从财务造假到市值萎缩，从重大违法到主动私有化，不同路径的背后，共同折射出注册制下"应退尽退"机制的常态化。 登录新浪财经APP 搜索【信披】查看更多考评等级 智通财经记者 赵阳戈 随着2026年序幕拉开，A股市场新一轮"出清"即将上演。首批面临退市的公司名单逐渐浮出水面，其中*ST长药（维权）（300391.SZ）率先收到《终止上市 事先告知书》，标志着新一轮市场化退市进程的加速。 1月23日，*ST长药收到来自证监会的《行政处罚决定书》。根据载明的事实，*ST长药2021年至2023年年报存在虚假记载，即通过制作虚假的入库单、出库 单等，在没有发生真实销售业务的情况下确认收入，导致虚增收入、利润，证监会最终决定对其罚款。同时深交所也下发了《终止上市事先告知书》，拟决 定终止公司股票上市交易。 公开信息显示，*ST长药主营中药饮片，兼营光伏，但持续经营状况堪忧：2022年至2025年前三季度业绩分别为-2327.33万元、-6.06亿元、-6.28亿元、-2.1亿 元，所有者权益截至2025年9月末已跌至-6.68亿元。公司大量债务逾期，部分债权人已提起诉讼，导致大量银行账户被冻结、资产被查封。 智通财经注意 ...

值得关注的是，在业绩高增的同时，华安证券正加速推进财富管理战略落地。 《星岛》见习记者 洪雨欣 深圳报道 1月30日，沪深大盘震荡走低，指数分别微跌1.19%和0.96%，当日披露2025年业绩快报的华安证券 （600909.SH）则低开低走，截至午盘收报7.07元，大跌7.94%。 实际上，华安证券去年业绩可圈可点，公告显示，其全年实现营业总收入50.64亿元，同比增长 30.94%；归属于上市公司股东的净利润达21.04亿元，较2024年同期的14.86亿元大幅增长41.64%；归属 于上市公司股东的所有者权益为238.11亿元，同比增长6.06%；基本每股收益为0.45元，加权平均净资 产收益率达9.10%，较上年提升2.29个百分点。 公司在业绩说明中指出，2025年A股市场整体回暖、韧性增强，公司聚焦"稳中求进"，在财富管理、证 券投资及投资银行业务三大板块同步发力，推动收入结构优化与盈利质量提升。尤其在注册制全面深化 背景下，投行项目储备释放红利，成为重要增长极。 虽然业绩靓丽，但华安证券1月30日在券商板块50只个股中，涨跌幅排名垫底。当日上午，该股成交 10.56亿元，换手率 3.14%。总市 ...

如此一来，国家最不愿意看到的一幕发生：优质股不涨反跌，而没有业绩的概念股和题材股继续疯涨，与价值投资完全背道而 驰。 2015年那轮股灾，我曾提议应该借机进行证券市场改革，特别是加快推动注册制，还有放开涨跌幅、做空机制等，不过被喷得 狗血淋头。试想，如果有做空机制、放开涨跌幅等，国家队还需要这么辛苦吗？关键是，这么辛苦的控盘不但效果不彰，而且 还让劣币驱逐良币的错误认知继续放大。 那些作妖的游资也要注意了，如果不想重蹈徐翔的覆辙，还是悠着点。当国家队所有手段都被证明无效的情况下，一定会严查 场内作妖资金的违法违规行为。我想，大家很快就会看到处罚上百亿的游资了。 如果不想市场失控，建议国家早点上手段。到了现在这个时候，靠制度亡羊补牢虽然仍然有用，但对这一波来势汹汹的炒作， 显然有点来不及了。 从去年12月22日到今年1月12日，上证综指创造17连阳的A股历史。如果没有国家队的压制，按照这种节奏走下去，这一轮牛市 估计今年就得走完，然后以一地鸡毛了事。 不过大家应该也发现了，国家队虽然努力在压盘，但很艰难，根本压制不了这种成妖的趋势，因为国家队手中拿的全是优质标 的，其他标的不多。上周优质标的因为国家队压指数，跌 ...

