◎记者 夏子航 退市不是"免罚牌" 。监管"长牙带刺"，持续对退市公司及相关责任人的违法违规问题一追到底。 《行政处罚事先告知书》指出，恒立实业上述行为涉嫌违反《中华人民共和国证券法》（以下简称"证 券法"）第七十八条第二款，构成《证券法》第一百九十七条第二款所述违法行为。 根据证券法，信息披露义务人报送的报告或者披露的信息有虚假记载、误导性陈述或者重大遗漏的，责 令改正，给予警告，并处以一百万元以上一千万元以下的罚款；对直接负责的主管人员和其他直接责任 人员给予警告，并处以五十万元以上五百万元以下的罚款。 "关键少数"难辞其咎，遭重罚3140万元 调查认为，恒立实业时任董事长全面管理公司各项业务，组织决策开展乙二醇贸易，参与贸易事项审 批。 11月21日，湖南证监局向恒立实业发展集团股份有限公司（以下简称"恒立实业"，退市后简称"R恒立 1"，代码：400277）及相关责任人下发《行政处罚事先告知书》称，恒立实业年报等信息披露文件财务 数据涉嫌虚假披露一案已调查完毕，拟对恒立实业及19名相关责任人合计罚款3940万元。 这一处罚决定体现了监管部门对资本市场违法违规行为"零容忍"的坚决态度。监管部门持续高度关 ...

Core Viewpoint - The regulatory authority demonstrates a "zero tolerance" approach towards violations in the capital market, as evidenced by the administrative penalties imposed on Hengli Industrial Development Group Co., Ltd. for false financial disclosures [3][10][14]. Summary by Sections Regulatory Actions - On November 21, the Hunan Securities Regulatory Bureau issued an administrative penalty notice to Hengli Industrial and 19 related individuals, proposing a total fine of 39.4 million yuan [3][9]. - The penalties reflect the regulatory body's commitment to addressing illegal activities in the capital market, with ongoing investigations into Hengli Industrial's irregularities [3][10]. Financial Misconduct - Hengli Industrial was found to have inflated its revenue and costs through fictitious transactions in its glycol trading business, leading to significant discrepancies in its financial reports from 2020 to the first half of 2023 [4][5]. - The company reported inflated revenues of approximately 227 million yuan, 181 million yuan, 135 million yuan, and 51.19 million yuan for the respective years, constituting 74.24%, 52.27%, 55.08%, and 47.77% of the reported revenues [5]. Accountability of Executives - Key executives, including the chairman and president, were identified as directly responsible for the violations, with penalties totaling 31.4 million yuan for these individuals [6][9]. - Additional executives and board members were also implicated for failing to exercise due diligence regarding the company's trading activities and financial disclosures [7][8]. Consequences of Delisting - Hengli Industrial's stock was delisted on July 16 due to failure to disclose its 2024 annual report within the legal timeframe, marking a significant decline in its operational status [10][14]. - The company faced two separate investigations within a month, highlighting the regulatory body's swift action against non-compliance [13][14]. Investor Protection - Despite the company's delisting, the protection of investor rights remains a priority, with ongoing legal actions against companies for false disclosures, reinforcing the message that delisting does not equate to immunity from accountability [14].

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强 资本市场中小投资者保护的若干意见》（以下简称《若干意见》）。这份资本市场投资者保护领域的综 合性政策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中 央、国务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政 策措施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资 本市场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值 取向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 在信息披露方面，提升披露质量。针对中小投资者的信息劣势，《若干意见》要求严格落实信息披 露简明清晰、通俗易懂要求，健全招股说明书信息披露指引体系，加大对公司首次公开发行股票项目涉 及的保荐机构、律师事务所、会计师事务所的检查督导力度，实现现场监管全覆盖。 严厉打击侵害中小投资者利益的违法行为。对欺诈发行、财务造假、内幕交 ...

Core Viewpoint - The report highlights the exemplary practices of securities companies in fulfilling social responsibilities, particularly in supporting rural revitalization and poverty alleviation efforts in China [1][2]. Group 1: Support for Rural Revitalization - By the end of 2024, 104 securities companies will have paired with 398 poverty-stricken counties, with 66 companies specifically assisting 91 key rural revitalization counties [1]. - Securities companies facilitated direct financing of 75.405 billion yuan for enterprises in poverty-stricken counties through various financial instruments [1]. Group 2: Public Welfare Contributions - The industry’s total public welfare expenditure for the year reached 594 million yuan, with 43 companies contributing over 5 million yuan and 19 companies exceeding 10 million yuan [1]. - Cumulatively, the industry has invested 3.926 billion yuan in public welfare over the past five years, maintaining a high level of commitment [1]. Group 3: Support for the Real Economy - The securities industry provided 5.6 trillion yuan in direct financing to support the development of the real economy, directing funds towards national strategic initiatives and key sectors [1]. Group 4: Investor Rights Protection - Securities companies have enhanced investor education efforts, conducting 5,490 educational activities and reaching over 149,000 participants through various programs [2]. - The industry aims to continue supporting agricultural modernization and rural revitalization through practical measures and partnerships [2].

