2025年，全球化发展进入一个新的时期。贸易保护主义加剧，一些国家更加强调"保护本国"的经贸政 策，全球贸易摩擦升级，也促使关键产业回流本土。与此同时，后疫情时代以来，在地缘政治局势紧张 的背景下，主权国家与跨国企业对供应链安全重视度的提升，进一步加速了全球产业链、供应链的调整 优化。这些都给中国企业未来一段时间的全球化发展带来更多不确定性。 近年来，全球化进程深刻调整，地缘政治紧张、贸易壁垒重构、科技"脱钩"加剧，国际营商环境越发复 杂多变。面对逆全球化浪潮的冲击，中国企业的出海之路不再是一条单向扩张的增长逻辑，而是正转变 为一场更具战略主动性与结构弹性的全球再布局。无论是平台企业加快海外落地，制造业加码本地化生 产，还是高科技企业开辟"绕行"通道，众多中国企业正通过差异化路径重塑全球化战略，从"走出去"迈 向"扎下去""融进去"。本章聚焦当前全球经贸环境的新变化，系统梳理中国企业在出海过程中所面临的 挑战、风险与转型趋势，重点分析在产业链重构、合规压力、技术壁垒等多重变量下，中国企业如何以 制度敏感性、策略灵活性与技术自主性应对逆全球化挑战，打造具有韧性和可持续性的全球竞争力。 一、逆全球化趋势的新特征 ...

Group 1 - The core viewpoint of the articles emphasizes the commitment of Agricultural Bank to enhance its compliance management system and risk prevention mechanisms to support high-quality development [1][3] - Agricultural Bank is actively implementing regulatory requirements by revising its compliance management basic system and optimizing its compliance management processes, aiming to establish a clear and effective compliance governance structure [1][2] - The bank is focusing on cultivating a strong compliance culture through a series of initiatives, including education and the promotion of compliance best practices, to foster a legal and disciplined environment [2] Group 2 - Agricultural Bank is prioritizing proactive compliance management by establishing differentiated internal control standards and enhancing its internal control prevention system to address key risk points [2] - The bank is committed to integrating compliance into all decision-making and operational processes, aligning with the directives from the 20th Central Committee and the Central Economic Work Conference [3]

突出源头预防，进一步前置合规管理关口。近年来，农业银行聚焦风险本质，突出合规要求。发布适用 五级机构的差异化内控建设标准，指导各层级、各条线加强内控建设。强化内控案防体系建设，构 建"不敢"的闭环震慑机制、"不能"的刚性约束机制、"不想"的内生动力机制。将关键风险点梳理作为切 入点，推进管理标准化、信息化，科学评估风险等级。持续监测风险变化，及时调整风险应对措施，更 加注重事前管理、量化管理，逐步提高合规风险管理水平。 农业银行将全面贯彻落实党的二十四中全会和中央经济工作会议精神，推动《金融机构合规管理办法》 要求在全行落地生根，把合规基因注入决策与经营全过程。 为深入贯彻落实《金融机构合规管理办法》，农业银行持续完善全链条合规治理体系，不断健全合规风 险防范化解机制，积极推动主动合规治理，为全行高质量发展筑牢安全屏障。 聚力管理提升，不断完善全链条合规治理体系。农业银行积极践行监管新规，及时修订印发《合规管理 基本制度》，持续健全完善合规管理组织架构，优化合规管理运行机制流程，强化履职权利、资源配置 等合规管理保障，提升合规管理质效。同时紧扣服务实体经济、防范化解风险的主线，建立健全"文化 引领-制度规范- ...

