登录新浪财经APP 搜索【信披】查看更多考评等级 来源 | 独角金融 一纸罚单，将资产规模达4373.58亿元的东方证券（600958.SH）再次置于镁光灯下。因未勤勉尽责，北 交所对东方证券及相关人员出具警示函措施。 这已经是该公司5个月内收到的第三张罚单：4月份，因在罗博特科（300757.SZ）并购项目中执业违 规，东方证券被深交所书面警示；6月，公司保荐代表人因"履职违规"被北交所采取自律监管措施，涉 及的保荐代表人包括李方舟、吕晓斌，两名保代共同保荐的北交所项目为大鹏工业。 | 序号 | 日期 | 处罚对象 | 措施类型 | 违规事由 | | --- | --- | --- | --- | --- | | | 2025/9/26 | 东方证券及相关人员 | 出具警示函 | 未勤勉尽责 | 图源：北京证券交易所 上半年，东方证券交出了一份亮眼的成绩单：净利润狂揽34亿元，同比增幅超60%。然而，业绩高增长 背后，监管层的警示信号正接连响起。从深交所的书面警示到北交所的自律监管，罚单背后暴露的，是 其投行业务扩张下风控面临的挑战。 1 今年收三张罚单！保荐29家撤回7家，4家北交所项目中止审查 此次东方 ...

国庆假期临近，券商的罚单却未止步。在9月23日至9月26日的短短四天时间内， 三家券商被 地方证监局点名，分别为中信建投、中信证券与财通证券 。尽管所处地域与违规事由各不相 同，密集出现的监管措施仍反映出当前机构合规执行中的薄弱环节。 其中， 中信建投因持续督导未尽责而受罚 。其督导的新三板挂牌公司阳光中科，在2023年9 月至2024年4月期间多个车间陆续停产，却未按规定披露该重大经营变化。作为主办券商，中 信建投在知悉情况后未督促企业履行信披义务，暴露出持续督导环节的松懈。 2016年，阳光中科在新三板挂牌；2017年其曾计划在创业板上市，但在2018年因"上市计划调 整"主动终止；2022年，阳光中科与中信建投签署辅导协议，聘请中信建投作为其北交所IPO 的辅导机构。同时，中信建投成为阳光中科新一任主办券商。不过，这一上市计划也于2023年 6月宣告终止。 北交所IPO之行虽已于2023年6月终止，但阳光中科仍是新三板挂牌企业，具有信披义务；而 中信建投也依然是其主办券商，具有督促阳光中科及时信披的职责。 中信证券则因（山东）济南分公司存在"无证销售基金"等问题收到警示函 。尽管此类违规在 行业中并不鲜 ...

Core Viewpoint - The major lawsuits disclosed in the 2024 brokerage annual reports highlight significant risks in the areas of securities false statements, stock pledge repurchase, and margin financing disputes, revealing dual challenges in business risk management and intermediary service quality [1] Group 1: Securities False Statements - Securities false statement lawsuits have become a core risk point for brokerages, with cases like Meishang Ecology, which inflated net profits by 457 million yuan from 2012 to 2020, leading to investor accountability [3] - Dongxing Securities and GF Securities were named as joint defendants for failing to fulfill due diligence obligations [3] - Jin Tong Ling's financial fraud from 2017 to 2022 saw profit figures inflated or deflated by as much as 5774.38%, implicating Huaxi Securities, Everbright Securities, and Guohai Securities in related disputes [3] - The new Securities Law and judicial interpretations have increased the likelihood of brokerages facing lawsuits due to "presumed fault" for joint liability [3] Group 2: Stock Pledge Repurchase Disputes - Stock pledge repurchase disputes are on the rise, with cases like Dongfang Securities and Qingdao Yaxing Industrial facing litigation over a pledge transaction default involving 653 million yuan in principal and interest [4] - Guohai Securities reported multiple stock pledge disputes, with some cases already executing repayments while others are still in progress [4] - In 2024, Guohai Securities accumulated 219 million yuan in asset impairment provisions due to pledge business risks, reducing net profits by 164 million yuan [4] Group 3: Risk Management and Compliance - Industry insiders emphasize the need for brokerages to integrate diligence and compliance requirements throughout their business processes to mitigate joint liability risks arising from listed company violations [4] - As the registration system deepens, the "gatekeeper" role of intermediary institutions will be further strengthened, making risk management capabilities a key competitive indicator for brokerages [4]