1月29日晚间，中泰证券（600918）一则组织架构调整公告，再度将券商架构变革推向市场视野。近年 来，证券行业在核心业务条线与后台支撑体系方面持续发力，多家券商主动打破内部业务壁垒，优化资 源配置，通过架构革新突破发展瓶颈、强化专业能力。 多元调整路径显现 当前，券商组织架构调整呈现多元化特征，核心聚焦于专业能力提升与业务协同增效。中泰证券发布公 告称，董事会会议审议通过了《关于公司组织架构调整的议案》，根据业务发展需要，同意公司设立承 销保荐分公司、自营分公司、研究咨询分公司。同时，待三家分公司取得经营证券期货业务许可证后， 中泰证券将撤销公司投资银行业务委员会、金融市场委员会、研究院及其下设一级部门。 不仅是中泰证券，近年来证券行业架构调整步伐不断加快，已形成头部券商整合聚能、中小券商深耕特 色的差异化发展格局。其中，头部券商凭借资金、资源、人才优势，通过大规模架构整合实现规模效应 与协同效应的双重提升。 以投行业务为例，市场需求的动态变化促使券商架构不断优化升级。注册制改革对投行的项目判断、质 量把控、专业服务能力提出更高要求，券商通过设立专业分公司、优化投行架构，强化全流程服务能 力，适配注册制下的 ...

值得注意的是，在超过1000个交易日里，余韩账户组的持股比例超过了流通股的10%，其中150个交易日更是突破了20%。这种显著的持股优势为其拉抬股 价提供了基础条件。此外，余韩还多次采用"不低于卖一价或市价"的方式大额申报买入，制造买盘强劲的假象，并在多个时间段内实施自买自卖的对倒交 易，人为放大成交量，干扰市场价格形成机制。 "博士眼镜"的股价从2019年6月25日的13.72元/股上涨至2024年8月16日的37.81元/股，累计涨幅达到175.58%，而同期深证成指却下跌了9.36%，两者偏离幅 度高达184.94个百分点。经证监会计算，余韩通过上述行为获取的违法所得为510,892,270.94元。 面对调查，余韩提出了缺乏主观故意、实际控制账户数量较少以及交易未实质影响股价等申辩理由，但均被证监会驳回。决定书强调，已有充分证据证明其 主观意图与客观行为的一致性，且股价异常波动与其操纵行为存在直接因果关系。 依据《中华人民共和国证券法》相关规定，证监会作出了上述处罚决定。余韩案的成功查处，不仅体现了证券监管对长期性、隐蔽性市场操纵行为的精准识 别与严厉打击能力，也释放了注册制改革背景下强化市场公平秩序 ...

记者丨 余纪昕 实习生黄玥 编辑丨方海平 2026年作为"十五五"开局之年，中央经济工作会议指出，做好2026年经济工作，要"推动经济 实现质的有效提升和量的合理增长"。在此背景下，2026年中国经济将如何精准发力？市场会 呈现怎样的走势和亮点？对于投资者而言有哪些机遇？ 以下为对话部分内容，经21世纪经济报道编辑。 《21世纪》： 你对2026年"适度宽松的货币政策"如何理解？ 连平： 在我们看来，企业与居民信贷需求增长放缓而银行流动性充裕的情况下，2026年大幅 度降准的必要性下降，流动性需求可通过更灵活的公开市场操作满足。必要时，可能会进行 0.25~0.5个百分点的小幅降准，于年初或二季度末概率较大，以补充银行中长期流动性、缓解 成本压力。 利率政策方面，当前国内利率水平已处历史低位，但仍有下行空间与调降必要性。在兼顾银行 息差压力下，2026年央行可能调降政策利率0.1~0.3个百分点，推动商业银行小幅下调LPR， 以降低社会融资成本，加快信贷修复，刺激消费与投资。 连平。资料图 2026年信贷增速预计温和回升，结构性特征突出。个人端房贷、消费贷需求边际改善但增量可 能有限；企业端将成为信贷核心支撑 ...

