上述处罚表明，监管部门对投行业务的执业质量要求日益提高。而在强化事后惩戒的同时，监管层也在完善激励引导机制。2025年12月30日，中国证券业 协会发布了《证券公司投行业务质量评价办法》，新增"支持上市公司并购重组"专项评价指标。业内人士认为，这一办法旨在以正向激励引导券商提升财 务顾问等业务质量，与严格的处罚措施形成"疏堵结合"的监管合力。 分支机构违规高发挑战内控底线 证券公司分支机构依然是违规行为的"高发区"。同花顺iFind数据显示，据不完全统计，近一半的违规行为来自于券商分公司或营业部，其中从业人员的道 德风险与操作风险是主要问题。 回顾2025年的中国证券业，"严监管"仍是贯穿全年的主旋律。纵观全年各类监管措施，两大特点尤为突出：一方面，高额罚单集中在投行业务领域；另一 方面，证券公司分支机构仍是违规行为的高发区，从代客理财、违规炒股、"飞单"、两融绕标交易，乱象频出，治理挑战依旧严峻。 千万级罚单直指尽调失职 iFind数据显示，2025年各地监管部门累计开出9张涉及罚款的罚单，罚没金额在万元以上的有7张。多家券商因投行业务未勤勉尽责收到大额罚单，处罚 均同时针对机构及相关直接责任人员。其中，年 ...

公司治理与基础合规双重审视 2025年，严监管风暴席卷国有大行体系。从已公开的罚单信息来看，中国银行、工商银行、交通银行、 邮储银行、农业银行均收到了单笔罚没金额超千万元的巨额罚单。 银行业年度"最贵"罚单被国有大行收下。2025年10月，中国银行因"相关公司治理、贷款、同业、票 据、资产质量、不良资产处置等业务管理不审慎"等问题，被国家金融监督管理总局处以9790万元的巨 额罚款。 "监管不仅关注单个业务违规，还将目光投向董事会履职有效性、内控流程完整性、风险文化健全性等 深层次问题。"一位华东区银行资深从业人士指出。 同样在10月，农业银行因相关产品销售、服务收费不合规，信贷资金流向管理不审慎等问题被罚2720万 元；邮储银行因贷款业务、互联网贷款业务绩效考核、合作业务等管理不审慎，于9月被罚2791.67万 元。 （原标题：近30笔千万级罚单！2025年银行业罚单大盘点） 2025年，中国银行业在"严监管、强问责、零容忍"的基调中经历着洗礼，监管处罚呈现出显著的"量价 齐升"态势，大额罚单频现，处罚力度加码。 纵观全年，根据国家金融监督管理总局、中国人民银行以及国家外汇管理局等公开披露，银行业单笔处 罚 ...

Core Viewpoint - In 2025, the Chinese banking industry is undergoing significant regulatory scrutiny characterized by "strict regulation, strong accountability, and zero tolerance," leading to a notable increase in both the quantity and severity of penalties imposed on banks [1]. Group 1: Regulatory Environment - The number of penalties exceeding 10 million yuan in the banking sector reached nearly 30, affecting various types of institutions including state-owned banks, policy banks, joint-stock banks, city commercial banks, private banks, and bank-affiliated wealth management subsidiaries [2]. - Regulatory focus has expanded beyond traditional areas like credit management to include corporate governance, related party transactions, anti-money laundering, data security, and wealth management business oversight [2][4]. Group 2: Major Penalties - Major state-owned banks such as Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China received substantial fines, with Bank of China facing a fine of 97.9 million yuan for issues related to corporate governance and asset quality management [4]. - In December 2025, China Communications Bank was fined 68.07 million yuan for violating multiple regulations, including account management and anti-money laundering obligations [4][5]. Group 3: Compliance and Risk Management - The penalties highlight a trend of inadequate compliance and risk management across various banking operations, including loan management, interbank transactions, and wealth management [7][10]. - The regulatory environment has intensified scrutiny on compliance with anti-money laundering regulations, with significant fines imposed for failures in customer identity verification and transaction reporting [8][9]. Group 4: Emerging Business Areas - New banking business models, such as wealth management subsidiaries and direct banks, are also facing strict regulatory penalties, indicating that the regulatory environment is not limited to traditional banking practices [13]. - For instance, Jiaoyun Wealth Management was fined 17.5 million yuan for non-compliance in product information disclosure and post-investment management [13]. Group 5: Double Penalty System - The implementation of a "double penalty system" has become prevalent, where not only institutions are fined but also individual responsible parties face penalties, enhancing accountability within financial institutions [15]. - This system links the career prospects of involved personnel directly to the compliance performance of their institutions, thereby increasing regulatory pressure [15]. Group 6: Future Outlook - The ongoing trend of strict regulation and accountability is expected to continue, prompting banks to improve their internal governance structures and compliance management systems [16]. - The adjustments in business processes and increased technological investments are anticipated to have a profound impact on the operational models and competitive landscape of the banking industry [16].

