以下文章来源于杠杆财富 ，作者财富君 杠杆财富 . 读懂财富逻辑，揭秘金融圈"杠杆"（联系邮箱：258954017@qq.com） 导语： 监管的"牙齿"越来越锋利，券商们的"好日子"恐怕真的结束了。 11月14日，浙江、厦门两地证监局单日集中开出8张罚单，上海证券、华福证券、广发证券、三家机构及相关从业人员集体"中招"。 | D 公开指南 | 政府信息 | 当前位置：行政监管措施 | | | | | --- | --- | --- | --- | --- | --- | | | | 序 | 标题 | 文号 | 发文日期 | | 政府信息 公开制度 | | | 关于对陈金微采取监管谈话措施的决定 | | 2025-11-14 | | | | 2 | 关于对黄文晓采取监管谈话措施的决定 | | 2025-11-14 | | 政府信息 公开年度报告 | | ന | 关于对朱伶俐采取监管谈话措施的决定 | | 2025-11-14 | | | | 4 | 关于对颜伶俐采取监管谈话措施的决定 | | 2025-11-14 | | ili 主动公开 日 | | ਟੇ | ** 措施的决定 | | 2025-11-14 ...

Core Insights - Since the fourth quarter of 2025, over ten securities firms have received penalties from exchanges and local securities regulatory authorities, indicating a continued state of strict regulation in the industry [1] Group 1: Types of Violations - The penalties are primarily focused on two areas: 1. Investment banking violations, involving firms such as First Capital Securities, Minmetals Securities, Huafu Securities, and Caitong Securities [2] 2. Brokerage business issues, which include Shanghai Securities, Jinyuan Securities, Bank of China Securities, Bohai Securities, and Shenwan Hongyuan Western Securities [2]

Core Viewpoint - Dongfang Securities and related personnel received a warning letter from the Beijing Stock Exchange (BSE) for failing to exercise due diligence in their operations [2][3]. Group 1: Regulatory Actions - On September 26, 2025, Dongfang Securities and related personnel were issued a warning letter by the BSE due to a lack of diligence [3]. - Earlier in 2024, Dongfang Securities completed the merger with its investment banking subsidiary, Dongfang Securities Underwriting and Sponsorship Co., which resulted in the transfer of all existing clients and business operations to Dongfang Securities [4]. - In April 2024, Dongfang Securities and two project sponsors received written warnings from the Shenzhen Stock Exchange for failing to ensure timely disclosure of relevant merger information by the listed company Robotech [4][5]. Group 2: Compliance and Internal Measures - The Shenzhen Stock Exchange emphasized that Dongfang Securities should take corrective actions and submit a written report signed by key personnel within 20 trading days of receiving the regulatory letter [5]. - In June 2024, the China Securities Association published a classification list of sponsoring representatives, indicating that two representatives from Dongfang Securities were subjected to self-regulatory measures by the BSE [5]. Group 3: Market Context - The BSE has been implementing strict regulatory measures since its establishment, focusing on key individuals and events to promote the standardized operation of listed companies and enhance the stability of the multi-tiered capital market [6].

Core Insights - The regulatory environment for securities firms in China remains stringent, with a notable decrease in the number of regulatory letters issued, reflecting improved compliance awareness among firms [1][3][8] Regulatory Overview - In the first half of 2025, a total of 73 regulatory letters were issued to 49 securities firms, a nearly 40% decrease compared to the same period in 2024, which saw 121 letters issued to 46 firms [1][3] - CITIC Securities was the most frequently named firm, receiving four regulatory letters, highlighting ongoing compliance issues within its operations [3][4] Compliance Issues - Many regulatory letters were related to underwriting and sponsorship violations, with a significant number of cases involving false disclosures or misleading statements [5][6] - Specific incidents included CITIC Securities failing to report disciplinary actions from other exchanges and issues with internal controls regarding revenue verification [4][5] Employee Conduct and Accountability - Regulatory actions have also targeted individual employees, with instances of "joint liability" where firms are held accountable for employee misconduct [7][8] - For example, employees at Kaiyuan Securities were penalized for failing to verify client qualifications, leading to broader repercussions for the firm [7] Recommendations for Improvement - Experts suggest that securities firms need to enhance internal review processes and governance structures to ensure compliance and mitigate risks associated with employee behavior [8] - There is a call for regular training and education to improve the professional standards and legal awareness of employees within the industry [6][8]

Core Viewpoint - The article discusses recent disciplinary actions taken by the Shenzhen Stock Exchange against two brokerage firms, Shengan Securities and Wukuang Securities, for various regulatory violations in client management and IPO sponsorship activities [1]. Summary by Sections Shengan Securities - Shengan Securities received a public reprimand from the Shenzhen Stock Exchange due to inadequate management of client trading behaviors, investor suitability management, and investor education efforts [2]. - A site inspection conducted from November 11 to November 15, 2024, revealed several violations, including unclear internal management responsibilities, insufficient assessment of branch performance, and failure to timely communicate risks to clients [2][3]. - Previous warnings were issued in 2022 and 2024, but there was no significant improvement in their client trading behavior management [2][3]. Wukuang Securities - Wukuang Securities received a written warning from the Shenzhen Stock Exchange for violations related to its role as the sponsor for the IPO of Shanxi Ningguo New Materials Co., Ltd. [4]. - The firm was found to have inadequately verified several critical aspects of the issuer's operations, including product-related matters, revenue recognition, internal controls, and procurement processes [5][6][7][8][9]. - Additional issues included insufficient checks on the issuer's information systems, governance practices, and financial transaction procedures, leading to a lack of proper documentation and evidence [10][11][12]. - Wukuang Securities is required to submit a written rectification report within twenty trading days, emphasizing the need for compliance with legal regulations and improvement in the quality of its sponsorship services [12].