（原标题：立案调查未果，回购计划先行 清越科技释放何种信号？） 股价走势清晰反映了市场对风险的定价。10月31日（三季报披露后首个交易日），清越科技收于8.94元。11月1日立案公告发布后，股价开启下行 通道。至12月5日，收盘价为6.84元，累计下跌2.10元，跌幅23.5%。同期科创板整体表现平稳，凸显投资者对公司特有风险的高度敏感。即便11 月4日提出回购建议，也未能有效遏制抛压，反映出市场对缺乏实质进展的"信心喊话"持怀疑态度。 12月5日，苏州清越光电科技股份有限公司（清越科技，688496.SH）发布《关于立案调查进展暨风险提示公告》。公告称，截至公告披露日，中 国证监会对公司涉嫌定期报告等财务数据虚假记载的立案调查仍在进行中，公司尚未收到结论性意见或决定。 来源：清越科技公告 2025年11月1日，清越科技首次披露收到证监会《立案告知书》（编号：证监立案字0382025011号），理由为"涉嫌定期报告等财务数据虚假记 载"。若最终认定构成重大违法，公司股票可能被实施强制退市。目前公司称经营管理、业务及财务状况正常，并承诺每月披露一次调查进展。 11月4日，清越科技董事长、实际控制人高裕弟提议以自 ...

Core Viewpoint - The evaluation results of information disclosure for listed companies in China for the years 2024 to 2025 show that 85.24% of the 5,366 participating companies achieved a good disclosure quality rating, indicating significant improvements in compliance and transparency in the capital market [1][2]. Group 1: Information Disclosure Quality - A total of 1,001 companies received an A rating (excellent), accounting for less than 20% of the total, highlighting that there is still room for improvement in disclosure quality among many listed companies [2]. - The overall good disclosure rate of 85.24% reflects the effectiveness of strict regulations aimed at enhancing the quality of information disclosure among listed companies [1][2]. - Approximately 2% of companies were rated D (unqualified), which, while a small percentage, represents significant concerns for thousands of investors due to issues like false records and misleading statements [2]. Group 2: Importance of Information Disclosure - Information disclosure serves as a crucial window for listed companies to showcase their value, providing essential insights into their operational strategies, business structures, financial conditions, and competitive landscapes [1]. - The current trend indicates that most listed companies are adhering to regulations and are increasingly willing to disclose their true operational status and significant events, thereby fostering a more reliable information environment for investors [1][2]. Group 3: Future Directions - The capital market in China is transitioning towards a phase of high-quality development, necessitating a higher caliber of listed companies and improved information disclosure practices [3]. - Companies are encouraged to view information disclosure not merely as a compliance requirement but as an opportunity to actively communicate and build trust with investors, aiming for higher standards beyond just passing the minimum requirements [3].

Core Viewpoint - Information disclosure is a core aspect of the registration system, with at least 60 A-share companies penalized for disclosure issues since 2025, highlighting the importance of transparency in corporate governance [1] Group 1: Information Disclosure Evaluation - The Shanghai and Shenzhen stock exchanges evaluate listed companies' information disclosure quality annually, categorizing them into four grades: A (excellent), B (good), C (qualified), and D (unqualified) [3] - Over the past nine years, the number of A-rated companies in the Shanghai market increased from 289 in 2016 to 430 in 2024, although the proportion of A-rated companies decreased from 24.6% to 19% due to the overall increase in evaluated companies [3] - In the Shenzhen market, A-rated companies grew from 375 in 2016 to 523 in 2024, with a similar decline in proportion from 20.2% to 18.4% [7] Group 2: Performance of A-rated Companies - A-rated companies in both markets consistently show strong performance, with over 90% of them paying annual dividends from 2016 to 2024, significantly higher than the overall market [5][9] - The average annual net profit growth rate for A-rated companies in the Shanghai market remained positive, with a peak growth of 60.5% in 2017 and a minimum of 12.78% in 2024 [4] - In the Shenzhen market, A-rated companies had an average net profit growth rate exceeding 30% in seven out of nine years, with the highest growth reaching 85.73% in 2017 [8] Group 3: Performance of D-rated Companies - D-rated companies exhibit poor performance, with an average market value ranging from 4.68 billion to 10.66 billion yuan, significantly lower than A-rated companies, which range from 68.51 billion to 105.38 billion yuan [6] - Over nine years, D-rated companies reported average net profits that were consistently negative, with the worst year showing a decline of -1155.83% in 2018 [6] - Only a small fraction of D-rated companies paid dividends, with less than 30% doing so in 2016 and as low as 1.1% in 2018 [9] Group 4: Implications for Investors - The quality of information disclosure serves as a critical reference for investors, with a clear correlation between disclosure quality and core operational data [10] - The disparity in performance between A-rated and D-rated companies underscores the importance of transparency and governance in attracting investment [10] - Recent evaluations revealed that six A-rated companies experienced a downgrade to C in 2024, indicating potential risks for investors [11]