Core Viewpoint - In 2025, the Chinese banking industry is undergoing significant regulatory scrutiny characterized by "strict regulation, strong accountability, and zero tolerance," leading to a notable increase in both the quantity and amount of penalties imposed on various banking institutions [1]. Regulatory Penalties Overview - The number of penalties exceeding ten million yuan has reached nearly 30, affecting a wide range of institutions including state-owned banks, policy banks, joint-stock banks, city commercial banks, private banks, and bank-affiliated wealth management subsidiaries [1]. - Penalties are not limited to traditional areas like credit management but also extend to corporate governance, related party transactions, anti-money laundering, data security, and wealth management [2]. Corporate Governance and Compliance - Major state-owned banks such as Bank of China, Industrial and Commercial Bank of China, and Agricultural Bank of China have received substantial fines for issues related to corporate governance and business management [3]. - The largest penalty of the year was imposed on Bank of China, amounting to 97.9 million yuan for various management issues [3]. - Regulatory focus has shifted to deeper issues such as the effectiveness of board responsibilities and the integrity of internal control processes [3]. Compliance and Anti-Money Laundering - There has been an intensified crackdown on compliance, particularly in the anti-money laundering sector, with significant fines imposed on banks for failing to adhere to basic financial management regulations [4]. - For instance, China Merchants Bank was fined 68.07 million yuan for violating 11 regulations related to account management and anti-money laundering [4]. Business Management Issues - The primary reasons for penalties in the banking sector include: - Inadequate management across various business areas such as loans, interbank transactions, and wealth management [6]. - Non-compliance with anti-money laundering responsibilities, including failure to identify customers and report suspicious transactions [7]. - Violations in foreign exchange and investment operations, including illegal currency transactions and improper investment disclosures [8]. - Insufficient implementation of regulatory requirements, leading to non-compliance in data reporting and employee management [9]. Emerging Business Areas - New banking business models, including wealth management subsidiaries and direct banks, have also faced penalties, indicating strict regulatory oversight in these emerging sectors [11]. - For example, a wealth management subsidiary was fined 17.5 million yuan for non-compliance in product information disclosure and post-investment management [12]. Double Penalty System - The implementation of a "double penalty system" has become a significant aspect of regulatory actions, where both institutions and responsible individuals face penalties [13]. - This system aims to link the career prospects of involved personnel directly to the compliance performance of their institutions, thereby enhancing accountability [14]. Summary of Penalties - A detailed overview of penalties reveals that various banks have faced significant fines for a range of compliance failures, with amounts often exceeding ten million yuan [15][16].

