登录新浪财经APP 搜索【信披】查看更多考评等级 岳雷 近期，多起上市公司"踩雷"理财产品事件引发市场关注：圣元环保（维权）认购私募基金亏损超80%；郑煤机三亿元理财仅收回不到3000万元；英洛华认 购信托产品出现逾期无法兑付。而富安娜与中信证券关于理财产品的纠纷，一度被认为是"资管产品嵌套纠纷"中的代表性案例。上述现象共同揭示了部分 公司在资金运用过程中存在的风险与治理短板。 作为企业资金管理的重要工具，理财本应在风险可控的前提下实现企业资产保值增值。然而，当理财投资出现重大失误、反向侵蚀公司利润时，往往暴露 出产品风险与资金性质错配、尽职调查流于形式、信息披露不完整等更深层次问题。有业内人士表示，上市公司购买理财产品能够提升公司的资金使用效 率，但也需警惕"不务正业"，将大量资金投入非主业领域，应在监管上合理设定规模上限，加大对频繁操作、出现大额亏损或信息披露存疑公司的检查与 问责力度。 风险穿透存在"盲区" 圣元环保理财"踩雷"为市场提供了鲜活的风险警示样本。2025年3月，该公司下属子公司以6000万元认购"深博宏图成长1号"私募基金。尽管合同设有单一 资产投资比例不超25%、净值低于0.7元止损等风 ...

其次，要完善关联交易信息披露制度。本案中，天风证券未按规定披露关联交易，成为违规行为的 重要一环。证券公司应建立穿透式关联方识别机制，将大股东的一致行动人、实际控制的企业等全部纳 入关联方清单，实现动态更新和全口径管理。对所有关联交易，需严格核查其商业实质与定价公允性， 严禁开展非公允关联交易；对达到信息披露标准的关联交易，应及时、准确、完整地披露交易金额、性 质、定价依据等核心信息。董事会审计委员会、独立董事需紧盯公司关联交易信息披露义务，杜绝年报 重大遗漏、信息披露不准确等问题。 第三，要压实证券公司合规风控责任。当代集团是规模较大民营企业，天风证券曾与其长期深度绑 定、利益深度交织，这也成为天风证券合规风控失效的重要诱因。证券公司董事会应加强风险控制委员 会建设，确保其中独董占多数，充分吸纳金融风控专家、会计师、律师等外部专业人士，赋予风控委员 会对高风险或违规业务的一票否决权。要将合规风控指标纳入独董绩效考核核心体系，对纵容大股东违 规、突破合规底线的独董，从严追究责任。同时，证券公司需加强对子公司及分支机构的常态化检查， 及时整改业务不规范、整改不到位等问题，防范风险传导与违规操作。 经查，2020 ...

Core Viewpoint - Kirin Xin'an has successfully deceived the Shanghai Stock Exchange (SSE) to go public, with all involved parties, including the company, sponsors, law firms, and accounting firms, turning a blind eye to the misconduct. The intermediary firms, such as Zhongtai Securities, earned over 76 million in fees, while the only penalty imposed was a "regulatory warning" [1][19]. Group 1: Financial Misconduct - Kirin Xin'an's largest client, referred to as A1, accounted for significant sales revenue of 62.50 million, 102.95 million, and 144.17 million, representing 44.23%, 44.52%, and 42.65% of total revenue in respective periods [20][27]. - In May 2022, A1 issued a rectification notice claiming that Kirin Xin'an had inflated the total contract price by 23.70 million, demanding a refund of the excess amount [20][27]. - After receiving the notice, Kirin Xin'an failed to report the issue to the SSE and did not update its IPO application documents [21][27]. Group 2: Intermediary Involvement - The SSE issued an inquiry in August 2022, requiring intermediary institutions to verify the claims made in the rectification notice. Kirin Xin'an did not provide accurate information during this process, and the intermediaries, including Zhongtai Securities and various lawyers and accountants, chose to ignore the discrepancies [21][27]. - The total funds raised by Kirin Xin'an during the IPO amounted to 910.12 million, with a net amount of 833.19 million after deducting issuance costs. The actual fundraising exceeded the planned amount by 173.67 million [22][27]. Group 3: Regulatory Response - The SSE's current penalty for the involved intermediaries is merely a "regulatory warning." The China Securities Regulatory Commission has strengthened accountability mechanisms for IPO processes, establishing a principle of "penetrating supervision and full-chain accountability" [23][27]. - Despite the regulatory framework, the penalties imposed do not seem to deter intermediaries from engaging in similar misconduct, as they continue to profit significantly from IPOs [23][27].