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强资本 市场中小投资者保护的若干意见》(以下简称《若干意见》)。这份资本市场投资者保护领域的综合性政 策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中央、国 务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政策措 施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资本市 场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值取 向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 严厉打击侵害中小投资者利益的违法行为。对欺诈发行、财务造假、内幕交易、操纵市场、违规减持、 短线交易、利用自媒体传播虚假信息等违法行为从严查处。违法违规行为往往是中小投资者权益受损的 根源，加强打击可提升制度威慑、防止"割韭菜"。 退市是中小投资者损失易发的领域。对于重大违法强制退市的公司，投资者与上市公司间矛盾、纠纷更 ...

资本市场关系千家万户，中小投资者合法权益保护更是重中之重。中国证监会近日发布《关于加强资本 市场中小投资者保护的若干意见》（以下简称《若干意见》）。这份资本市场投资者保护领域的综合性 政策文件，为中小投资者保护提供了新的行动指南。 加强投资者保护，是资本市场监管永恒的主题，也是推动资本市场高质量发展的关键一环。党中央、国 务院对此高度重视。2024年9月召开的中央政治局会议明确提出，"研究出台保护中小投资者的政策措 施"；党的二十届三中全会强调，"健全投资者保护机制"；国务院《关于加强监管防范风险推动资本市 场高质量发展的若干意见》明确提出，"必须始终践行金融为民的理念，突出以人民为中心的价值取 向，更加有效保护投资者特别是中小投资者合法权益，助力更好满足人民群众日益增长的财富管理需 求"。 为贯彻落实党中央、国务院关于资本市场投资者保护工作的系列决策部署，《若干意见》应运而生。中 国证监会主席吴清日前在2025金融街论坛年会上表示，《若干意见》围绕强化发行上市、退市等过程中 的投资者保护，营造更加公平的交易环境，提升行业机构的客户服务水平，推进证券期货纠纷多元化解 机制建设等中小投资者重点关切，推出23项务 ...

Core Viewpoint - The company's stock price is influenced by multiple factors, including its performance, macroeconomic conditions, market supply and demand, and industry development [1] Group 1 - The company emphasizes the protection of investor rights, particularly for small and medium-sized investors [1] - The company is actively committed to improving quality and efficiency to enhance investor returns [1] - The company's operational status is normal, with no undisclosed significant information [1]

Core Viewpoint - The company emphasizes the importance of market dynamics, value management, and investor rights protection, aiming to enhance operational quality and investor relations [1] Group 1 - The company is closely monitoring market trends and is committed to optimizing its management practices [1] - The company aims to improve the quality of information disclosure to convey its investment value effectively [1] - A reasonable and stable dividend plan will be developed based on actual performance to reward investors [1] Group 2 - The company believes that establishing a solid and stable image in the capital market is crucial for achieving sustainable value returns [1]

Group 1 - The company emphasizes the importance of protecting the legal rights of all investors, particularly small and medium-sized investors [1] - All financing and incentive measures are strictly in compliance with the Company Law, Securities Law, and relevant regulatory requirements from the Securities Regulatory Commission [1] - The company aims to promote long-term development while ensuring a win-win situation for shareholders [1]

Core Viewpoint - The evaluation of information disclosure practices among listed companies in the Shanghai market for the 2024-2025 period emphasizes the importance of compliance, best practices, and enhancing the quality of listed companies [8]. Group 1: Company Practices - Anhui Construction is focused on improving its information disclosure system and mechanisms, optimizing content and format, and enhancing disclosure quality, with a cumulative cash dividend of 1.339 billion yuan over the past three years [5]. - Conch Cement is committed to enhancing governance efficiency and operational standards, establishing diverse communication channels with investors, and implementing a stable long-term dividend policy to improve investor satisfaction [6]. - Anhui Hefei has optimized its information disclosure management system, covering regular reports and ESG reports, while also strengthening market value management and promoting multi-level investor return mechanisms [7]. Group 2: Evaluation Standards - The Shanghai Stock Exchange has revised its information disclosure evaluation standards to focus on improving disclosure quality, deepening investor communication, strengthening cash dividend supervision, and enhancing the investment value of listed companies [8]. - A total of 2,263 listed companies were evaluated, with 430 companies receiving an "A" grade for their information disclosure practices, representing 19% of the total [8].