据深水财经社发布的《2025年A股上市公司发展报告中介机构篇》显示，2025年A股共有116家公司完成 首发上市，较上年增加16家。 2025年A股IPO市场暖意渐浓，全面注册制改革的深化让资本市场服务实体经济的功能愈发凸显。 作为企业上市进程中的核心枢纽，券商、会计师事务所、律师事务所三大中介机构的竞争格局与服务质 量，直接关系到IPO市场的健康度。 合计募集资金1317.71亿元，同比激增95.63%，创下近年新高。截至2025年末，两市A股上市公司总数 已达5469家。 头部集聚效应极致凸显 小睿就带大家拆解2025年A股IPO中介机构格局，头部扎堆抢食，监管趋严下 "看门人" 责任再升级。 容诚会计师事务所以29个IPO项目遥遥领先，天健、立信分别以20个和17个项目位列第二、第三。 容诚的异军突起得益于对硬科技企业的深耕，在半导体、生物医药等高景气赛道的项目储备量持续走 高。 专业细分成突围关键 天健则凭借浙江区域的深厚根基，成为浙商企业上市的首选合作伙伴，其申报项目储备量以74家位居行 业第一。 2025年券商IPO保荐赛道的"马太效应"呈现白热化态势，不仅项目数量高度集中，承销金额的头部垄断 特 ...

作者 | 深水财经社 乌海 2025年A股市场IPO生态持续活跃，券商、会计师事务所与律师事务所作为核心中介机构，在企业上市进程中扮演着关键角色。 近日，深水财经社发布2025年A股上市公司发展报告中介机构篇，对过去一年A股IPO中介机构的项目情况进行了梳理分析。本报告数据均来源于WIND，如 有数据不一致的情况，均已交易所披露信息为准。 2025年，A股共有116家公司完成首发上市，比上年多16家，合计募集资金1317.71亿元，比上年多644.18亿原。截至2025年末两市合计有A股上市公司5469 家。 在券商保荐领域，国泰海通以17家A股上市项目登顶榜首，中信证券以15家紧随其后，中信建投则以11家位列第三。 这一排名延续了近年来头部券商的领先态势，国泰海通凭借在长三角地区的深厚布局和多元化的企业服务能力，在科创板与创业板项目中表现尤为突出。 中信证券则依托全产业链服务优势，在大型央企和科技创新企业上市项目中持续发力。 中信建投和中信证券同属"中信系"券商，在北交所项目中展现出强劲竞争力，成为专精特新企业上市的重要推手。 华泰联合与招商证券以9家并列第四，显示出第二梯队券商正在加速追赶，行业马太效应下 ...

Core Viewpoint - Qingdao's capital market has shown resilience and vitality during the 14th Five-Year Plan period, contributing significantly to the high-quality development of the regional economy, with expectations to continue this trend into the 15th Five-Year Plan period [1] Group 1: Capital Market Development - Qingdao has seen an increase of 33 companies listed domestically and internationally over the past five years, bringing the total to 86, a 46% increase compared to the end of the 13th Five-Year Plan [2] - The number of domestic listed companies rose by 23 to 65, marking a 48% increase, positioning Qingdao third among northern cities, following Beijing and Tianjin [2] - The capital market ecosystem in Qingdao is continuously optimizing, with 1 company under review by the Beijing Stock Exchange and another by the Shenzhen Stock Exchange, alongside 25 companies in the counseling and filing stage [2] Group 2: Economic Impact - The total market value of Qingdao's domestic listed companies has steadily increased, with the securitization rate rising from 52% to 65%, an increase of 13 percentage points [4] - In 2024, the total revenue of Qingdao's domestic listed companies reached 649.1 billion yuan, and net profit was 45 billion yuan, representing growth of 50% and 54% respectively compared to 2020 [4] - In the first three quarters of 2025, revenue exceeded 500 billion yuan, with a year-on-year growth of 6.07%, surpassing the national average of 1.36% [4] Group 3: Industry Structure and Innovation - Qingdao's 65 domestic listed companies span 12 industry categories, with manufacturing being the dominant sector, comprising 47 companies across 18 sub-sectors [4] - There were 139 mergers and acquisitions in the past five years, a 72% increase from the 13th Five-Year Plan period, enhancing the industrial chain [4] - R&D expenditure for Qingdao's listed companies doubled from 10.2 billion yuan to 21.7 billion yuan over five years, reflecting a strong focus on technological innovation [6] Group 4: Global Expansion - From 2021 to mid-2025, overseas business revenue for Qingdao's listed companies reached 960.6 billion yuan, a 58% increase compared to the 13th Five-Year Plan period, with overseas revenue accounting for 36% of total revenue [5] Group 5: Investor Returns - Over the past five years, Qingdao's listed companies distributed over 70 billion yuan in dividends, doubling the amount from the 13th Five-Year Plan period [8] - The number of companies distributing dividends and the total amount reached historical highs in mid-2025, totaling nearly 4.5 billion yuan, 2.5 times that of the previous year [8] Group 6: Wealth Management and Financial Services - Qingdao's wealth management scale in the securities, fund, and futures sectors surpassed 1.6 trillion yuan, more than doubling since the end of the 13th Five-Year Plan [10] - The establishment of new financial institutions, including the first new futures company in over 20 years, has enhanced the financial service system in Qingdao [9]