Core Viewpoint - The article discusses the shift in securities regulatory requirements from "formal compliance" to "substantive authenticity" in the context of the registration system reform, questioning whether Zhejiang Hengdao Technology Co., Ltd. has alleviated concerns regarding the authenticity of its revenue in its second-round inquiry response [1][14]. Group 1: Company Overview - Zhejiang Hengdao Technology Co., Ltd. is under review by the Beijing Stock Exchange, with its application accepted on June 13, 2025, and the latest update on January 21, 2026 [2][14]. - The company is sponsored by Guotai Junan Securities Co., Ltd., with representatives Lu Qi and Wu Shaochao, and audited by Tianjian Certified Public Accountants, with signatory accountants Wei Jianqing and Zhou Wangfei [2][14]. Group 2: Audit and Verification Concerns - There are concerns regarding the effectiveness of audit measures for a significant portion of small and micro clients, with 87% of these clients potentially lacking adequate verification [2][14]. - The on-site visit coverage for clients with transactions below 500,000 yuan has been low, with only 21.08% of small clients visited in 2024, indicating over 500 clients have not been verified by intermediaries [5][6][18]. - The audit process has been criticized for its low external confirmation rates, with only 17.62% of small clients receiving confirmation letters in 2024, raising questions about compliance with auditing standards [21][23]. Group 3: Risk of Revenue Inflation - A significant portion of Hengdao Technology's revenue (20%-30%) comes from high-risk clients, defined as those with registered capital below 500,000 yuan or newly established during the reporting period, which raises concerns about potential revenue inflation through shell companies [22][23]. - The identification of 136 clients with discrepancies in confirmation addresses or contacts signals a high level of fraud risk, suggesting that confirmation letters may not have reached the intended recipients [10][25]. Group 4: Ineffective Verification Methods - The reliance on internal documents for verification, such as contracts and orders, without independent third-party evidence, is questioned, as it may lead to circular reasoning in audits [21][26]. - The audit team’s explanations for address discrepancies, such as group procurement or internal personnel handling, are deemed inadequate and raise further doubts about the integrity of the verification process [10][25].

国家统计局1月19日发布的数据显示，2025年我国GDP首次突破140万亿元，达1401879亿元，彰显出实 体经济的强大韧性。这一强劲增势也直接映照在资本市场上：A股总市值于2025年8月份突破100万亿元 关口，并在年底进一步跃升至123万亿元。两项核心数据的协同突破，绝非巧合，而是深刻揭示了中国 经济与资本市场相互依存、彼此赋能、螺旋上升的良性发展格局。 笔者认为，跃上"140万亿元"新台阶彰显了经济体量的新高度，更为资本市场发展和稳定提供了最坚实 的底气；突破"100万亿元"关口是资本市场生态、结构和功能深刻转型的体现，更是中国经济韧性与活 力向金融市场传导的重要印证。 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！ ■ 方 业 安 宁 一方面，中国经济的沃土持续滋养资本市场，为后者奠定了坚实的发展根基，注入了源源不断的成长动 力。实体经济的高质量发展、产业结构的不断优化与创新动能的加快集聚，共同构筑起资本市场长期向 好的坚实基础。在这片沃土上，微观主体的蓬勃创造力正转化为宏观经济的强劲韧性，新质生产力的培 育与传统产业的升级齐头并进，为资本市场提供了真正具备竞争力和可持续性 ...