《欧洲央行罚了1218万，这事真不止钱》 ——连续五年的"少报风险"，比罚单本身更刺眼 一家全球最会算账的银行，被罚1218万欧元。 不是爆雷，不是亏损，而是"报表算轻了"。你说巧不巧。 为什么这事严重。因为RWA不是技术参数，而是资本要求的地基。权重低一点，资本占用少一点，利润表就顺眼一点。短期ROE更漂亮，长期安全垫却更 薄。"大而不倒"不可怕，"大而不透明"才危险。 更耐人寻味的是时间跨度。五年，足够一轮经济周期。连续偏差说明的不是手滑，而是合规链条的松动。想象监管官员翻到第15个季度同样错误时的表情 ——这已不是偶发，是态度。 有人会问，千万欧元算多吗。对巨头不致命，但声誉成本远高于罚金。在全球"去风险化"与穿透式监管常态化的当下，这张罚单更像信号弹：规模没有豁免 权，透明才是硬通货。 金融世界最贵的不是罚款，是信任。账可以做轻，风险不会变轻。 （唐加文，笔名金观平；本文成稿后，经AI审阅校对） 问题出在风险加权资产。2019年至2024年，连续15个季度错误分类企业风险敞口，21个季度排除了部分交易。结果很简单：风险被压低，资本充足率被抬 高。就像给体检报告开了美颜滤镜，指标好看了，身体却没变。监管 ...

记者日前从生态环境部获悉，随着执法手段从"人防为主"向"技防优先"转变，2025年全国生态环境现场 检查次数下降近40%，问题发现率提高10至25个百分点。 同时，各地生态环境部门通过应用卫星遥感、红外成像、无人机、无人船等智慧装备手段，将传感技 术、信息技术和人工智能深度融合，大力推行无感式、穿透式监管，问题发现能力显著增强，执法效率 大幅提升。2025年，全国生态环境问题发现率提高，主要得益于20.4万次的非现场执法检查。此外，生 态环境部门强化与公安部等部门的协同联动，形成执法合力，不断提升执法监管效能。（记者高敬） 生态环境部相关负责人介绍，各地持续规范涉企执法检查，执法理念从"监管"向"监管+服务"转变，坚 持宽严相济的执法原则，对轻微违法企业依法实施不予处罚，给予适度容错空间。2025年，各地办理轻 微违法不予处罚案件8947件，助力企业安心发展、轻装前行。 ...

3． 禁止性规定 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：董秘百人会 导读 核心要点：2026年2月6日，中国证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》 （证监会公告〔2026〕1号，以下简称"1号文"），作为八部门《关于进一步防范和处置虚拟货币等相关 风险的通知》（以下简称《通知》）的配套文件，首次为现实世界资产（RWA）代币化的合规路径提 供了明确监管框架。核心方向可概括为"境内严禁、境外严管、合规备案、风险可控"。 一、指引核心定位与适用范围 1． 定义与边界 《指引》明确界定了境内资产境外发行资产支持证券代币：以境内资产或相关资产权利（所有权、收益 权等）为基础，在境外使用分布式账本等技术发行具有类资产证券化属性的代币，本质是跨境资产证券 化的数字化形态，区别于无底层资产的虚拟货币。 2． 监管分工与适用场景 | 业务类型 | 监管主体 | 核心要求 | | --- | --- | --- | | 类资产证券化 RWA（核心适用） | 中国证监会 | 需向证监会备案，遵循相同业务相同规则 | | 外债形式 RWA | 发改委 + 外汇局 | 按外债管理规定审批 | | ...

Regulatory Environment - The capital market is experiencing a wave of intensive and strict regulatory actions, establishing a rapid response chain from investigation to punishment [1][16] - As of February 5, 2026, at least six listed companies or key individuals have been investigated, averaging one case every six days, with 13 companies receiving administrative penalty notices, averaging less than three days between each [1][10] Investigation and Penalties - Companies such as Qingyue Technology and Yuandao Communication have had their accounts frozen due to suspected information disclosure violations, with Qingyue's frozen accounts totaling approximately 134 million yuan and Yuandao's around 9.04 million yuan [2][17] - The investigation into these companies is ongoing, with significant risks of forced delisting if found guilty of major violations [5][19] Financial Performance - Qingyue Technology anticipates a net loss of between 74 million and 110 million yuan for the year 2025, attributed to intensified competition and price pressures in the electronic paper module market [3][18] - Yuandao Communication expects a substantial decline in net profit for 2025, projected to drop by 64.59% to 76.39% year-on-year [4][19] Types of Violations - The reasons for recent investigations have diversified beyond typical information disclosure violations, including market manipulation and misleading statements [6][21] - Specific cases highlight the regulatory focus on misleading statements and significant omissions, indicating a more granular approach to enforcement [8][23] Frequency of Penalties - Since the beginning of 2026, 10 listed or delisted companies have received administrative penalties, with an additional three receiving notices of intended penalties, indicating a high frequency of enforcement actions [10][24] - The issues identified among these companies include systemic financial fraud and misuse of company funds, which have been a focus of regulatory scrutiny [11][25] Long-term Regulatory Mechanisms - The regulatory framework aims to establish a long-term mechanism that discourages violations through comprehensive accountability and technological empowerment [13][28] - The integration of big data and AI in regulatory practices enhances the precision and effectiveness of oversight, targeting deeper issues within corporate governance [14][28]

