短短一周内，10家上市公司接连曝出被立案调查、收到警示函或被实施风险警示的消息，从信披违规、资金占用到财务造假，风险链条环环相扣。 这场监管"雷暴"不仅揭开了部分上市公司隐匿的治理漏洞，更让投资者意识到——当前市场正处于"劣币驱逐良币"的清算时刻。 11月第三周，证监会的立案通知书密集送达上市公司办公室。 2025年的A股市场，监管风暴来得比往年更猛烈。 豪尔赛（002963）和聚石化学（688669）均因信披违规被立案，尽管两家公司紧急声明"经营正常"，但市场用脚投票，股价应声下跌。 真正的高风险区集中在ST长药（300391）和ST立方（300344）身上。 ST长药因"定期报告财务数据虚假记载"被立案，叠加净资产为负（2025年三季度末-6.43亿元）、141起诉讼（涉案金额18.85亿元）及子公司欠税1.2亿元， 已成为退市风险"火药桶"。 ST立方的立案时间可追溯至今年4月，若调查坐实财务造假，创业板强制退市规则将直接启动。 监管趋势显示，2025年至今已有100家上市公司或高管被立案，其中7月单月达15家峰值。 财务造假与信披违规成为重灾区，占比超九成。 地方证监局的警示函揭示了更普遍的违规模式。 ...

这场危机带有一点公共物品的悲剧的味道。战争需要武器、资金和国际背书，但这些资源享受的是全体人民，而代价往往由特定群体承担：纳税 人、前线士兵、普通家庭。当负责分配和监管的人员也被怀疑和调查时，援助国的选民开始提出另一个问题：我们的资金是不是被当作提款机了？ 如果无法说服选民，支持自然难以持续。新闻中提到的国家列表并非巧合，而是政治现实的回响。如果将目光聚焦回乌克兰国内，公众的愤怒不仅 仅针对一张发票或几个账户，更深层次的是对被背叛的感觉。政府想要调动民众为战争做长期牺牲，首要的前提是信任积累，而一旦这份信任被腐 败掏空，恢复起来的代价将比任何武器都要高得多。那些在国外为乌克兰摇旗呐喊的声音，也因为国内的丑闻而显得苍白无力——支持的热情会因 难以监督的账目和看不到的结果而逐渐冷却。在国际政治中，舆论和现实往往是两条不同的轨道。有些人会将俄罗斯情报机构的说法视为信息战的 一部分，但如果回到事实本身：腐败案的发生，部长们的辞职，欧洲国家重新评估援助——这些事实并不依赖于谁在放大它们；它们的影响是实实 在在的。援助方有权质疑受援国的治理，而受援国则必须承受被审视的后果。如果将两者对立成要么支持，要么背叛的极端二选一， ...

李超指出，作为全国性的自律组织，中国上市公司协会要在提升专业服务质量上展现新作为，在培育健 康市场生态上实现新突破，在强化内外联动上凝聚新合力，更好促进上市公司高质量发展。 近日，证监会副主席李超在参加中国上市公司协会第三届理事会第六次会议时表示，证监会将更大力度 推动制度建设，优化上市公司结构；更加精准高效防控风险，加强全链条监管；更加突出投资者保护， 增强投资者信任和信心。 李超指出，上市公司是资本市场之基。近年来，证监会坚持市场化、法治化，严格把好入口关和出口 关，强化上市公司监管，持续净化市场生态。特别是新"国九条"和资本市场"1+N"政策体系发布实施以 来，证监会紧扣防风险、强监管、促高质量发展的主线，坚持信息披露和公司治理双轮驱动，加强基础 制度建设，开展打击财务造假专项行动，以优制度、严监管、治乱象、净生态护航上市公司高质量发 展。上市公司实体经济"基本盘"地位更加彰显，新质生产力的"生力军"队伍持续壮大，履行社会责任 的"示范者"作用日益深化，公司治理"担当者"基础不断夯实。 李超表示，党的二十届四中全会把推动高质量发展作为"十五五"时期经济社会发展的主题，明确提出要 提高资本市场制度包容性、 ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇11月20日｜1月18日，中国上市公司协会第三届理事会第六次会议在北京召开。中国证监会党委 委员、副主席李超表示，证监会将更大力度推动制度建设，优化上市公司结构；更加精准高效防控风 险，加强全链条监管；更加突出投资者保护，增强投资者信任和信心。 ...