Group 1 - The company *ST Aowei has locked in a market value delisting, becoming the first company to do so in 2026, with a closing price of 0.89 yuan and a total market value of 3.09 billion yuan, having been below 5 billion yuan for 12 consecutive trading days [2][10] - According to regulations, if a company's stock has a total market value below 5 billion yuan for 20 consecutive trading days, it will be delisted from the Shenzhen Stock Exchange [2][10] - Even if the company experiences a daily limit increase of 5% for the next 8 trading days, its total market value is unlikely to recover to 5 billion yuan, effectively sealing its fate for delisting [2][10] Group 2 - As of the third quarter of 2025, the company still has 28,150 shareholders, indicating potential opportunities for these investors to recover losses [3][11] - The company's financial situation has deteriorated significantly, with a reported revenue of 291 million yuan and a net loss attributable to shareholders of 46.11 million yuan for 2024, alongside an audit report that expressed an inability to provide an opinion [4][12] - The company has faced scrutiny for inaccurate disclosures regarding its performance forecasts, leading to a significant drop in stock price and investor losses [5][14] Group 3 - Following the performance forecast discrepancies, hundreds of investors have registered to participate in compensation claims against the company [6][14] - Investors who purchased shares between April 26, 2024, and April 21, 2025, and sold or still hold shares after April 22, 2025, may join the compensation claims [7][15] - The company has issued multiple risk warning announcements since January 5, 2026, but has shown no signs of improvement in its fundamental situation [9][16] Group 4 - Unlike other delisted companies, *ST Aowei will not have a delisting transition period, meaning that once it meets the criteria, trading will be terminated immediately [9][17]

热点信息披露违规往往以多种形式呈现，最常见的是上市公司通过"蹭热点"的行为刻意迎合市场情绪， 制造虚假繁荣，诱导投资者跟风买入。诸如，个别上市公司通过公告、互动易平台或媒体采访，暗示自 身业务与市场热点存在关联，但实际关联度极低。 还有一些上市公司面对热点选择性披露。在披露与热点相关信息时，只强调积极因素，回避、淡化风险 与不确定性。在遭到监管层的进一步追问之后，才被动地披露更多风险信息，令投资者措手不及。 更隐蔽的是"重大遗漏"。个别上市公司在发布热点相关公告时，遗漏可能影响投资者决策的关键信息， 有意或者无意地对市场关注的热点话题持模棱两可的态度，留给市场想象的空间，加剧了股价投机波动 的风险。 不合规的热点信披其实是在"忽悠"投资者，严重误导投资者的交易决策，人为放大了投资者的投资风 险。 从市场生态角度看，不合规的热点信披很容易导致过度的投机炒作，进而破坏市场的价值发现机制，导 致资源配置扭曲。如果资金从货真价实的公司流向"讲故事"的企业，很有可能形成"劣币驱逐良币"。长 期而言，将削弱资本市场服务实体经济的能力。 因股票交易异常波动公告涉嫌重大遗漏等，天普股份遭证监会立案调查，股价应声"一"字跌停。 ...

Core Insights - The article discusses the increasing activity of the inquiry transfer system in the A-share market, particularly in the ChiNext and Sci-Tech Innovation Board, highlighting its role in providing diversified exit channels for shareholders before IPOs [1][2][3]. Group 1: Inquiry Transfer System Overview - In 2025, the inquiry transfer system became more active, with 158 companies completing 179 batches of transfers, totaling 884.81 billion yuan, a year-on-year increase of 420.75% [2]. - The first inquiry transfer in the ChiNext occurred in April 2025, with Shenzhen Anpeilong Technology Co., Ltd. being the first to utilize this system [2]. - The inquiry transfer system allows shareholders to exit in an orderly manner, reducing the impact on the secondary market and optimizing the investor structure of companies [1][3]. Group 2: Market Dynamics and Institutional Participation - The average number of institutions participating in inquiry transfers rose to 18.43 in 2025, a 30.06% increase from 2024 [4]. - The average transfer price was 84% of the closing price on the pricing day, indicating a decrease in pricing compared to 2024 [4][5]. - The increase in institutional participation and the reduction in pricing reflect a deeper market-oriented negotiation process, enhancing pricing efficiency [5]. Group 3: Implications for Market Structure - The inquiry transfer system is seen as a key element in the transition of the A-share market from retail to institutional investment, facilitating a "soft landing" of share transfers [3][5]. - It is viewed as a win-win arrangement, benefiting shareholders, listed companies, and the capital market by reducing market volatility and encouraging long-term investment [3][5]. - The system's successful implementation in the ChiNext and Sci-Tech Innovation Board suggests potential for broader application across other market segments, aligning with the direction of comprehensive registration system reforms [6].

