在张凡看来，期货公司发展需围绕"强监管、防风险、促发展"这一主线。其中，"强监管"是外部"指挥 棒"，是基础和前提，依托新"国九条""国办47号文"，推动外部环境根本性重塑；"防风险"是内部"压舱 石"，是核心保障，聚焦内在能力的系统性重构；"促发展"是最终目的，是目标归宿，指向发展模式的 转变，三者共同支撑期货公司高质量发展。 国泰君安期货首席风险官寿亦农分享了自身履职过程中的具体实践与经验。他表示，期货公司首席风险 官需重点关注内控机制梳理、服务业务需求、处置投诉纠纷、配合监管检查、防范客户异常交易、查处 员工违规等工作，未来还需围绕提升业务支持能力、强化风险前瞻研判、推动数字化建设、落实追责问 责、培育合规风控文化等方面持续努力。 由郑商所、重庆证监局、中期协联合主办的"2025年度期货公司首席风险官培训班"近日在重庆市开班。 139家期货公司的首席风险官及合规风控相关负责人齐聚一堂，围绕"防风险、强监管、促高质量发 展"的监管主线展开深入交流。 郑商所相关负责人在培训班上表示，郑商所始终坚持穿透式监管，确保对异常交易等行为做到抓早抓 小，切实保障市场平稳运行；同时强化对程序化交易的管理，配套发布相关管 ...

在促高质量发展方面，河北证监局始终把服务雄安作为核心任务，组织召开雄安新区的新增辅导企业见 面会，明确监管要求，传递监管态度。举办河北资本市场赋能产业集群百县行(雄安新区)专题活动，为 企业上市提供专业服务。联合市深交所走访雄安集团、中国星网等企业，就企业关心的资本市场问题答 疑解惑。 该负责人表示，河北证监局支持企业通过IPO、再融资、债券发行等方式，拓宽直接融资渠道，引导私 募基金、证券期货机构等资本要素向雄安新区集聚，推动形成资本赋能产业、产业支撑新区发展的良性 循环。 在强监管方面，坚持依法从严的理念，强化"长牙带刺"的监管举措，坚决打击各类违法违规行为，切实 提升一线监管的威慑力和有效性。 在防风险方面，坚持早识别、早预警、早暴露、早处置的原则，紧盯重点领域和关键环节，牢牢守住不 发生系统性金融风险的底线。 11月14日，河北证监局有关负责人在第九届雄安新区投融资发展论坛上致辞时表示，河北证监局始终坚 持以"强监管、防风险、促高质量发展"为主线，努力打造一个安全、规范、透明、开放、有活力、有韧 性的资本市场，全力构建适应河北及雄安新区发展需求的区域资本市场生态。 ...

强监管最直接的效应就是净化市场环境，从上市到退市，全链条重塑市场生态。在入口端，提升对IPO 企业现场检查的比例，强调申报即担责，严把上市质量关，从源头上保证上市公司的质量；在出口端， 则依法依规坚持应退尽退，加速劣质企业出清。 近日，*ST长药等多股或者股东被立案调查，原因涉及财务造假、违规减持等，长牙带刺的强监管已成 为资本市场的新常态。严管是对市场的一种厚爱，持续的监管风暴对市场估值体系产生重大影响，市场 生态持续优化，投资环境更加安全，为A股指数行稳致远提供了重要条件。 今年以来，A股三大指数集体稳步上行，投资者对慢牛行情的认可度越来越高。究其原因，与资本市场 的强监管政策持续加码不无关系。 从5月发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导意见》，到10月《关于加强资 本市场中小投资者保护的若干意见》的出台，强监管政策已形成一套连贯的组合拳。 投资者的信心足不足，直接关系到A股市场的走势稳不稳。严管让投资者的权益得到更好的保障，安全 感更多，投资信心自然更足。 通过数字化、智能化监管，上市公司存在的问题能够更早地被发现。小问题快速整改，防范风险由小变 大，让更多上市公司及早回归到合法 ...

