新华财经上海1月4日电上海市人民政府办公厅近日印发《上海市加快打造国际一流营商环境行动方案 （2026年）》。 其中，在打造公平公正的市场竞争环境，促进公平竞争方面，方案提出，健全公平竞争审查工作机制， 加强公平竞争审查的刚性约束。加强对垄断和不正当竞争行为的监管执法，深化整治"内卷式"竞争。持 续开展招投标和政府采购领域专项整治，强化阳光交易制度有效落地。协同治理招标代理机构不合规行 为，加强行业管理，提升智慧穿透监管水平。优化评标评审机制，防止恶意低价中标，强化对中标方履 约的全过程监管。加强平台算法治理，规范网络平台经营活动，推动平台企业和平台内经营者、劳动者 共赢发展。加大产品质量抽查和结果公开力度，推动企业提升产品质量。明确各类经营主体参与公共数 据运营的资质条件和公平准入路径，提升数据要素市场化配置效率。持续开展园区楼宇宽带接入市场整 治，探索实施资费方案报备公示，更好保护宽带用户知情权和选择权。 （文章来源：新华财经） ...

会议强调，这次中央经济工作会议对资本市场工作作出重要部署，充分体现了党中央对资本 市场的高度重视和殷切期望。证监会系统要深入学习贯彻习近平总书记重要讲话精神，认真 落实中央经济工作会议部署，按照全国金融系统工作会议安排，坚持稳中求进、提质增效， 紧扣防风险、强监管、促高质量发展主线，持续深化资本市场投融资综合改革，更好助力稳 就业、稳企业、稳市场、稳预期，为经济高质量发展和"十五五"良好开局积极贡献力量。 一是坚持战略引领，认真做好"十五五"规划编制和实施。 积极配合编制国家"十五五"规划纲 要，科学制定资本市场"十五五"规划体系，系统谋划未来五年资本市场发展主要目标、任务 和重要举措，以钉钉子精神抓好落实。 二是坚持固本强基，持续增强市场内在稳定性。 积极培育高质量上市公司群体，开展新一轮 公司治理专项行动，引导优质公司持续加大分红回购力度。全面推动落实中长期资金长周期 考核机制，大力发展权益类公募基金，推动指数化投资高质量发展。加强跨市场跨行业跨境 风险监测监控，强化逆周期跨周期调节，健全长效化稳市机制。强化政策解读和预期引导， 及时回应市场关注关切，压实行业机构、上市公司的声誉管理责任，持续讲好"股市叙 ...

Core Viewpoint - During the "14th Five-Year Plan" period, the Guangdong Securities Regulatory Bureau has focused on "risk prevention, strong regulation, and promoting high-quality development," achieving significant results in stabilizing and ensuring the healthy operation of the capital market, which effectively supports the development of the real economy [1] Regulatory Enforcement - The Guangdong Securities Regulatory Bureau has rigorously enforced laws against various securities and futures violations, issuing 158 penalty decisions since 2021, with fines totaling nearly 670 million yuan, thereby enhancing regulatory pressure and deterrence [2] - The bureau has adopted a "big, evil, and key" approach to enforcement, resulting in lifetime market bans for three individuals and temporary bans for eight others, while also referring 38 cases to law enforcement for suspected criminal activities [2] Focus on Information Disclosure - The bureau has maintained a high-pressure stance against violations of information disclosure by listed companies, successfully handling cases involving companies such as Blue Shield Co., Ltd. and Dinglong Culture [3] - A dual investigation approach has been implemented, addressing 13 cases of accounting firms failing to fulfill their responsibilities, thereby enhancing the role of intermediaries [3] Investor Protection - The bureau emphasizes the protection of investors' rights, with over 180 million investors in Guangdong, the largest in the country, and has implemented a multi-faceted accountability system for administrative, civil, and criminal responsibilities [4][5] - Significant compensation efforts have been made, including landmark cases such as the special representative litigation for Kangmei Pharmaceutical, which compensated 24.59 billion yuan to 52,000 investors [5] Dispute Resolution - The bureau has promoted a multi-faceted dispute resolution mechanism, successfully mediating 2,119 cases and recovering 136 million yuan for investors during the "14th Five-Year Plan" period [6] - Collaborative efforts with local courts have been established to enhance the efficiency of civil compensation lawsuits related to securities fraud [6] Cash Dividend Regulation - The bureau has enforced regulations to strengthen cash dividend policies among listed companies, resulting in nearly 120 billion yuan in dividends distributed in 2024, with a payout ratio exceeding the market average by 20 percentage points [7] Anti-Illegal Activities - The bureau has intensified efforts to combat illegal financial activities, establishing a collaborative mechanism with local governments and law enforcement to effectively clean up illegal securities activities [8][9] - Over 390 complaints related to illegal activities have been processed, recovering nearly 2 million yuan for investors, with serious cases referred to law enforcement for criminal prosecution [9]