Core Insights - The "2025 Annual Capital Market Outstanding Practitioners Ceremony" was successfully held in Suzhou, focusing on enhancing the quality of companies preparing for IPOs and promoting regional capital market development [1][3] Group 1: Event Overview - The event was guided by the Suzhou Municipal Financial Office and the Gusu District People's Government, organized by Shenzhen Panorama Network Co., Ltd., and aimed to create a high-end platform for communication between capital market practitioners and outstanding IPO candidates [3] - The event featured a "Listing Acceleration Exchange Meeting," where five selected emerging companies showcased their innovations in sectors like healthcare and smart security to nearly 200 capital market intermediaries [3][4] Group 2: Financial Services Innovation - The "Jiangsu Capital Market Reception Hall" was inaugurated, integrating the smart roadshow system to enhance financial services and support the development of the Jiangsu regional capital market [5][7] - A strategic cooperation framework agreement was signed between the Gusu District Development and Reform Bureau and Panorama Network to deepen collaboration in capital market services [7] Group 3: Recognition of Practitioners - A total of 212 individuals and 36 teams were recognized as outstanding practitioners, including 12 outstanding sponsors, 11 accountants, 10 lawyers, 6 bond underwriters, and 4 institutions [8] - The event has successfully hosted two editions since 2023, evaluating nearly 400 intermediary institutions and over 6,500 practitioners, establishing a market-oriented measurement system for capital market service capabilities [8][10] Group 4: Future Directions - The "Outstanding Practitioners" initiative will continue to focus on the needs of China's capital market reform, emphasizing the professional behavior and capabilities of local intermediary service institutions [10]

11.jpg 本届盛典汇聚了来自全国各大证券公司、会计师事务所、律师事务所等中介服务机构的关键岗位精英代 表。他们以专业精神与卓越实践，切实履行资本市场"看门人"职责，成为服务实体经济高质量发展的重 要力量。通过发掘和展示资本市场服务领域的典型案例与杰出代表，盛典致力于推动全行业共同提升服 务实体经济的质效。 在全面注册制改革持续深化、中央金融工作会议擘画"金融强国"宏伟蓝图的新时代背景下，资本市场中 介机构正肩负起更为关键的时代使命。2025年12月18日，以"革故鼎新，鉴证不凡"为主题的"2025年度 资本市场卓越执业英才"盛典，在历史文化名城苏州正式拉开帷幕。这场由全景网主办并得到苏州市相 关政府部门指导的行业盛会，不仅汇聚了各方精英，共襄荣耀时刻，更彰显了资本市场从"规模扩 张"向"质量引领"迈进的坚定决心。 作为资本市场发展历程的见证者与同行者，全景网始终秉持"服务实体经济"的初心，坚持"守正创新"的 发展方向。此次举办的"2025年度资本市场卓越执业英才"活动，在业务范畴上进一步拓展，不仅涵盖 IPO、并购重组等传统领域，也新增了对债券发行等业务的关注。同时，活动视野延伸至港股市场，特 别关注服务 ...