Core Viewpoint - The vitality of the capital market is rooted in investor confidence, which is supported by a robust regulatory enforcement system. The China Securities Regulatory Commission (CSRC) emphasizes strict legal measures against various securities and futures violations, aiming to enhance regulatory efficiency and protect investor rights [1][2]. Regulatory Framework - The past five years have seen the continuous improvement of the capital market's regulatory framework, including the implementation of laws related to futures, derivatives, and private fund supervision, establishing a "zero tolerance" legal foundation [1][2]. - The regulatory focus has shifted from pre-approval to real-time monitoring, enhancing information disclosure and holding intermediary institutions accountable, thereby promoting a healthy market cycle [2]. Enforcement Measures - During the 14th Five-Year Plan period, a comprehensive punishment and prevention system has been established to address financial fraud and other serious violations, with a significant increase in administrative penalties for such offenses [2][3]. - A total of 2,214 cases related to financial fraud and market manipulation were administratively punished, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% compared to the previous five-year period [2]. Investor Protection - The ultimate goal of strict regulation and enforcement is to protect investor rights. Recent improvements in regulations regarding share reduction, quantitative trading, and short selling have been made to enhance the investor protection system [3]. - The newly released guidelines on strengthening the protection of small and medium investors integrate investor protection into the entire capital market reform process, serving as an action guide for enhancing the quality of investor protection [3][4]. Market Ecology - A healthy capital market ecology begins with stringent regulatory constraints and effective enforcement, ultimately ensuring the protection of investor rights. Continuous improvements in the regulatory system and enforcement effectiveness will further optimize the investor protection mechanism, fostering a more orderly market environment [4].

Core Viewpoint - The opening of the 2025 Financial Street Forum emphasizes the importance of risk prevention and regulatory strength in enhancing investor protection in the capital market [1] Group 1: Risk Prevention - The China Securities Regulatory Commission (CSRC) aims to strengthen risk prevention capabilities, focusing on early detection and handling of risks across markets, industries, and borders [1] - A long-term mechanism for stabilizing the market will be established to prevent significant market fluctuations [1] Group 2: Regulatory Strength - The CSRC will adopt a "zero tolerance" approach to law enforcement, targeting financial fraud, market manipulation, and insider trading with strict legal actions [1] - Continuous efforts will be made to enhance investor trust and confidence through rigorous enforcement [1] Group 3: Investor Protection Initiatives - The CSRC plans to release several opinions aimed at strengthening the protection of small and medium investors, focusing on the processes of issuance, listing, and delisting [1] - A total of 23 practical measures will be introduced to create a fair trading environment and improve customer service levels in the industry [1] - The establishment of a diversified dispute resolution mechanism for securities and futures will be promoted to address key concerns of small and medium investors [1]

Group 1 - The core viewpoint emphasizes the importance of risk prevention as the primary responsibility of financial regulation, aiming to maintain systemic financial stability [2][3] - The meeting highlighted the need to align with the goals set at the beginning of the year, ensuring the completion of tasks for the current year and the "14th Five-Year Plan" [2][4] - The meeting underscored the significance of the 20th Central Committee's Fourth Plenary Session in advancing China's modernization and its impact on the development of the Party and the nation [2][3] Group 2 - The financial regulatory system is tasked with enhancing the mechanisms for preventing and resolving key risks, ensuring a robust regulatory framework [3][4] - The meeting called for a strong regulatory approach, focusing on the "Five Major Regulations" to improve the foresight, precision, effectiveness, and coordination of financial supervision [3][4] - The emphasis was placed on the need for comprehensive governance and anti-corruption measures to create a healthy financial political ecosystem [3][4] Group 3 - The State Administration of Foreign Exchange (SAFE) is set to implement supportive policies to bolster the economic recovery and maintain stability in the foreign exchange market [5][6] - SAFE aims to expand high-level institutional openness in the foreign exchange sector while promoting the internationalization of the Renminbi and high-quality capital account openness [6][7] - The focus is on enhancing the foreign exchange management system to be more convenient, open, secure, and intelligent, contributing to the construction of a financial powerhouse [6][7] Group 4 - SAFE is committed to supporting high-quality economic development by improving foreign exchange policies that facilitate trade and investment [7][8] - The agency plans to strengthen macro-prudential and micro-regulatory management of the foreign exchange market to ensure stability and prevent external shocks [8] - There is a commitment to launching multiple foreign exchange supportive policies to reinforce the positive economic momentum and prepare for the "15th Five-Year Plan" [8]