Core Viewpoint - The introduction and growth of the inquiry transfer system in the ChiNext and Sci-Tech Innovation Board have significantly enhanced the liquidity and efficiency of the A-share market, allowing shareholders to reduce their holdings in a structured manner while minimizing market impact [1][3][6]. Group 1: Inquiry Transfer System Overview - In January 2025, Shenzhen Biyimi Microelectronics disclosed a shareholder inquiry transfer, marking the first inquiry transfer in A-shares for 2026, with a 5.69% stake being transferred [1]. - The inquiry transfer system was officially introduced in May 2024 for the ChiNext, with the first transaction occurring in April 2025, involving Shenzhen Anpeilong Technology [2]. - In 2025, a total of 158 companies from the dual innovation boards completed 179 inquiry transfers, with a total transaction amount of 884.81 billion yuan, reflecting a year-on-year growth of 420.75% [2]. Group 2: Market Dynamics and Institutional Participation - The average number of institutions participating in inquiry transfers increased to 18.43 in 2025, a 30.06% rise from 2024 [4]. - The average transfer price was 84% of the closing price on the pricing day, indicating a decrease in the discount from 88% in 2024, suggesting a more market-driven pricing mechanism [4]. - The increase in inquiry transfer activity is attributed to the alignment of institutional demand and regulatory adaptations, facilitating a smoother transition for shareholders [5]. Group 3: Benefits and Future Prospects - The inquiry transfer system is seen as a win-win arrangement, allowing shareholders to exit with minimal market disruption while improving corporate governance by attracting long-term institutional investors [3][6]. - The system's success in the ChiNext and Sci-Tech Innovation Board suggests potential for broader implementation across other market segments, although careful consideration of efficiency and fairness is necessary [6]. - Future expansions of the inquiry transfer system should be cautious, ensuring that it aligns with the unique characteristics of different market segments and maintains a focus on value investment [6].

Core Viewpoint - The capital market in China is set to undergo comprehensive reforms in 2026, focusing on enhancing market inclusivity and adaptability to better serve new productive forces and efficiently channel capital towards technological innovation [1][2]. Group 1: Reform Initiatives - A series of significant reform measures will be implemented starting January 1, 2026, including the enforcement of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" and the solicitation of public opinions on the "Regulations for the Supervision of Secretaries of Listed Companies" [2]. - The China Securities Regulatory Commission (CSRC) emphasizes the need for steady progress, quality improvement, and risk prevention, aiming for high-quality development through continuous deepening of capital market reforms [2][3]. Group 2: Financing and Investment Strategies - The CSRC plans to enhance the inclusivity and attractiveness of the capital market, launching reforms for the Growth Enterprise Market and accelerating the implementation of the "1+6" policy framework for the Sci-Tech Innovation Board [3]. - The focus will be on cultivating high-quality listed companies and promoting long-term capital investment through tax incentives and mechanisms that encourage social capital to invest in early-stage technology firms [4]. Group 3: Supporting New Productive Forces - The reforms aim to improve the capital market's ability to support new productive forces, particularly in sectors like artificial intelligence, biomedicine, and green energy, which are reshaping the global economy [5][6]. - The CSRC chairman highlighted the importance of a vibrant capital market in driving technological and industrial development, advocating for a supportive ecosystem for innovation [5]. Group 4: Regulatory Adjustments - Experts suggest that the capital market should establish differentiated regulatory and delisting mechanisms tailored to the characteristics of technology companies, allowing for more flexible standards that consider their unique growth patterns [7][8]. - There is a call for optimizing the merger and acquisition processes for technology firms, simplifying review procedures, and enhancing information disclosure and post-transaction supervision [7].