来源：市场资讯 （来源：F金融） 当前，我国资本市场正经历着自全面注册制改革以来最为深刻的制度重构期。随着《上市公司治理准则》（2025年修订）、《上市公司章程指 引》等核心法规的密集出台，2025-2026年已成为上市公司治理现代化的关键政策窗口期。上市公司不仅面临监事会职能向审计委员会转移、职工 代表董事强制设置、独立董事现场履职等结构性变革，更需应对协议转让合规、业绩预告窗口期管理、内幕信息防控等多维度的操作挑战。以下 为大观梳理的上市公司信披工作年度总结，供参考。 3、离任监事若知悉内幕信息，应持续防范内幕交易风险，避免触碰红线。 一、监事会改革 根据证监会《关于新〈公司法〉配套制度规则实施相关过渡期安排》的要求，上市公司应当在2026年1月1日前，按照《公司法》《实施规定》及 证监会配套制度规则等规定，在公司章程中规定在董事会中设审计委员会，行使《公司法》规定的监事会的职权，不设监事会或者监事。上市公 司调整公司内部监督机构设置前，监事会或者监事应当继续遵守证监会原有制度规则中关于监事会或者监事的规定。 监事离任的衔接处理，相关人员的权利义务仍需妥善衔接： 1、离任后6个月内不得减持股份；任期届满后 ...

Core Viewpoint - The trend of "炒小炒差" (speculative trading in small and poor-performing stocks) in the A-share market is shifting, with increasing scrutiny and penalties for companies involved in long-term financial fraud, leading to more companies facing delisting risks [1] Group 1: Company Actions and Penalties - Two companies, Yuan Da Intelligent and ST Cube, have been placed under risk warnings due to long-term financial fraud, with their stock names changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively [1] - On December 2, both companies experienced significant stock price declines, with ST Yuan Zhi closing at 4.33 CNY per share, down 5.04%, and *ST Cube closing at 2.69 CNY per share, down 19.94% [1] - *ST Cube was found to have inflated revenue by over 600 million CNY over three years, resulting in a total penalty of 40 million CNY for the company and several responsible individuals [1] Group 2: Market Trends and Regulatory Environment - ST Yuan Cheng (603388.SH) is set to be delisted on December 5 due to triggering mandatory delisting indicators, stemming from long-term financial fraud and fraudulent issuance [1] - The shift in market sentiment from speculative trading to risk aversion is noted, as funds are moving away from "博傻" (blind speculation) [1] - The collaboration of a "zero tolerance" system and a normalized delisting mechanism is seen as a natural outcome of the ongoing comprehensive registration system reform [1]

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market due to long-term financial fraud, leading to a shift in investor sentiment from speculative trading to risk aversion [2][11]. Group 1: Regulatory Actions and Consequences - On December 2, 2023, two companies, Yuan Da Intelligent (ST远智) and ST Cube (ST立方), received risk warnings and their stock names were changed to ST Yuan Zhi (002689.SZ) and *ST Cube (300344.SZ) respectively, both experiencing significant stock price declines [2]. - ST Cube was found to have inflated revenue by over 600 million yuan over three years, resulting in a total fine of 40 million yuan for the company and several responsible individuals [2][5]. - ST Yuan Zhi is set to be delisted on December 5, 2023, due to triggering mandatory delisting indicators, with a history of financial fraud and fraudulent issuance [2][10]. Group 2: Financial Fraud Details - ST Yuan Zhi was found to have inflated revenue by approximately 336 million yuan and profits by about 93.26 million yuan from 2019 to 2021, with significant discrepancies in revenue recognition practices [3][4]. - ST Cube inflated its revenue by 638 million yuan from 2021 to 2023, with over 50% of its total revenue in 2021 and 2022 being fictitious [5][9]. - Both companies had previously corrected accounting errors, with ST Yuan Zhi reporting losses in 2020 and 2021 after adjustments, while ST Cube faced regulatory scrutiny for its accounting practices [6][8]. Group 3: Market Sentiment Shift - The article notes a shift in market sentiment from speculative trading in underperforming stocks to a focus on selecting quality investments, as indicated by the increasing regulatory actions against ST companies [2][12]. - The regulatory environment is described as a "zero-tolerance" approach, aiming to cleanse the market of problematic companies and ensure a healthier capital market [11].

