信息披露是注册制的核心之一。数据显示，今年以来（截至11月27日），至少有60家A股公司因信息披露问题被处罚，原因包括且不限于信息披露虚假或严 重误导性陈述、未及时披露公司重大事项、未依法履行其他职责等。 除了直接公布处罚信息外，沪、深、北三大交易所还在每年的第四季度发布上一年上市公司信息披露评价结果，以此辨别上市公司信披优劣。 10月底，沪、深两大交易所陆续披露了2024年度的上市公司信息披露评价工作结果，每经资本眼专栏记者统计了近九年（2016至2024年）沪、深两市的评价 数据（注：由于上交所网站仅有2015年之后的评价数据，因此沪深两市均按照9年数据进行统计，北交所是今年首次发布评价结果，故不纳入统计），并深 入分析评价结果与公司经营水平、二级市场表现、回报投资者等维度之间的关联。 统计数据显示，两市历年获评A级的公司不仅保持了"分红公司数量多、业绩成长性高、股价走势稳"的良好态势。需要注意的是，市场风险分化特征也较为 突出：历年获评D级的公司只有不到三成进行年度分红，最少一年只有不到一成公司分红；还有去年6家公司的评价"暴雷"（从A直接下滑到C），再加上长 年维持D级水平的公司，都值得投资者高度重视 ...

统计数据显示，两市历年获评A级的公司不仅保持了"分红公司数量多、业绩成长性高、股价走势稳"的 良好态势。在分红方面，在2016~2024年间，沪市有90%以上A级公司进行年度分红。深市历年都有超 过九成的A级公司进行年度分红，最高一年达96.2%。 10月底，沪、深两大交易所陆续披露了2024年度的上市公司信息披露评价工作结果，每经资本眼专栏记 者统计了近九年(2016至2024年)沪、深两市的评价数据。 复旦发展研究院助理研究员、复旦平安宏观经济研究中心主任助理石烁在接受每经资本眼专栏记者采访 时分析表示，A级公司的信披质量与核心经营数据呈现正相关性，源自资本市场对公司治理透明性的正 向反馈。 全文请见：沪深两市9年信披评价全景：九成A级公司保持每年分红，深市A级公司年度平均涨幅七次跑 赢沪深300 ...

Core Insights - Recent evaluations of information disclosure by the Shanghai, Shenzhen, and Beijing stock exchanges have been released, highlighting the performance of listed companies in this regard [1] Group 1: Evaluation Results - A total of 89 listed companies in the Shanghai jurisdiction received an 'A' rating for their information disclosure, including 44 from the Shanghai main board, 4 from the Shenzhen main board, 12 from the ChiNext board, 25 from the Sci-Tech Innovation board, and 4 from the Beijing Stock Exchange [1] - Among these, 44 companies have achieved an 'A' rating for three consecutive years, while 17 companies have maintained this rating for five consecutive years [1] - Shanghai Petrochemical (600688) received an 'A' rating in the 2024-2025 information disclosure evaluation by the Shanghai Stock Exchange [1]

Group 1 - The evaluation results for the information disclosure work of listed companies in Shenzhen for the 2024 to 2025 period have been released, covering 16 listed brokerages and their main bodies [1] - Among the evaluated companies, 9 received an A rating, including Shenwan Hongyuan, Guoyuan, Guohai, GF Securities, Changjiang, Guoxin, First Capital, Great Wall, and Dongfang Caifu [1] - 6 companies received a B rating, which are Northeast, Guosheng Jinkong, Western, Huaxi, Shanxi, and Hualin [1] - Only 1 company received a C rating, which is Jinlong Co., Ltd [1]

Group 1 - The core viewpoint of the news is that Chuanfa Longmang (002312) received an A-level evaluation for its information disclosure work for the 2024-2025 period, indicating high recognition from regulatory authorities for the company's disclosure quality [1][2] - The evaluation period for the information disclosure assessment is from July 1, 2024, to June 30, 2025, and the results are based on the quality of information disclosure, compliance, operational standards, and investor rights protection [1] - A total of 1,489 companies were assessed in this evaluation, with 296 companies achieving A-level ratings, representing 19.88% of the total assessed companies [1] Group 2 - The A-level rating for Chuanfa Longmang signifies that the company will receive more support in areas such as restructuring, refinancing, and targeted training services from the exchange, as per the revised self-regulatory guidelines [2] - The evaluation criteria include compliance, effectiveness, management of disclosure affairs, and investor relations management [1]