Core Viewpoint - The article emphasizes the rapid digital transformation and AI integration within the securities industry, highlighting the need for compliance amidst increasing regulatory scrutiny and the importance of balancing technology investment with governance [2][4]. Group 1: Digital Transformation and Investment - The securities industry has significantly increased its focus on information technology, with 44 firms reporting a total IT investment of 28.11 billion yuan in 2023, where 14 firms invested over 1 billion yuan, accounting for 70.46% of total investments [4]. - In 2024, a growth trend in IT investment is expected, with 30 firms planning to increase their spending, shifting focus from quantity to quality in technology investments [4]. - The introduction of domestic AI models like DeepSeek has accelerated the localization of AI deployment, with firms exploring AI applications across various business scenarios [4]. Group 2: Role of Chief Information Officer (CIO) - The role of the Chief Information Officer (CIO) has become increasingly critical, with over 10 firms appointing new CIOs who possess strong backgrounds in both IT and securities management, reflecting a commitment to digital transformation [5]. - CIOs are seen as key figures in steering digital transformation, responsible for coordinating IT strategy, governance, and risk management within firms [5]. Group 3: Regulatory Environment and Compliance - The regulatory landscape has tightened, with multiple firms receiving penalties for inadequate IT risk management, emphasizing the importance of system security and compliance [8][9]. - Regulatory focus includes zero tolerance for system failures affecting investor rights, strict measures against IT-related misconduct, and accountability extending to individual CIOs [9]. - The need for enhanced compliance management is underscored, with firms required to adapt to regulatory demands and improve their governance capabilities [12]. Group 4: IT Governance and Risk Management - Firms are urged to enhance their IT governance capabilities by establishing comprehensive systems and adhering to regulations to mitigate risks associated with information technology [12]. - Continuous improvement in IT service continuity and proactive defense against information security risks are essential for maintaining operational integrity [12]. - A robust framework for IT personnel conduct and compliance is necessary to prevent conflicts of interest and ensure ethical behavior within the industry [12].

证券之星注意到，在这一人事变动背后，东方证券2025年不仅面临多地监管部门的多轮合规处罚，覆盖 营业部管理、投行业务及从业人员执业全链条，暴露系统性合规漏洞。 与此同时，尽管公司前三季度营收、归母净利润均实现同比增长，利息净收入却同比下滑15.15%，风 险覆盖率、净稳定资金率等核心风控指标亦出现短期快速下滑，叠加新任董事长尚未落地、副董事长鲁 伟铭暂代履职的现状，公司治理与高质量发展之路正面临多重考验。 证券之星注意到，2025年的东方证券，俨然成为监管处罚的"常客"。从4月到11月，北交所、深交所及 四川、湖北、辽宁、江苏四地证监局先后出手，罚单覆盖投行业务、营业部管理、从业人员执业等全链 条，暴露出系统性合规漏洞。 董事长官宣离任，任职刚满一年 12月8日，东方证券发布公告称，公司于近日收到龚德雄的辞职报告。因工作调动原因，龚德雄申请辞 去公司董事长、执行董事和董事会战略与可持续发展委员会主任委员、薪酬与提名委员会委员等职务， 辞职后不再担任公司及控股子公司任何职务。 在新任董事长任职前，东方证券副董事长鲁伟铭将代为履行董事长、法定代表人及香港联交所授权代表 职责。 东方证券在公告中表示，龚德雄自202 ...

Core Viewpoint - The establishment of Chief Compliance Officers (CCOs) in trust companies is a response to regulatory requirements and an internal need for industry transformation and stable operations, aimed at enhancing compliance governance and preventing systemic risks [3][5][8]. Group 1: Regulatory Compliance - Trust companies are required to appoint CCOs by January 1, 2026, as per the revised "Trust Company Management Measures" [3][7]. - The recent approvals for CCO positions have accelerated, indicating a shift towards compliance management as a strategic priority [4][5]. - The "Financial Institutions Compliance Management Measures," effective from March 1, 2023, mandates that financial institutions establish CCO roles at their headquarters [7][9]. Group 2: Risk Management and Internal Controls - The role of CCOs is to build a comprehensive risk control mechanism, integrating compliance checks into key business processes to identify and rectify risks early [5][8]. - The establishment of CCOs aims to address past compliance failures and enhance the transparency of trust products, thereby restoring investor confidence [6][8]. - CCOs will have the authority to veto compliance issues at critical stages such as product design and investment decisions, ensuring compliance is embedded throughout the business process [8][9]. Group 3: Industry Transformation - The appointment of CCOs reflects a broader industry shift from rapid expansion to compliance-driven growth, aligning with the need for sustainable business practices [5][8]. - Trust companies are encouraged to develop a standardized compliance framework that integrates with business operations, enhancing the overall governance structure [9]. - The focus on compliance is expected to reshape the trust industry, emphasizing its role as a fiduciary and restoring its credibility [8][9].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：证券之星 作为覆盖河南全省的省属法人城商行，中原银行近期不良资产处置"量价齐跌"的现象引发市场关注，多 笔资产包以高折价挂牌且债权多陷终本执行困境，叠加不良贷款余额高企、关注类贷款规模攀升，资产 质量压力持续凸显。 与此同时，该行2025年上半年陷入"营收净利双降"的困境，业绩增长失速问题显著。更值得关注的是， 该行年内已收到多张监管罚单，"贷前审查流于形式、贷后管理缺位"痼疾未改，且近四年核心管理层频 繁动荡，新任行长周锋领衔的"一正四副"团队刚到位，便需直面万亿资产规模下的风险化解、业绩修复 与治理重构多重考验。 01． 不良处置"量价齐跌"，挂牌资产包藏隐忧 11月17日，中原银行近期密集挂牌的不良资产包，折射出其资产质量的真实困境。根据挂牌的中原银行 周口分行资产包显示，债权总额7286.12万元中，本金仅3126.56万元，欠息规模达4158.57万元，相当于 每1元本金衍生出1.33元利息负债，且所有债权均已进入终本执行阶段，意味着司法追偿渠道基本失 效。 这并非中原银行年内首次挂牌资产包，2025年2月底，郑州分行挂 ...

