记者丨 钟雯清 编辑丨巫燕玲 视频丨许婷婷 在2025年A股市场前所未有的重大违法公司退市浪潮中，券商投行的"看门人"角色正经历着严 峻考验。 随着年初退市新规全面落地，触及重大违法被强制退市指标的上市公司数量已创下 历史新高，截至10月15日多达13家。 在这场监管风暴中，这些退市公司背后的11家券商投行被推至台前。 更深入的细节揭示了投行履职的复杂图景。 部分问题公司造假期间频繁更替投行，例如高鸿数据在长达数年的造假周期内竟接连更换了四 家服务机构。 而在履职过程中，除国融证券曾罕见地对九有股份发出风险警示外，大多数涉事投行，均在督 导期内为后来被证实造假的公司出具了"无异议"或"未发现问题"的背书报告。 这场退市大潮不仅冲刷出上市公司的造假真相，也对中介机构的执业操守进行了一次压力测 试。在全面压实中介机构责任的监管导向下，券商投行应如何真正履行好资本市场的"看门 人"职责，已成为市场各方必须深思的现实课题。 图/图虫 "看门人"责任悬空 随着2025年1月1日退市新规结束过渡期，以及证监会对财务造假等违法违规行为全面从严监 管，因重大违法被强制退市的上市公司数量明显增加。 截至10月15日，年内已有1 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its crackdown on violations by intermediary institutions, particularly accounting firms, to prevent failures in their "gatekeeper" roles in the capital market [1][3][4]. Summary by Sections Administrative Penalties - In the first half of 2025, the CSRC imposed 25 administrative penalties on 18 securities intermediary institutions, totaling fines of 208.21 million yuan, marking increases of 127%, 175%, and 106% compared to the same period in 2024 [2][4]. - Among the penalized institutions, 21 were accounting firms, accounting for 84% of the total penalties, with the highest number of penalties against Da Xin Accounting Firm and the highest fine against Tianheng Accounting Firm [1][6]. Industry Challenges - The increase in penalties reflects ongoing issues within intermediary institutions, including survival pressures, fierce competition, and collusion with clients for profit [4][5]. - The lack of diligence and professionalism among intermediaries has led to a rise in cases of negligence, with 95 cases reported in 2024, continuing a three-year upward trend [4][6]. Regulatory Focus - The CSRC emphasizes the importance of intermediary institutions in maintaining market integrity and has committed to holding them accountable for any failures in their duties [3][8]. - Experts suggest that maintaining the independence of accounting firms is crucial for effective auditing and compliance with legal standards [8][9]. Recommendations for Improvement - There is a call for reforms in the audit engagement system, including direct appointments of auditors for companies with a history of financial fraud and shortening mandatory rotation periods for auditors [9][10]. - The use of technology in auditing, such as AI and blockchain, is recommended to enhance audit quality and efficiency [10]. Conclusion - The CSRC's stringent measures and the industry's response highlight the critical need for improved accountability and quality in the auditing process to safeguard the interests of investors and the integrity of the capital market [1][3][10].