Core Insights - The Beijing Stock Exchange (BSE) has demonstrated strong resilience and vitality over its four years of operation, with the North Exchange 50 Index increasing by over 50% despite complex external environments [1][3] - A comprehensive regulatory framework has been established to support the development of innovative small and medium-sized enterprises (SMEs), ensuring a balance between compliance and growth [2][3] Group 1: Regulatory Framework - The BSE prioritizes strict regulation and risk prevention, creating a system that respects the development of enterprises while maintaining compliance [2] - Nearly 80% of the 282 listed companies on the BSE are SMEs, with over half being national-level "specialized and innovative" enterprises [2] - The BSE has adopted a "zero tolerance" policy towards financial fraud, ensuring strict penalties and promoting corporate governance [2] Group 2: Financing Tools - The BSE has facilitated over 60 billion yuan in direct financing for listed companies, averaging 20 million yuan per company, addressing the financing challenges faced by SMEs [4] - The bond market has seen significant developments, with over 13 trillion yuan in national bonds issued and nearly 990 billion yuan in local government bonds, supporting regional economic growth [4] - A diverse financing system has been established, allowing companies to choose financing tools based on their development stages, marking a shift from merely providing a "listing channel" to offering comprehensive financial solutions [4][6] Group 3: Market Mechanisms - The BSE is exploring the introduction of after-hours fixed-price trading to reduce transaction costs and enhance market participation [5] - The anticipated launch of the North Exchange 50 ETF aims to provide convenient investment options for individual investors and long-term funds [5][6] Group 4: Ecosystem Development - The BSE is focused on building a collaborative ecosystem that supports long-term enterprise development, moving from a focus on "hard systems" to "soft ecosystems" [7] - Strategic partnerships with government agencies and local authorities are being established to enhance service quality for SMEs [7] - The BSE aims to attract long-term capital by optimizing the market's funding structure and ensuring that a significant portion of listed companies receive venture capital investment [7] Group 5: Future Outlook - The BSE has outlined four key development dimensions for the future, including optimizing listing standards, enhancing the quality of listed companies, and promoting digital trading solutions [8] - The establishment of a positive market ecosystem is emphasized, aiming for a market where participants are willing to invest and remain engaged [8]

Core Viewpoint - The introduction of the "Eight Measures" marks a significant step in establishing a regulatory framework to prevent "ocean fishing" style law enforcement, which has been detrimental to both businesses and individuals, as well as the credibility of enforcement agencies [1][3]. Group 1: Regulatory Framework - The "Eight Measures" were jointly issued by market regulatory departments in Jiangsu, Zhejiang, Anhui, and Shanghai to leverage collaborative enforcement advantages in the Yangtze River Delta [1]. - This initiative aims to prevent illegal cross-regional enforcement and profit-driven law enforcement practices, which have been a growing concern [1][2]. Group 2: Challenges Addressed - The main challenges in preventing "ocean fishing" style enforcement include difficulties in jurisdictional norms, the suspension of enforcement in disputed cases, and effective supervision [1][2]. - The "Eight Measures" respond to these challenges by reinforcing the rigidity of "collaborative investigation" and requiring prior notification to local departments for cross-regional evidence collection [2]. Group 3: Protection of Rights - The introduction of a "suspension of execution" mechanism for disputed cases aims to protect the legal rights of involved parties, preventing irreversible damages caused by aggressive enforcement actions [2]. - This mechanism includes halting not only the enforcement process but also the suspension of any previously taken coercive measures [2]. Group 4: Supervision and Accountability - The "Eight Measures" enhance supervision of cross-regional enforcement by mandating timely reporting of suspected violations to higher authorities, especially in cases with significant impact [2][5]. - The need for a comprehensive constraint system is emphasized, as current enforcement personnel often act in the interest of local benefits, necessitating stronger institutional frameworks [4]. Group 5: Ongoing Efforts - Continuous efforts are required to strengthen institutional frameworks and increase punitive measures against "ocean fishing" style enforcement to create effective deterrence [5]. - Recent data from the Supreme People's Procuratorate indicates an increase in oversight of such cases, with 30 key cases being addressed in the first nine months of the year [5].

Core Viewpoint - A new form of bureaucratic behavior termed "upward shifting of responsibility" is emerging in many companies, particularly among middle management, leading to decision-making delays and organizational inefficiencies [1][2]. Group 1: Manifestations of "Upward Shifting of Responsibility" - The first manifestation is the tendency to report everything upward without making decisions, where middle managers act as mere conduits for information rather than taking initiative [4][5]. - The second manifestation involves deferring actions downward, where middle managers respond to requests with "waiting for leadership's reply," causing execution breakdowns and eroding team motivation [7][9]. - The third manifestation is detachment from responsibilities, where middle managers claim ignorance of decisions made by upper management, leading to a disconnect between strategy and execution [10][12]. Group 2: Solutions to Address "Upward Shifting of Responsibility" - The first solution is to improve institutional frameworks and clarify responsibilities, ensuring that every key task has designated decision-makers and executors to prevent ambiguity [16][19]. - The second solution is to enhance performance incentives, rewarding those who take responsibility and holding accountable those who shift blame, fostering a culture of accountability [22][25]. - The third solution is to create a safe environment that encourages risk-taking and innovation, allowing employees to feel secure in making decisions without fear of repercussions [26][30].