Core Viewpoint - Strengthening investor education and implementing penetrating regulation in the gold market is urgent due to the recent difficulties faced by Shenzhen Jie Wo Rui Jewelry Co., which has triggered a chain reaction in the industry [1]. Group 1: Investor Education and Awareness - Ordinary investors, particularly those with low risk recognition abilities such as housewives and young workers, are being misled by high-yield marketing posts on social media, leading them to fall into "gold investment traps" [3][4]. - There is a need for precise publicity, case warnings, and the dissemination of basic knowledge about gold investment to enhance risk awareness among ordinary investors [3]. Group 2: Regulatory Challenges and Recommendations - The illegal gold trading activities are considered illegal financial activities, and the root cause of such incidents is the loopholes in the execution of relevant laws and regulations [9]. - Experts suggest that a comprehensive regulatory system should be established, focusing on entry thresholds, fund supervision, business norms, risk prevention, and accountability to curb the emergence of illegal gold trading platforms [9]. Group 3: Market Dynamics and Risks - The business model of platforms like Jie Wo Rui often includes various forms of transactions, such as pre-priced transactions, which may involve criminal risks like illegal operation and fraud [6][7]. - The Shenzhen Gold Jewelry Industry Association has previously issued warnings about companies engaging in illegal gambling activities disguised as gold trading, indicating a serious disruption to market order and industry reputation [7].

■周尚伃 自中证协启用保荐代表人(以下简称"保代")负面评价公示机制以来，监管从严导向已逐步从政策层面穿 透至执业一线，成为规范投行业务、压实中介责任的重要举措。中证协最新信息显示，目前保代分类名 单D类(暂停业务类)共有16人，其中2025年新增8人，同期移出4人。 这一"名单管理+穿透问责"的模式，标志着监管重心从机构向个人执业资格实质性"穿透"。笔者认为， D类公示机制的核心逻辑在于通过精准锁定个人责任，形成从保代到机构的穿透式约束链，进而系统性 重塑投行执业生态。该机制的影响主要从三个维度展开。 首先，监管惩戒的关键在于精准锚定"签字权"，以此打破长期存在的"机构兜底"惯性。 当个人违规直接挂钩机构分类评价，券商必须重新审视其"三道防线"的含金量。D类公示机制向券商传 递了一个明确信号：保代违规不仅是个人问题，更是机构内控薄弱、管理失职的直接体现。 数据显示，2024年全行业被处罚保代人数为124人，2025年降至85人。这一变化虽反映监管警示已初步 见效，但处罚人数仍处高位，凸显执业质量仍是行业突出痛点，部分机构内控仍存短板。为避免个人行 为波及全公司，券商需要推动"三道防线"切实运转，在立项、尽调 ...

Core Insights - The State Administration for Market Regulation (SAMR) imposed a fine of 26.69 million yuan on Chengdu Kuaigou Technology Co., Ltd., a wholly-owned subsidiary of Kuaishou, for seven violations, highlighting the increasing regulatory scrutiny in the live e-commerce sector [1] - The SAMR's actions reflect a tightening regulatory trend in the live e-commerce industry, emphasizing compliance and accountability among platform operators [1] Summary by Category Regulatory Actions - The SAMR released a batch of typical cases in the live e-commerce sector, including penalties for various companies, indicating a focus on compliance failures and false advertising practices [1] - Chengdu Kuaigou's violations included failing to disclose necessary information, charging unreasonable fees, and engaging in false advertising, which collectively posed significant social harm [11] Industry Implications - The substantial fine may impact Kuaishou's brand reputation and market sentiment, prompting investors and partners to reassess the platform's governance capabilities [11] - The regulatory approach signifies a shift towards "penetrating regulation," where the SAMR investigates deeper into business processes and associated behaviors, aiming for comprehensive accountability across the industry [11][12] Market Environment - The SAMR's focus on both large platforms and grassroots cases indicates a comprehensive regulatory strategy aimed at addressing issues in the live e-commerce sector [12] - Other platforms like Douyin, Xiaohongshu, and Taobao Live are also facing numerous complaints from merchants, suggesting widespread challenges within the live e-commerce ecosystem [14]