Group 1 - The board of directors of Renfu Pharmaceutical Group Co., Ltd. held its fourth meeting of the eleventh session on December 5, 2025, with all nine directors present, ensuring compliance with legal and regulatory requirements [2][4] - The board approved the establishment of a supervision department to enhance internal supervision, improve compliance governance, and mitigate integrity risks, thereby ensuring effective execution of the company's strategic decisions [3] - The board also approved the formulation of the "Risk Management and Internal Control Management System" and the "Legal Compliance Affairs Management System," both of which will be disclosed on the Shanghai Stock Exchange website [5][6] Group 2 - All resolutions passed with unanimous support, receiving 9 votes in favor, with no votes against or abstentions [4][5][6] - The establishment of the supervision department and the new management systems reflect the company's commitment to stringent governance and risk management practices [3][5][6] - The meeting was chaired by Chairman Deng Weidong, indicating strong leadership and oversight within the company [2]

Core Viewpoint - Yipin Hong (300723) faces significant challenges with a high-profile lawsuit claiming 528 million yuan in damages, compounding its ongoing financial struggles and regulatory issues [1][4][8] Financial Performance - In 2024, Yipin Hong reported its first loss since going public, with revenue declining by 42.07% to 1.45 billion yuan and a net loss of 540 million yuan, compared to a profit of 185 million yuan the previous year [5][6] - For the first three quarters of 2025, the company generated revenue of 814 million yuan, a year-on-year decrease of 34.35%, and reported a net loss of 136 million yuan [7][8] Legal Issues - The lawsuit from Huiyou International claims infringement of a patent related to a joint project initiated in 2014, with Yipin Hong asserting that the patent rights belong to a joint venture and that it has the right to use the patent [2][3] - The total amount involved in other undisclosed lawsuits against Yipin Hong is approximately 5.63 million yuan, indicating ongoing legal challenges [3] Regulatory Challenges - In 2024, Yipin Hong's subsidiary was penalized for collusion in drug procurement, resulting in the cancellation of its qualification and a financial loss of 266 million yuan, which significantly impacted its financial performance [1][5][8] Strategic Outlook - The company is pinning hopes on the new gout drug AR882, which has completed its Phase III clinical trials, but faces uncertainties regarding clinical data, market competition, and commercialization capabilities [8]

Core Viewpoint - The company, CIMC Vehicles (Group) Co., Ltd., has been awarded the highest rating of A (Excellent) for its information disclosure work by the Shenzhen Stock Exchange for the third consecutive year, reflecting its strong governance and commitment to investor relations [1][4]. Group 1: Company Performance - CIMC Vehicles achieved global sales of 101,583 vehicles and generated revenue of 15.012 billion yuan with a gross margin of 15.2% in the first three quarters of 2025 [3]. - The net profit attributable to shareholders was 622 million yuan during the same period [3]. Group 2: Information Disclosure and Governance - The company has established a high-quality information disclosure system that aligns with its business characteristics, ensuring compliance with regulatory requirements and enhancing the readability and relevance of disclosed information [4]. - CIMC Vehicles emphasizes the importance of timely and accurate information disclosure, integrating compliance principles into all operational aspects, from strategic decision-making to business execution [4]. Group 3: Future Outlook - The company plans to continue improving its governance and information disclosure quality, aiming to enhance investor relations management efficiency and uphold its responsibilities as an excellent listed company [5].