每经记者｜黄宗彦 每经编辑｜吴永久 信息披露是注册制的核心之一。同花顺iFinD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）， ...

Core Viewpoint - The company is focused on enhancing its core business and improving operational quality and development standards, while also managing investor relations and increasing transparency in information disclosure to boost investment value [1] Group 1 - The company emphasizes continuous focus on its main business operations [1] - The goal is to improve the quality of the company as a foundation for enhancing operational levels and development quality [1] - The company aims to enhance investor relations management and improve the quality and transparency of information disclosure [1]

Core Viewpoint - The Shenzhen Stock Exchange has awarded Guohai Securities (000750) the highest rating of A for its information disclosure work for the 2024-2025 period, reflecting the company's commitment to prudent operations and high-quality governance [1] Group 1: Information Disclosure Quality - Information disclosure quality is a key indicator of high-quality development for listed companies and serves as a crucial basis for investors' value judgments and investment decisions [1] - Guohai Securities emphasizes a "investor-centered" approach, aiming to enhance transparency and improve the quality of information disclosure [1] Group 2: Shareholder Returns - The company has implemented multiple cash dividends annually for two consecutive years, with a total cash dividend of 3.473 billion yuan since its listing, demonstrating its commitment to returning value to shareholders [1] Group 3: Regulatory Recognition - The A rating reflects high recognition from regulatory authorities and the capital market for Guohai Securities [1] - The company plans to continue adhering to information disclosure requirements and enhance its governance and disclosure quality to promote high-quality development [1]

Core Viewpoint - Shenzhen Stock Exchange has awarded Xinbao Co., Ltd. an "A" grade for information disclosure for the 2024-2025 period, marking the ninth consecutive year of receiving this highest rating, reflecting the regulatory body's recognition of the company's compliance and investor relations management [1][2] Group 1: Information Disclosure and Governance - Xinbao Co., Ltd. has maintained high-quality information disclosure as the foundation of its corporate governance, establishing a comprehensive compliance operation system [1] - The company continuously revises and improves its information disclosure system, optimizes its governance structure, and strengthens internal training and compliance review to enhance operational governance and risk control capabilities [1] - Among 5,366 listed companies evaluated by the three exchanges, 1,001 received an "A" grade, representing 18.65%, with only 114 companies maintaining this rating for nine years or more, indicating long-term stability in information disclosure quality [1] Group 2: Investor Returns and Future Plans - Xinbao Co., Ltd. has implemented a "Quality and Return Improvement" action plan, investing 80 million yuan in share buybacks in 2024 and nearly 100 million yuan in 2025 for employee stock ownership plans [2] - The company plans to distribute approximately 121 million yuan in cash dividends in 2025, marking its first mid-term dividend, with total dividends since listing reaching 3.195 billion yuan and share buyback amounting to about 610 million yuan [2] - Moving forward, the company aims to enhance information disclosure quality and governance effectiveness while safeguarding investor rights and creating long-term, stable value returns for shareholders [2]