12月19日，证监会披露的一则行政处罚决定书显示，证监会决定对青岛大摩证券投资有限公司（下 称"大摩投资"）处以300万元罚款，并撤销其证券投资咨询业务许可。这是继11月北京中方信富投资管 理咨询有限公司（下称"中方信富"）被撤销牌照后，年内第二家被"摘牌"的证券投顾机构。 年内两家机构相继被"摘牌" 上海中因律师事务所高级合伙人钟建律师接受上证报记者采访时表示，从上述近年被处罚记录记录来 看，两家机构接连被撤销牌照，与其连续多年被证监会严厉处罚却仍不知悔改反而顶风作案有关。 在上述处罚中，机构与法定代表人同时被追责，反映了当前监管"双罚制"的强化与常态化趋势。钟建表 示，一方面，"双罚制"的核心在于将责任落实到人，让最终决策者和受益者直接承担法律后果，有助于 形成更强的震慑力。另一方面，也释放出监管"长牙带刺"的信号。 违规乱象屡禁不止行业症结亟待破解 同花顺iFind数据显示，截至12月20日，今年以来投资咨询机构共计收到近80张罚单，涉及机构50家， 超30名责任人被罚。 从违规类型来看，提供虚假材料信息、违规发布广告或进行虚假、误导宣传构成了违规行为的"重灾 区"。其中，涉及误导宣传的罚单就超过20张 ...

2025年，财政挑起稳增长的大梁，"加力"与"提速"成为关键词。总量上大幅加力，广义赤字水平较2024年同比提升2.9万亿元，刷新2021年以来的同比之 最；节奏上也明显提速，国债与地方债发行双双前置；财政的加力与提速。 2026年"宽财政"主线，大概率不变，赤字率可能会随经济目标调整而小幅下降，但特别国债与新增专项债规模或继续稳中带升，综合来看，2026年广义赤 字规模或将落在15.1-15.9万亿元区间，绝对规模较为可观，不过从同比变化视角来看，宽财政对于26年经济增幅的贡献或明显收敛，更多是以稳为主。节 奏上，财政或在一、二季度等经济高基数期着重发力，维持财政前置的趋势。 来源：郁言债市 2025，跌宕起伏 不同于2023-2024年的一帆风顺，2025年的债市可谓是极具挑战。长端利率的下行趋势早在年初便被打断，之后种种事件接力成为债市定价主线，多空双 方频繁上演"你方唱罢我登台"的戏码，激烈博弈之间，利率走势大起大落。 2025年同样是债市投资的变革之年，利率行情从"牛长熊短"切换至"牛短熊长"，获取收益的难度呈指数级上升。一方面，上一年末的抢跑行情，透支了来 年的收益空间；另一方面，传统的定价框架遭 ...

证券研究报告|宏观研究报告 [Table_Date] 2025 年 12 月 10 日 [Table_Title] 2026 债市，或比预期好一点 [Table_Title2] 2026 年投资展望系列之四 [Table_Summary] ► 2025，跌宕起伏 不同于 2023-2024 年的一帆风顺，2025 年的债市可谓是极具挑战。 长端利率的下行趋势早在年初便被打断，之后种种事件接力成为债市定价 主线，多空双方频繁上演"你方唱罢我登台"的戏码，激烈博弈之间，利 率走势大起大落。 2025 年同样是债市投资的变革之年，利率行情从"牛长熊短"切换 至"牛短熊长"，获取收益的难度呈指数级上升。一方面，上一年末的抢 跑行情，透支了来年的收益空间；另一方面，传统的定价框架遭遇挑战， 货币政策对"弱现实"不再敏感，风险资产沉寂多年之后觉醒，成为影响 利率定价的关键变量。 这些变化的背后，宽财政、稳货币、强风偏、严监管、弱现实，成为 关键词。宽财政和稳货币，奠定了债市震荡的格局；强风偏和严监管，营 造了牛短熊长的氛围；弱现实，成为被市场忽视的变量。这些变量在 2026 是否会延续，未来的行情又会如何演绎？ 请仔细阅 ...