来源：市场资讯 （来源：董秘俱乐部） 前言 股权，是企业IPO过程中最基础也最关键的问题。历史沿革资料不完整怎么办？股东之间的#对赌协议 如何处理？控股股东的股权质押会影响上市吗？在 我们的实务工作中，这些问题经常让人头疼。 虽然注册制强调市场化、法治化，但对股权清晰度的要求不降反升，监管机构对股权信息披露的要求也更加严格。 作为分管IPO工作的董秘或#财务总监，我们既要确保股权清晰合规，又要平衡好各方利益；既要妥善处理历史遗留问题，又要为公司未来发展预留空 间。今天我们将从实务角度出发，详细梳理IPO过程中股权核查和规范的重点难点，希望能为大家的工作提供切实有用的参考。 毕竟，与其在上市前夕被问题困扰，不如提前做好准备和规划。 Part.1 注册制下，股权审核的新变化 注册制改革带来了审核理念的重大转变，监管部门更加强调以信息披露为核心，同时对股权的真实性核查要求更加严格。具体表现为： 一是对股权代持等问题的容错空间显著收紧，要求发行人必须在上市前彻底解决代持问题，并对解决过程进行详尽披露； 二是对股权变动的合理性论证提出更高要求，需要充分说明重大股权变动的商业逻辑和定价依据； 三是对穿透核查的要求进一步细 ...

Core Viewpoint - The Xiamen Securities Regulatory Bureau has imposed penalties on Xiamen Road and Bridge Information Co., Ltd. for financial fraud over two consecutive years, highlighting the importance of intermediary institutions as gatekeepers in the registration system [2][4][10]. Group 1: Financial Fraud Details - Xiamen Road and Bridge Information inflated its revenue by 15.836 million yuan in 2023 and 25.764 million yuan in 2024, accounting for 6.66% and 10.71% of the reported revenue, respectively [4]. - The company also inflated its profits by 15.307 million yuan in 2023 and 22.459 million yuan in 2024, representing 73.57% and 103.5% of the reported profit, respectively [4][10]. - The fraudulent activities included signing false contracts, fabricating sales, and prematurely recognizing revenue [4]. Group 2: Regulatory Actions - The Xiamen Securities Regulatory Bureau issued a total fine of 21.5 million yuan against Xiamen Road and Bridge Information and eight responsible individuals, with two key executives facing a three-year ban from the securities market [10]. - The continuous supervisory institution, Jinyuan Tongyi Securities, received a warning for failing to diligently oversee the company's compliance with operational and disclosure obligations [13][15]. - The regulatory actions reflect a broader trend of increasing accountability for intermediary institutions in maintaining the integrity of the registration system [15]. Group 3: Company and Industry Impact - Following the penalties, Xiamen Road and Bridge Information announced that it would enhance its corporate governance and internal controls to improve financial reporting and compliance [10]. - The company reported that its business operations remain normal and that the penalties will not significantly impact its production and operations [10]. - Jinyuan Tongyi Securities has faced ongoing financial pressure since its establishment, with revenues fluctuating and net losses recorded in previous years, indicating challenges in its operational performance [18][20].