Core Points - The 20th Central Commission for Discipline Inspection emphasizes institutional development, focusing on deepening organizational reform and enhancing systemic effectiveness to improve overall work quality [1] Group 1: Institutional Development - Jilin Province's Siping City Discipline Inspection Commission prioritizes institutional construction by launching a "Year of Institutional Development" initiative, planning to formulate and revise 75 regulations to enhance the quality of discipline inspection work [1] Group 2: Supervision System - Siping City Discipline Inspection Commission establishes a political supervision framework, detailing tasks, targets, content, and standards to clarify supervision processes and prevent issues of generalization and virtualization [2] - Specific measures are taken to strengthen supervision of key individuals, including the development of guidelines for supervising top leaders and a checklist for upper-level leaders overseeing their subordinates [2] - Collaborative supervision mechanisms are created with the Public Security Bureau to address issues related to public officials outside of work hours, aiming for comprehensive oversight of misconduct and corruption [2] - Measures are implemented to enhance the effectiveness of stationed supervision, focusing on leadership guidance, unified management, and team building [2] Group 3: Case Quality and Compliance - The Siping City Discipline Inspection Commission focuses on improving the quality of case handling by establishing procedures for the transfer of problem leads between departments, ensuring timely detection and resolution of violations [3] - Guidelines are set for feedback on complaints and reports, standardizing the response process to meet public expectations [3] - A joint review process is established for the resolution of problem leads, ensuring adherence to procedures and standards [3] Group 4: Internal Supervision and Accountability - The Siping City Discipline Inspection Commission implements measures to enhance internal supervision, promoting accountability among its members and ensuring they lead by example [4] - A regular supervision dialogue mechanism and warning education system are established to manage and correct potential issues among staff [4] - A compilation of regulations is created to facilitate compliance checks and ensure that discipline inspection personnel perform their duties according to established laws and regulations [4]

Core Insights - The article highlights the life and impact of Guan Jingsheng, known as the "father of Chinese securities," who founded Wanguo Securities, the first joint-stock securities company in China, and played a pivotal role in the early development of the Chinese capital market [1][2] Group 1: Historical Context - In the late 1980s, China was undergoing a critical economic transformation, integrating market-oriented principles into its planned economy, which created both opportunities and challenges for emerging market participants [1] - Guan Jingsheng's leadership at Wanguo Securities exemplified the entrepreneurial spirit, innovation, and international perspective characteristic of early reform-era entrepreneurs [2] Group 2: Achievements and Innovations - Wanguo Securities achieved rapid growth, expanding from a few million yuan in capital to an asset scale of several billion yuan within a few years, and was established two years before the Shanghai Stock Exchange [2] - The company pioneered several initiatives in the Chinese securities market, including the establishment of Wanguo Law Firm and the creation of an investment banking division, setting a precedent for the industry [2] Group 3: Challenges and Lessons - The early days of the securities market were fraught with challenges, including institutional shortcomings that led to significant risks, as exemplified by Guan Jingsheng's speculative actions during the 327 bond incident [3][4] - The 327 bond incident, where Wanguo Securities attempted to exploit trading rule loopholes, resulted in a massive market disruption and highlighted the necessity for robust regulatory frameworks in emerging markets [3][4] Group 4: Regulatory Impact - The fallout from the 327 bond incident prompted significant regulatory reforms aimed at strengthening risk management and standardizing trading practices in the securities market [4] - Guan Jingsheng's experience underscored the importance of institutional integrity and the need for a well-regulated market to ensure sustainable growth and development in the capital markets [4]

Core Viewpoint - The article highlights the legacy of Guan Jingsheng, the founder of Wanguo Securities, and his significant role in the development of China's capital markets, emphasizing both his pioneering spirit and the lessons learned from the failures associated with the "327 bond incident" [1][2][3]. Group 1: Historical Context - Wanguo Securities was established in 1988, marking the beginning of China's first securities company and the first joint-stock securities firm in the country [1]. - Guan Jingsheng is referred to as the "father of Chinese securities," having played a crucial role in the market's early development during a time of significant economic transition in the late 1980s [1][2]. Group 2: Key Events and Lessons - The "327 bond incident" in 1995 involved Wanguo Securities exploiting trading rule loopholes, leading to a massive overselling of bonds worth 1,460 billion yuan, while the total issuance was only 240 billion yuan [2]. - The aftermath of the incident resulted in Guan Jingsheng's resignation and subsequent imprisonment for corruption, serving as a critical lesson on the necessity of robust regulatory frameworks in financial markets [2][3]. Group 3: Regulatory Evolution - The fallout from the "327 bond incident" prompted a swift regulatory response, including the suspension of bond futures trading and the introduction of stricter risk management and trading policies [3]. - The evolution of the capital market has led to the implementation of a comprehensive registration system, enhancing transparency and legal accountability, which are essential for a healthy market environment [3].