Listed Companies Association is tasked with enhancing professional service quality, fostering a healthy market ecosystem, and strengthening internal and external collaboration to support high-quality development [3]. - The Association's president, Song Zhiping, outlined five areas for improvement: solidifying governance foundations, enhancing compliance effectiveness, focusing on core responsibilities, optimizing resource allocation, and reinforcing risk prevention measures [3].

资本市场根本功能在于资源配置，监管角色在于规则建立与维护，着力点在于规范信息披露。 资本市场，作为现代金融体系的核心组成部分，其根本功能在于资源的有效配置。通过市场机制， 资本得以流向那些最具增长潜力和创新能力的企业和项目，实现资金的优化配置，能够推动国民经济又 好又快发展。在这一过程中，监管的角色至关重要。当前，证券市场造假行为涵盖挂牌公司公开转让、 上市公司重大资产重组、出具虚假审计报告骗取银行贷款等多个场景。监管不仅应确保市场的公平、公 正和透明，还应致力于建立和维护一套完善的规则体系，以保障市场参与者的合法权益，促进市场的稳 定和繁荣。 在经历10月的快速上涨后，A股市场近期重回震荡格局。自10月8日国庆节后首个交易日起，市场 资金开始向中字头、银行等权重板块切换。结合2025年11月14日前后的实际市场表现——沪指下跌 0.97%失守4000点、科技股集体回调、两市成交额萎缩至1.96万亿元等，可以合理判断：A股确实已完 成从快速冲高（"蛮牛"）向震荡整固（"慢牛"）的风格转换。 我国资本市场未来的有序开放与深化改革，需回归资源配置功能的本源，并重塑监管定位。这要求 我们摒弃"政策市"思维，遵循所有 ...