Fundraising Performance - In December 2025, 18 new stocks were listed on the A-share market, raising a total of 31.41 billion yuan, marking the highest monthly fundraising since September 2023[4] - For the entire year of 2025, a total of 116 new stocks were listed, raising 131.77 billion yuan, which represents increases of 16% and 96% compared to the same period in 2024, respectively[5] - The monthly fundraising amount in December 2025 exceeded 30 billion yuan, driven by several large projects including Moer Thread and Muxi Co., which raised over 4 billion yuan each[3] Initial Performance of New Stocks - In December 2025, 14 out of 15 new stocks listed on the Shanghai and Shenzhen markets adopted offline issuance, with an average first-day increase of 249%, continuing the upward trend from November[11] - The average first-day increase for new stocks on the Sci-Tech Innovation Board exceeded 300%, with Moer Thread and Muxi Co. seeing increases of over 600% and 400%, respectively[14] - The main board saw an average first-day increase of 200% for its four new stocks, with China Uranium Industry leading at 269%[14] Subscription Returns - In December 2025, the estimated returns for A/B class accounts from new stock subscriptions were 5.48 million yuan and 2.87 million yuan, respectively, marking the highest monthly returns of the year[21] - The returns from the Sci-Tech Innovation Board's new stocks contributed significantly, with the average return for A/B class accounts being 4.71 million yuan and 2.13 million yuan, respectively[21] Investment Strategy and Risks - The current optimal strategy is to participate in low-priced, small-cap new stocks with expected first-day increases exceeding expectations, as well as large-cap stocks with significant offline allocation[22] - Risks include an increased rate of new stock price declines and a potential decrease in subscription success rates, which could impact overall returns[3]

Core Insights - The A-share IPO market is showing signs of recovery in 2025, supported by new policies and improved market confidence, leading to a notable increase in both the number of listings and the total amount of financing [1][2]. Group 1: Market Performance - The number of new A-share listings reached 116 by December 31, 2025, with total financing amounting to 131.8 billion yuan, reflecting a 16% increase in listings and a 96% increase in financing compared to the same period in 2024 [1]. - The average fundraising amount per IPO increased to 113.6 million yuan, indicating heightened market activity and investor confidence [1]. Group 2: IPO Quality - In 2025, no new IPOs experienced a price drop below their issue price, demonstrating the effectiveness of the stringent review process and the high quality of new listings [1]. - The significant reduction in the number of IPOs that were terminated during the review process highlights the improved entry standards [1]. Group 3: Financing Structure - The top ten A-share IPO projects collectively raised 56.3 billion yuan, accounting for 43% of the total market financing, which is a 15 percentage point increase from 2024 [2]. - The successful IPO of Huadian New Energy, which raised 18.171 billion yuan, marked the first IPO exceeding 10 billion yuan under the new registration system, showcasing the leading role of top-tier brokers like CICC [2]. Group 4: Project Pipeline and Competitive Edge - CICC is leading the market with four major IPO projects under review, each exceeding 8 billion yuan, indicating its strong position in the current market landscape [3]. - The firm has established a robust project reserve system with 84 projects in various strategic emerging sectors, providing a solid foundation for future growth [6].

从"深化"到"持续深化"，资本市场投融资综合改革已连续两年跻身中央经济工作会议重点任务清 单。这一表述的升级，不仅标志着改革进入"深水区"，更彰显了国家在"十五五"开局之年推动资本市场 向纵深突破的坚定决心。 站在2026年的门槛上回望，A股总市值突破百万亿元、科技板块市值占比超四分之一、各类中长期 资金持有流通市值逾21万亿元——这一连串数字背后，是资本市场从"单向融资通道"向"投融资协同生 态"的历史性转变。 展望新的一年，随着注册制从"全面落地"走向"精细优化"、退市制度从"常态化"迈向"高效化"、多 层次市场体系从"成型"走向"成势"，资本市场将在服务科技创新、培育新质生产力、推动经济高质量发 展中扮演更加关键的角色。 持续深化资本市场投融资综合改革，其核心要义在于破解投融资结构失衡的深层矛盾。 刘斌对记者表示，当前以银行为主的间接融资仍占绝对主导，直接融资比重偏低，难以满足科技创 新和产业升级的多元化资金需求。改革的核心是打通"融资—投资—退出"全链条，从"融资主导"转 向"投融资并重"：既要提升资本市场对科技创新、新质生产力的融资适配性，扩大直接融资占比；也要 强化投资者保护、吸引长期资金入市，扭 ...