Core Viewpoint - The article discusses the increasing regulatory scrutiny and consequences faced by ST companies in the A-share market, highlighting a shift from speculative trading to risk-averse investment strategies as a result of ongoing reforms and a "zero tolerance" approach to financial misconduct [3][16]. Financial Misconduct and Penalties - ST Yuanzhi and *ST Lifang have been subjected to risk warnings and penalties due to long-term financial fraud, with *ST Lifang found to have inflated revenue by over 600 million yuan across three years [3][5][8]. - ST Yuanzhi was penalized for falsely reporting sales and rental income, leading to inflated revenues of approximately 336 million yuan and profits of about 93 million yuan from 2019 to 2021 [5][6]. - *ST Lifang's fraudulent activities included inflated revenues of 280 million yuan, 312 million yuan, and 46 million yuan for the years 2021 to 2023, with penalties totaling 40 million yuan imposed on the company and its executives [8][7]. Changes in Market Behavior - There is a notable shift in investor behavior from speculative trading in low-quality stocks to a more cautious approach focused on selecting high-quality investments, as indicated by the recent regulatory actions against ST companies [3][16]. - The article emphasizes that the market is moving away from the "炒差" (speculative trading) mentality towards a more mature investment philosophy that prioritizes risk management [18]. Financial Performance of Companies - Both ST Yuanzhi and *ST Lifang have reported significant financial losses in recent years, with ST Yuanzhi's net profit losses exceeding 400 million yuan from 2018 to 2022, and *ST Lifang's losses surpassing 1 billion yuan over five years [14][15]. - In 2023, *ST Lifang continued to report losses, with a net profit loss of approximately 62 million yuan in the first nine months [14]. Regulatory Environment - The article highlights the intensified regulatory environment for ST companies, with a focus on maintaining market integrity and eliminating fraudulent entities as part of the ongoing registration system reforms [16][17]. - The regulatory actions are seen as a necessary step to "clear the market" and ensure a healthier investment ecosystem [17].

姑苏城外，科创潮涌。12月2日下午，"产业向新 智创苏州——2025年苏州上市公司投资者集体接待 日"将如期而至，为全球投资者开启一场与苏州产业新力量的深度对话。 本次活动由苏州市地方金融管理局指导，苏州市上市公司协会主办，深圳市全景网络有限公司协办，东 吴证券股份有限公司、广发证券股份有限公司协办，活动旨在搭建上市公司与投资者之间的高效沟通平 台，进一步提升苏州上市公司的投资价值与发展质量。 "苏州板块"业绩亮眼，市值营收双增长 在数字经济与科技创新深度融合的背景下，活动特别设置数字人播报环节，以智能化方式呈现苏州上市 公司经营亮点。此外，交易所专家与券商分析师将围绕资本市场政策、行业趋势等主题进行分享，为投 资者提供专业参考。 随着全面注册制改革的深入推进，提高上市公司质量和投资者关系管理日益重要。苏州通过举办此类活 动，不仅有助于增强市场对"苏州板块"的认知与信心，也为上市公司倾听投资者声音、优化治理结构提 供了重要契机。在产业向新、智创发展的道路上，苏州上市公司正以扎实的业绩与开放的姿态，迎接更 广阔的发展空间。 今年以来，苏州上市公司交出了一份令人瞩目的"成绩单"。截至2025年11月30日，苏州境 ...