监管"铁拳"再次重重落下，直指券商核心高管。 11月28日，江苏证监局披露罚单，曾担任某证券公司副总裁的陈某涛，被江苏证监局没收违法所得4515.05万元，并处以9030.1万元罚款，同时被采取8年及5 年两项证券市场禁入措施。"没一罚二"合计罚没1.35亿元。陈某涛事涉利用未公开信息从事有关证券交易、违规买卖证券。 其二，违规买卖证券方面，2011年9月15日至2023年3月12日，陈某涛作为证券从业人员，控制前述8个证券账户及"韩某"中信证券普通账户等共计16个证券 账户买卖证券，扣除前述陈某涛利用未公开信息趋同买入及与趋同买入对应的卖出金额后，累计交易股票3.34亿股，交易金额45.44亿元，盈利2640.01万 元。 在听证中，陈某涛曾以"对金融行业有贡献"、"无力承担巨额罚款"为由申辩，请求将罚款倍数调减至一倍。但江苏证监局复核后认为，该理由非法定从轻或 减轻处罚情形，对陈某涛申辩意见不予采纳。 最终，江苏证监局对陈某涛利用未公开信息交易行为，没收违法所得1875.04万元，并处以3750.08万元罚款；对陈某涛违规买卖证券行为，没收违法所得 2640.01万元，并处以5280.02万元罚款。合计罚 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of capital market reform, outlining a roadmap for high-quality development through five key focuses, including enhancing market resilience and promoting long-term investments [1][2]. Group 1: Market Stability - The first focus is on enhancing the resilience and risk resistance of the capital market, which includes cultivating high-quality listed companies and establishing a long-term stable market mechanism [2][3]. - Recent measures taken by various departments, including the central bank's monetary policy tools and the establishment of a domestic stabilization fund, have effectively stabilized the market amid international volatility [2][3]. Group 2: Long-term Investment - A long-term funding mechanism is essential for market stability, with mid- to long-term capital acting as a stabilizer for healthy market operations [3]. - As of August 2023, various long-term funds held approximately 21.4 trillion yuan in A-share market capitalization, indicating the effectiveness of reforms aimed at attracting long-term investments [3]. Group 3: Innovation and Technology - The second focus is on enhancing the capital market's ability to support technological innovation, which includes deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [4][5]. - Over 90% of newly listed companies this year are from strategic emerging industries, reflecting a favorable policy environment for tech firms [4]. Group 4: Regulatory Effectiveness - The third focus is on improving the effectiveness and deterrence of regulatory enforcement, with a commitment to strictly combat various securities violations [6][7]. - Recent actions have led to significant penalties for companies involved in fraudulent activities, reinforcing the regulatory framework and market integrity [6][7]. Group 5: Market Openness - The CSRC aims to deepen capital market openness, with a growing willingness among foreign investors to increase their exposure to Chinese assets, as indicated by a recent Morgan Stanley survey [7]. - Recommendations include aligning market infrastructure and rules with international standards and facilitating cross-border financing for tech companies [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability, reducing risks in key areas, enhancing regulatory effectiveness, and protecting investors' rights during a recent press conference. Group 1: Market Stability - The CSRC has focused on maintaining stable market operations by implementing early warning systems and enhancing cross-market risk prevention mechanisms, which have improved investor confidence and market expectations [1] - The bond default rate in the exchange market has been kept at a low level of around 1%, indicating effective risk control measures [1] Group 2: Risk Management - The CSRC has successfully cleared approximately 7,000 zombie institutions in the private equity sector and has effectively curtailed the risks associated with "pseudo-private equity" [1] - All 27 identified "pseudo-gold exchanges" have had their qualifications revoked, and hundreds of similar institutions have been cleaned up [1] Group 3: Regulatory Enforcement - The CSRC has significantly enhanced the effectiveness and deterrence of regulatory enforcement, focusing on financial fraud and establishing a comprehensive punishment and prevention system [2] - Notable penalties have been imposed, including a record fine of 4.175 billion yuan on Evergrande and 325 million yuan on its auditing firm for financial fraud [2] Group 4: Investor Protection - The CSRC has improved investor protection mechanisms by refining regulations related to share reductions, quantitative trading, and short selling, and has established a robust compensation system for investors [3] - Landmark cases have resulted in significant compensation for investors, including approximately 2.46 billion yuan for the Kangmei Pharmaceutical case and 1.09 billion yuan for the Zijing Storage case [3]