Core Viewpoint - The administrative penalty imposed on First Capital Securities' subsidiary, Yichuang Investment Bank, highlights significant compliance failures in the supervision of a convertible bond project, raising concerns about the responsibilities of underwriting institutions in the capital market [1][10]. Group 1: Incident Overview - On December 26, the Shenzhen Stock Exchange announced that Yichuang Investment Bank received an administrative penalty from the Jiangsu Securities Regulatory Bureau due to supervisory failures in a convertible bond project that began in 2019 [1][6]. - The project involved Hongda Xingye Co., which issued 24.27 billion yuan in convertible bonds, but faced financial difficulties leading to a default on interest payments in December 2020 and subsequent delisting in March 2024 [4][5]. Group 2: Regulatory Findings - Investigations revealed that from the fundraising date in December 2019, Hongda Xingye engaged in serious violations, including unauthorized changes to the use of 16.91 billion yuan of raised funds and failing to disclose significant litigation and guarantees [5][6]. - In June, the Jiangsu Securities Regulatory Bureau penalized Hongda Xingye and eight related individuals, imposing fines totaling 18.5 million yuan on the company and individual fines ranging from 500,000 to 22 million yuan on responsible parties [5][7]. Group 3: Yichuang Investment Bank's Responsibilities - Yichuang Investment Bank was required to continue its supervisory duties beyond the original deadline due to unutilized funds, but failed to adequately verify the actual use of funds and did not provide accurate supervisory opinions, leading to regulatory breaches [5][6]. - The penalties for Yichuang Investment Bank included the confiscation of 4.2453 million yuan in underwriting fees and a fine of 12.7358 million yuan, totaling over 16.98 million yuan [7][10]. Group 4: Company Response and Industry Implications - First Capital Securities stated that it would ensure Yichuang Investment Bank reflects on the situation, accepts the penalties, and implements comprehensive reforms to enhance operational quality and compliance [10][11]. - The incident serves as a warning to the industry about the critical importance of compliance and the responsibilities of underwriting institutions, especially under the new registration system, emphasizing that diligence and adherence to regulations are essential for maintaining market integrity [11].

Core Insights - The investment banking industry in China is undergoing a significant transformation, with a notable trend of seasoned professionals leaving the brokerage system to join industrial sectors, driven by a reevaluation of career value and the challenges faced in the current market environment [2][3][4] Group 1: Industry Trends - As of December 27, the total number of sponsoring representatives in the industry has decreased to 8,493 from 8,800 at the beginning of the year, indicating a reduction of 307 individuals [1] - The "capacity reduction" process is still in its early stages, with many professionals still observing the market, and structural adjustments may take several more years [3] - The demand for high-end talent capable of understanding client needs from a fundamental perspective is still scarce, despite the ongoing layoffs in the industry [1][3] Group 2: Talent Migration - A significant number of investment bankers are transitioning to real industries, with nearly 100 professionals from various securities firms moving to listed companies since 2025, reflecting a faster migration rate compared to 2024 [3] - The departure of talent is partly attributed to the stagnation of IPO projects, with some professionals citing a decline in project fees and overall compensation as key factors for their exit [2][3] Group 3: Recruitment and Structural Changes - Despite the overall reduction in workforce, a "war for talent" is simultaneously occurring, with firms like Guolian Minsheng Securities launching large-scale recruitment initiatives to attract elite teams [6] - Some firms are focusing on vertical integration within specific regions and industries, aiming to deepen their service capabilities for local enterprises [6][9] Group 4: Market Opportunities - The Hong Kong stock market is emerging as a "second battlefield" for investment banks, with projections indicating that A+H share listings will account for half of the new stock financing in Hong Kong in 2025 [7] - The net income of listed securities firms' investment banking divisions reached 25.2 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 23.46%, with IPO volumes in A-shares and H-shares growing by 61% and 237%, respectively [9] Group 5: Future Outlook - The future landscape of investment banking is expected to be characterized by a concentration of leading firms alongside regionally specialized players, with firms needing to adapt quickly to market changes to seize new opportunities [10] - The ongoing policy support for emerging industries is anticipated to create opportunities for smaller firms to leverage their unique industry teams and regional resources for growth [10]