// 今日关注 // // 宏观预警 // 1、外交部：中美双方并没有就关税问题进行磋商或谈判 外交部发言人郭嘉昆主持例行记者会。有记者提问，据报道，美国总统特朗普4月22日接受《时代》杂 志采访时表示，中方领导人给他打了电话，请问中方对此有何评论?中美是否在谈判？郭嘉昆表示，"据 我了解，近期两国元首没有通话。我要重申，中美双方并没有就关税问题进行磋商或谈判。" 2、十四届全国人大常委会第十五次会议继续审议民营经济促进法草案 十四届全国人大常委会第十五次会议4月27日下午对民营经济促进法草案三次审议稿进行了分组审议。 常委会组成人员表示，草案经过两次审议修改，充分吸收各方面意见建议，进一步充实服务、保障民营 经济发展相关举措，进一步规范执法行为，深入推进严格规范公正文明执法，结构合理、内容全面，已 经比较成熟，建议本次常委会会议表决通过。 3、央行：将适时降准降息，创设新的结构性货币政策工具 中国人民银行副行长邹澜在国新办新闻发布会上表示，将根据国内外经济形势和金融市场运行情况，适 时降准降息，保持流动性充裕，发挥好货币政策工具箱总量和结构双重功能，创设新的结构性货币政策 工具，围绕稳就业、稳增长的重点领域 ...

Core Viewpoint - The regulatory scrutiny on margin trading business in China has intensified, with multiple securities firms being penalized for various violations, particularly related to "circumventing regulations" and improper client management practices [1][2][4]. Group 1: Regulatory Actions - The Guangxi Securities Regulatory Bureau issued a warning letter to Everbright Securities for facilitating clients in "circumventing regulations" during margin trading [1]. - China Galaxy Securities was also reprimanded by the Beijing Securities Regulatory Bureau for insufficient control measures against "circumventing regulations" and for engaging in improper trading activities [4]. - Since the beginning of 2024, nearly 10 securities firms have been found to have violations in their margin trading operations [1]. Group 2: Common Violations - The three main areas of violations in margin trading include: - Providing convenience for clients to "circumvent regulations" [2]. - Assisting clients in improperly opening margin trading accounts [5]. - Inadequate internal management and failure to properly manage client trading behaviors [7] . Group 3: Contractual Revisions - In response to regulatory pressures, some securities firms are revising their margin trading contracts to better manage client behaviors and prevent "circumventing regulations" [8]. - Longjiang Securities announced a revision of its margin trading contract to ensure clients comply with legal and regulatory requirements [8]. - China Galaxy Securities also plans to amend its margin trading contract to prohibit "circumventing regulations" activities, with penalties for violations [9]. Group 4: Regulatory Framework - The China Securities Association released guidelines to assist securities firms in managing client trading behaviors and preventing "circumventing regulations" [10]. - The guidelines outline measures for identifying and managing risks associated with "circumventing regulations" in margin trading, including institutional, contractual, employee, and system controls [10].

Core Viewpoint - The article discusses the recent measures taken by China Galaxy Securities to prevent "roundabout cashing out" in margin trading, highlighting the importance of regulatory compliance and risk management in the securities industry [2][4][6]. Summary by Sections Regulatory Actions - China Galaxy Securities announced revisions to its margin trading contracts to explicitly prohibit investors from engaging in "roundabout cashing out" operations, with penalties including credit limit reductions and forced liquidation [2][4]. - The revisions include eight key changes, notably the addition of clauses that empower the company to adjust credit limits and enforce risk control measures against clients who violate the rules [4][6]. Definition and Risks of "Roundabout Cashing Out" - "Roundabout cashing out" refers to a practice where investors exploit margin trading to circumvent restrictions on the types of securities and purposes for financing, which poses significant risks and compliance issues [5][6]. - This practice can increase credit risk and obscure market transparency, making it difficult for other market participants to assess the true market conditions [5]. Industry Response and Guidelines - The actions by China Galaxy align with the guidelines set forth by the China Securities Association to standardize margin trading practices and mitigate risks associated with "roundabout cashing out" [6][7]. - Other securities firms, such as GF Securities and CITIC Securities, have also implemented measures to restrict similar practices, indicating a broader industry trend towards stricter compliance [7]. Market Context - As of March 20, the total margin trading balance in the market was 11.615 billion yuan, with a margin balance accounting for 0.01% of the A-share circulating market value, showing stability since September 2024 [7]. - The regulatory focus on margin trading and related activities continues, with the China Securities Regulatory Commission emphasizing the need for targeted monitoring of these practices [8].