Group 1 - The core viewpoint of the article emphasizes the steady growth and qualitative improvement of China's capital market during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] - The China Securities Regulatory Commission (CSRC) has implemented over 60 supporting rules following the introduction of the new "National Nine Articles," enhancing the legal framework for the capital market [2][3] - The total market capitalization of A-shares surpassed 100 trillion yuan for the first time in August 2023, indicating a robust market environment [2] Group 2 - In the past five years, the total financing through the exchange market reached 57.5 trillion yuan, with the proportion of direct financing increasing by 2.8 percentage points to 31.6% [3] - Listed companies distributed a total of 10.6 trillion yuan in dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" period [3] - The A-share market's resilience and risk resistance have improved, with the annualized volatility of the Shanghai Composite Index decreasing by 2.8 percentage points to 15.9% [3] Group 3 - The regulatory environment has become more stringent, with 2,214 administrative penalties issued for financial fraud and market manipulation, resulting in fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [4] - The CSRC has made significant breakthroughs in investment-side reforms, with various long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [5][6] Group 4 - The CSRC aims to enhance the adaptability of the multi-level market system, support innovation, and improve the quality and investment value of listed companies [7] - The focus will be on increasing the precision and effectiveness of regulation, ensuring a balance between market vitality and regulatory oversight [7]

Group 1 - The core viewpoint emphasizes a "zero tolerance" approach towards financial fraud and misconduct in the capital market, with strict penalties being imposed on companies like *ST Dongtong and Yili Clean Energy [1][2] - The regulatory environment is characterized by severe penalties, which serve as a deterrent against financial misconduct, thereby enhancing investor confidence and promoting the exit of poorly performing stocks from the A-share market [1][3] - The strong regulatory stance aims to protect investors by ensuring that companies adhere to ethical practices, thereby fostering a healthier market ecosystem [3] Group 2 - The regulatory framework is designed to hold all market participants accountable, with no exceptions for companies or individuals who violate market rules, as demonstrated by the case of Yili Clean Energy, which faced penalties even after delisting [2] - The comprehensive accountability system under the strong regulatory approach has led to a decrease in low-cost violations, resulting in a more stable market environment [3] - Enhanced governance among listed companies and increased diligence from intermediaries are expected outcomes of the stringent regulatory measures, ultimately benefiting investors through improved company performance and reduced risks [3]

Core Viewpoint - The recent stringent regulatory measures by the China Securities Regulatory Commission (CSRC) against companies involved in financial fraud, such as *ST Dongtong and Yili Clean Energy, signal a "zero tolerance" approach to protect investors and enhance market integrity [1][2][3] Group 1: Regulatory Actions - The CSRC has imposed significant fines, often in the hundreds of millions, on companies for financial misconduct, indicating a strong regulatory stance [1][2] - The regulatory framework emphasizes severe penalties for financial fraud, market manipulation, and other illegal activities, aiming to deter such behaviors and protect investor interests [1][3] Group 2: Market Impact - The enforcement of strict regulations is expected to lead to a decline in low-quality stocks, as companies are discouraged from engaging in fraudulent activities [1][3] - A more robust regulatory environment enhances investor confidence, encouraging long-term investment and value-driven strategies [3] Group 3: Corporate Governance - Companies are increasingly focusing on improving governance standards and operational quality to regain investor trust and ensure compliance with regulations [3] - The responsibilities of intermediaries and corporate executives are being reinforced, promoting a culture of accountability and risk management [3]

Group 1 - The core viewpoint emphasizes a "zero tolerance" approach towards financial fraud and misconduct in the capital market, with strict penalties being imposed on companies like *ST Dongtong and Yili Clean Energy [1][2] - The regulatory environment is characterized by severe penalties, including billion-level fines, which serve as a deterrent against financial misconduct and enhance investor protection [1][3] - Strong regulation is seen as essential for maintaining market confidence and ensuring the quality of listed companies, which directly impacts investor safety [1][3] Group 2 - The regulatory framework is designed to hold all entities accountable, with no exceptions for companies or individuals who violate market rules, as demonstrated by the case of Yili Clean Energy facing penalties even after delisting [2] - The comprehensive accountability system under strong regulation has led to a decrease in low-cost violations, fostering a healthier market ecosystem [3] - Enhanced governance among listed companies and increased diligence from intermediaries are expected outcomes of the stringent regulatory measures, ultimately benefiting investors through reduced risks and improved company performance [3]