Group 1 - The core viewpoint emphasizes the importance of building a "safe, standardized, transparent, open, vibrant, and resilient" capital market, highlighting risk prevention and strong regulation as priorities [1] - The regulatory body is committed to maintaining market stability through comprehensive monitoring and early warning systems, as well as enhancing cross-market risk prevention mechanisms [1] - The bond default rate in the exchange market remains low at around 1%, indicating effective risk control measures [1] Group 2 - Regulatory enforcement has been significantly strengthened, focusing on financial fraud and establishing a comprehensive deterrent system against such violations [2] - Major penalties have been imposed for financial misconduct, including a record fine of 4.175 billion yuan against Evergrande and 325 million yuan against its auditing firm [2] - Over 700 cases have been referred to law enforcement for criminal accountability in the past five years, reflecting a rigorous approach to legal enforcement [2] Group 3 - Investor protection measures have been enhanced, with new regulations on share reduction, quantitative trading, and short selling being implemented [3] - Landmark cases have resulted in substantial compensation for investors, including approximately 2.46 billion yuan for the Kangmei Pharmaceutical case and 1.09 billion yuan for the Zijing Storage case [3] - A comprehensive investor protection system is being developed, ensuring accountability and quality evaluation for intermediary institutions [3]

Group 1 - The core viewpoint of the news is the introduction of achievements in the financial industry during the "14th Five-Year Plan" period, emphasizing the importance of high-quality completion of the plan [1] Group 2 - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, highlighted the complex and profound changes in the capital market environment over the past five years, noting significant external risks and domestic challenges [3] - The CSRC has focused on enhancing the effectiveness and deterrence of regulatory enforcement, particularly against financial fraud, establishing a comprehensive prevention and punishment system [3] - Notable actions include imposing record fines of 4.175 billion yuan on Evergrande Real Estate and 325 million yuan on its auditing firm for financial fraud in the bond market, as well as holding third parties accountable in the Yuebo Power case [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability while balancing development and safety, with a focus on regulatory enforcement and investor protection [1] Group 1: Market Stability - The CSRC is committed to maintaining stable market operations and effectively responding to external shocks through a combination of measures [1] - The bond market's default rate remains low at approximately 1%, indicating ongoing efforts to mitigate risks in key areas [1] Group 2: Regulatory Enforcement - The CSRC has significantly enhanced the effectiveness and deterrence of regulatory enforcement, establishing a comprehensive system to combat fraud and misconduct [1] - Over the past five years, the CSRC has referred more than 700 cases and leads to law enforcement agencies, resulting in serious legal consequences for responsible parties [1] Group 3: Investor Protection - The CSRC is focused on strengthening the investor protection framework, addressing investor concerns, and improving regulatory rules related to share reduction, quantitative trading, and margin trading [1]

Core Viewpoint - The Chinese capital market has faced complex changes and risks over the past five years, prompting a focus on building a safe, regulated, transparent, open, vibrant, and resilient market environment [1] Group 1: Market Stability and Risk Management - The China Securities Regulatory Commission (CSRC) emphasizes maintaining market stability through comprehensive monitoring and early warning systems, as well as cross-market risk prevention mechanisms [3] - The bond default rate in the exchange market remains low at around 1%, indicating effective risk control measures [4] - Approximately 7,000 zombie institutions have been cleared, and the risks associated with "pseudo private equity" have been largely contained [3][4] Group 2: Regulatory Enforcement and Investor Protection - The CSRC has significantly enhanced the effectiveness and deterrence of regulatory enforcement, focusing on financial fraud and holding responsible parties accountable [4] - A total of 700 cases and clues have been transferred to law enforcement, leading to serious criminal accountability for several individuals [4] - Investor protection measures have been strengthened, including the introduction of compensation systems and improved regulatory rules for share reductions and quantitative trading [5]