Core Viewpoint - Recent regulatory actions against multiple banks highlight a stringent regulatory environment, emphasizing the need for improved pre-loan audits and monitoring of fund flows to ensure compliance and promote standardized business practices [1][3]. Regulatory Actions - The Beijing Regulatory Bureau of the National Financial Supervision Administration disclosed penalties against Ping An Bank's Beijing branch for improper loan issuance and inadequate internal controls in personal loans, resulting in fines totaling 5.44 million yuan [2]. - Agricultural Bank of China’s Honghe branch was fined 300,000 yuan for ineffective control over loan fund flows, while its Beijing branch faced penalties for six violations related to loan monitoring and management [1][2]. - Zhejiang Zhuji United Village Bank was fined 550,000 yuan for imprudent management of personal business loans and misuse of loan funds [1]. Industry Implications - The penalties reflect a broader trend of regulatory bodies holding both institutions and individual responsible parties accountable, indicating a "double penalty" system becoming standard practice [2]. - Experts suggest that the observed credit irregularities point to deficiencies in risk control and compliance management within financial institutions, which could lead to funds being misallocated to restricted sectors like real estate [3]. - Recommendations for improvement include enhancing pre-loan audits, monitoring fund flows, and establishing a comprehensive penalty mechanism to foster compliance and mitigate financial risks [3].

Core Viewpoint - The payment industry is undergoing a significant consolidation due to strict regulations and intense competition, leading to a notable reduction in third-party payment licenses, with the recent cancellation of the license for Fujian Yikatong Payment Co., Ltd. marking the 11th cancellation this year [1][3]. Group 1: License Cancellations - The People's Bank of China has issued a total of 271 third-party payment licenses since May 2011, with 107 licenses currently canceled, leaving 164 active licenses [4]. - The majority of canceled licenses are for prepaid cards, indicating a natural selection process within the industry as these licenses fail to keep pace with market developments [5]. - Analysts suggest that the future of the payment industry will see a pronounced "Matthew effect," where a few major players dominate the market, while smaller entities struggle to survive [5]. Group 2: Regulatory Environment - Multiple payment institutions have faced significant penalties for violations related to prepaid card management, account management, and clearing management regulations [7]. - The trend of imposing large fines continues, with at least 74 fines disclosed this year, totaling 190 million yuan, although the total amount of fines has decreased compared to the previous year [8]. - Regulatory focus remains on anti-money laundering, merchant authenticity, and compliance, with expectations that issues related to information security and data protection will gain attention alongside traditional regulatory concerns [9].

Core Viewpoint - The article highlights the administrative penalties imposed on *ST Jinli (Jinlitai) by the China Securities Regulatory Commission (CSRC) for failing to disclose its annual report on time, indicating a trend of strict regulatory oversight in the capital market [2][4][6]. Summary by Sections Administrative Penalties - Jinlitai received a notice of administrative penalties from the CSRC for not disclosing its 2024 annual report within the legal timeframe, resulting in fines ranging from 800,000 to 2 million yuan for the company and its executives [2][4][7]. - The CSRC's actions reflect a broader trend of stringent regulation, with recent penalties against other companies, including a 210 million yuan fine for Yili Clean Energy, emphasizing that even delisted companies are not exempt from accountability [6][9]. Company Actions and Timeline - On April 23, 2025, Jinlitai's management decided not to accept an audit report from Zhongxinghua Accounting Firm, which indicated an inability to express an opinion on the company's financial statements [4][5]. - Jinlitai issued multiple announcements regarding its inability to disclose the annual report on time, with the final report being released on July 1, 2025, after a significant delay [5][6]. Regulatory Environment - The CSRC's recent actions demonstrate a commitment to pursuing accountability for major violations in the capital market, with a notable increase in the number of companies being delisted due to serious infractions [9][10]. - The trend of "no exemption after delisting" is becoming a common understanding in the market, which is expected to enhance the regulatory framework and promote high-quality development in the Chinese stock market [10].