Core Insights - The Beijing Stock Exchange (BSE) has released its first evaluation results for listed companies' information disclosure, with an overall excellent rate of 86.2% [1] - Among the 262 companies evaluated, 48 received an A rating (excellent), with nearly 80% of companies gaining points for positive actions such as cash dividends and share buybacks [1][2] - The evaluation results may influence companies' refinancing and merger and acquisition activities, establishing a strong market incentive and constraint mechanism [1][2] Evaluation Results - The evaluation categorized companies as follows: 48 A-rated (18.3%), 178 B-rated (67.9%), 31 C-rated (11.8%), and 5 D-rated (1.9%) [1] - Notable companies receiving A ratings include Jinbo Biological, Wuxin Tunnel Equipment, and Airosoft, while companies like Tianye Co. and *ST Yun Chuang received D ratings [2] Impact on Companies - The BSE aims to support A-rated companies by providing enhanced communication services for restructuring applications and reducing inquiry rounds [3] - D-rated companies will face increased scrutiny and guidance, including compliance training for key personnel [3] Regulatory Framework - The release of these evaluation results aligns with the regulatory frameworks of other major exchanges in China, marking a shift from post-event accountability to comprehensive monitoring [4] - Companies rated C and D are encouraged to transition from merely supplementing disclosures to establishing robust internal disclosure systems [4] Future Directions - The BSE will continue to emphasize information disclosure as a core principle, aiming to enhance corporate governance and protect the rights of small and medium investors [4]

Core Viewpoint - The information disclosure requirements for A-share listed companies are becoming increasingly stringent, with the Beijing Stock Exchange (BSE) releasing its first evaluation results for 2024-2025, indicating an overall improvement in disclosure quality among listed companies [2][4]. Summary by Categories Evaluation Results - Among the 262 companies evaluated, 48 received an A rating (18.3%), 178 received a B rating (67.9%), 31 received a C rating (11.8%), and 5 received a D rating (1.9%) [2][4]. - A total of 86.2% of the companies were rated either A or B, indicating a positive trend in information disclosure [4]. Company Performance - The five companies rated D, including Tianye Co. (BJ920023) and Digital People (BJ920670), may face delisting warnings due to issues with their financial report disclosures [2][5]. - The average market capitalization of the 48 A-rated companies is 4.591 billion, with an average stock price increase of 84% this year and an average net profit growth of 28% [14][15]. Regulatory Framework - The BSE's evaluation is part of a broader effort to establish a unified and normalized regulatory framework for information disclosure across China's three major stock exchanges [7]. - The evaluation focuses on three main dimensions: the standardization and effectiveness of information disclosure, investor relations maintenance, and social responsibility disclosure [4]. Impact on Corporate Actions - Companies rated A will receive support and facilitation for refinancing and mergers, including reduced inquiry rounds and targeted training [9]. - Conversely, companies rated D will face increased scrutiny and guidance to improve their information disclosure practices [9]. Notable Company Statistics - In the top 10 companies by market capitalization, 5 received A ratings and 5 received B ratings, indicating a correlation between disclosure quality and market performance [10]. - The top 10 companies by net profit for the first three quarters include 3 A-rated and 7 B-rated companies, further illustrating the relationship between disclosure ratings and financial performance [12][13].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has released the information disclosure evaluation results for listed companies in the Shanghai market for 2024-2025, highlighting the importance of high-quality information disclosure for the stability and health of the capital market [1][2]. Group 1: Evaluation Results - A total of 30 listed securities firms were evaluated, with 10 firms rated as Class A, including CITIC Securities, Guojin Securities, and Huatai Securities [1]. - 18 firms received a Class B rating, while 2 firms, Xiangcai Co. and Pacific Securities, were rated as Class C [2]. Group 2: Importance of Information Disclosure - The SSE emphasizes that high-quality listed companies are essential for the healthy development of the capital market and the positive cycle between finance and the real economy [2]. - Information disclosure quality is a significant indicator of a company's overall quality and has a substantial impact on investor decision-making [2]. Group 3: Evaluation Criteria and Application - The evaluation results are based on the quality of information disclosure, compliance with operational standards, and the degree of investor rights protection, categorized into four levels: A (excellent), B (good), C (qualified), and D (unqualified) [3]. - The evaluation period covers from July 1 of the previous year to June 30 of the current year, and results are considered in the review of refinancing and mergers and acquisitions [3]. Group 4: Regulatory Enhancements - The SSE and Shenzhen Stock Exchange have revised their evaluation guidelines to strengthen information disclosure regulation and enhance the investment value of listed companies [4]. - The revised guidelines focus on improving information disclosure quality, punishing financial fraud, and enforcing cash dividend regulations [4].