Core Viewpoint - Shenzhen Stock Exchange announced the results of the 2024-2025 information disclosure evaluation for listed companies, with Zhongjin Radiation (300962) receiving the highest rating of A for the fourth consecutive year, reflecting strong information disclosure quality and effective corporate governance [1] Group 1: Evaluation Results - A total of 5,104 companies participated in the evaluation, with 953 achieving the highest rating of A [1] - There are 515 companies that have received the A rating for three consecutive years or more [1] Group 2: Evaluation Criteria - The evaluation measures the quality of information disclosure and the level of regulatory compliance, covering aspects such as the normativity and effectiveness of information disclosure, investor relations management, investor returns, social responsibility disclosure, and any penalties or regulatory actions taken against the company [1] Group 3: Company Commitment - Zhongjin Radiation aims to enhance corporate governance, strengthen the information disclosure system, and establish a long-term investor communication mechanism [1] - The company is committed to practicing ESG management, driving innovation, and achieving industrial synergy to become a leading enterprise in health service technology [1]

Core Viewpoint - The quality of information disclosure is a crucial indicator of the quality of listed companies and serves as an important basis for investors' decision-making. The Shanghai and Shenzhen Stock Exchanges have emphasized the importance of this quality and have set higher requirements for listed companies in their recent evaluation guidelines [1][3]. Summary by Sections Information Disclosure Evaluation - In 2024-2025, 42 A-share listed banks received ratings of B or above for their information disclosure, with 22 banks rated A. The ratings remained consistent with the previous year for most banks, with only six experiencing changes [1][2][6]. Evaluation Criteria - The evaluation of information disclosure quality includes eight main aspects: compliance, effectiveness, investor relations management, return to investors, social responsibility disclosure, penalties and regulatory measures, support for exchange operations, and other factors recognized by the exchange [3][5]. Impact on Financing and Mergers - The evaluation results are considered in the review of refinancing and mergers and acquisitions. Companies rated A will receive various supports, such as exemptions from post-review for certain disclosures and prioritized training opportunities [6][7]. Bank Responses and Commitments - Several banks, including Hangzhou Bank and Citic Bank, have publicly committed to enhancing their information disclosure quality following their A ratings. They emphasize transparency, effective communication, and adherence to regulations as key components of their strategies [9][10][11].

Core Viewpoint - The quality of information disclosure is a crucial indicator of the quality of listed companies and serves as an important basis for investors' decision-making. The Shanghai and Shenzhen Stock Exchanges have emphasized the importance of information disclosure quality and have implemented comprehensive evaluations of listed companies' disclosure practices [1][3]. Group 1: Regulatory Framework - In March, the Shanghai and Shenzhen Stock Exchanges released guidelines focusing on enhancing information disclosure regulation, punishing financial fraud, strengthening cash dividend supervision, and promoting the enhancement of investment value for listed companies [1][3]. - The evaluation criteria for information disclosure quality include eight aspects: normative disclosure, effective disclosure, investor relations management, return to investors, social responsibility disclosure, penalties and regulatory measures, support for exchange work, and other factors recognized by the exchange [3][5]. Group 2: Evaluation Results - Among the 42 A-share listed banks, all received ratings of B or above, with 22 banks rated A. Most banks maintained their ratings from the previous year, with only six experiencing changes [3][6]. - The banks rated A include major state-owned banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, and China Bank, as well as several joint-stock and city commercial banks [6][7]. Group 3: Impact on Capital Activities - The evaluation results of information disclosure will influence the review of refinancing and mergers and acquisitions for listed banks, establishing a strong market incentive and constraint mechanism [5][8]. - Both the Shanghai and Shenzhen Stock Exchanges provide various supports and conveniences for companies rated A, such as exemptions from post-review for temporary reports and reduced inquiry rounds for restructuring audits [8][9]. Group 4: Commitment to Improvement - Several banks, including Hangzhou Bank and China CITIC Bank, have publicly committed to further enhancing their information disclosure quality following their A ratings, emphasizing transparency, effective communication, and governance [10][11]. - China CITIC Bank has highlighted its commitment to investor rights protection, having distributed over RMB 170 billion in cash dividends and planning to increase its mid-term dividend payout ratio [11].