本报讯 （记者刘钊）"上市公司大股东之间，能够进行市值或股价对赌吗？"针对近期我国资本市场出 现的一些新型的、与股价挂钩的投资对赌协议，中国法学会证券法学研究会日前举行专题研讨认为，上 市公司大股东之间以市值或股价进行的对赌安排，不仅面临合同履行的不确定性，还会构成规避监管的 手段，极易引发市场操纵、内幕交易等多重风险，成为诱发金融风险的导火索，应明确否定其效力。监 管部门应加快制度建设，弥补制度漏洞；司法部门应统一裁判规则，发挥资本市场法治的兜底保障功 能。 中国法学会商法学研究会副会长、中国人民大学法学院叶林教授，探讨了对赌协议为代表的金融创新工 具所面临的监管、合法性认定及履行难题。他认为，对赌协议应纳入强制信息披露范围，法律与会计制 度也应突破非股即债的传统框架，制定更兼容的规则。 中国资本市场研究院联席院长、中国人民大学财政金融学院赵锡军教授指出，我国资本市场基础制度尚 未充分适应金融创新的复杂需求。虽然股票市值挂钩型对赌协议作为金融衍生工具，具有一定的市场价 格发现功能，但所有的创新必须纳入法治化轨道，并且该类协议实际上具有固定或保底收益的性质，不 利于提升私募投资者的专业能力，应通过强化诸如信息 ...

推动大股东利用其持股优势、资金优势和信息优势，采取一切手段维持股价，涉嫌共同操纵市场，即便 强制披露亦无法消除其操纵本质。因此，应从监管和司法层面加快制度建设，弥补市场漏洞，从根本上 禁止这一行为。 中国法学会商法学研究会会长、中国政法大学民商经济法学院赵旭东教授认为，对赌协议的效力应当从 经济合理性、交易公平性和现实必要性等角度进行考量。《九民纪要》未能真正统一裁判标准，问题源 于法律定性偏差，应将对赌协议视为股债融合的第三类投资形式，并建议公司法针对对赌协议设置差异 化规则和例外条款。 本报（chinatimes.net.cn）记者陈岩鹏 北京报道 "上市公司大股东之间，能够进行市值或股价对赌吗？"针对近期我国资本市场出现的一些新型的、与股 价挂钩的投资对赌协议，中国法学会证券法学研究会日前举行专题研讨认为，上市公司大股东之间以市 值或股价进行的对赌安排，不仅面临合同履行的不确定性，还会构成规避监管的手段，极易引发市场操 纵、内幕交易等多重风险，成为诱发金融风险的导火索，应明确否定其效力。监管部门应加快制度建 设，弥补制度漏洞；司法部门应统一裁判规则，发挥资本市场法治的兜底保障功能。 来自国内多所知名高校 ...

The Federal Deposit Insurance Corporation (FDIC) has put forward a pair of proposals that could lead to a change in the way banks are supervised in the US. The proposals are aimed at restricting its examiners to focus only on core financial risks and limit their authority to address nonfinancial issues. The first proposal narrows the definition of “safety and soundness” for banks to issues that present a material financial risk to the institution. Under this proposal, regulators could use matters requir ...

逆向调控开始了？多地严禁房价"跳水"，释放何种信号？ 前阵子刷朋友圈，总能刷到中介发的"急售"消息："某小区业主急用钱，房价直降25万，比同户型便宜 10%！"；转头又刷到新闻，说江苏某个城市的开发商搞"买房送车位+打85折"，结果没几天就被住建部 门约谈，要求"收回优惠，稳定价格"。这事儿是不是挺矛盾？之前总听大家说"房价要稳"，怎么现在连 降价都管上了？甚至有人说这是"逆向调控"——别人都盼着降，怎么反而不让降了？ 其实不止一个地方这样，最近半年，苏州、南京、郑州、厦门等十几个城市，都陆续出台了"限跌"相关 的措施，要么直接规定房价不能低于备案价的多少，要么约谈降价的开发商，还有的地方明确说"严禁 恶意降价促销"。这可不是个别城市的偶然操作，背后藏着国家对房地产市场的调控逻辑。 最直接的就是"烂尾楼风险"。开发商要是大幅降价，看似是"让利于民"，但背后可能是资金链快断了 ——为了快速回笼资金，不惜亏本卖房，可要是降价后还是卖不动，或者资金链彻底断了，那在建的楼 盘就可能烂尾。去年某房企就是因为前期大幅降价，最后资金链断裂，全国几十个项目停工，买房人付 了钱却拿不到房，维权都难。 还有两个风险更隐蔽：一是金 ...

曾被全世界认可为最健康的公司，一度是"安全"的代名词，但只在短短48小时内，就变成了牵扯全球经济的定时炸弹。 在救还是不救之间，美联储面临了史上最难的一次抉择，搞明这家公司的崩塌过程，也许能提前感知到下一个可能倒下的行业巨头。 这家公司起源于上海，后来发展成了全美最大的保险企业——美国国际集团（AIG）。 在2008年前，AIG已经是美国最稳妥的公司之一，业务遍布140个国家和地区，总资产达1.2万亿美元，超过当年中国外汇储备的六成，像平安、国寿这些国 内品牌的规模都比不过它。 那一天，AIG的股价猛跌60%，信用评级也被调低，陷入了流动性危机，只能向纽约联储申请了300亿美元的紧急贷款。那会儿，整个美国只有美联储的下 属机构有能力出手救援。 9月15日7时10分，时任财长保尔森接到小布什总统的电话，明确表示政府不会再帮助华尔街的企业了。 这既是政府的态度，也符合民意，当时人们对金融巨头"盈利由自己享受，亏损由大家买单"的做法不满，而且正值美国大选期间，各政党都得考虑选票的因 素。 但AIG不同寻常，它可是美国金融体系的"核心"。 在2006年英超曼联的黄金时期，AIG每个赛季花费上千万英镑，把Logo印在曼 ...

曾被全球公认最健康的企业，一度是"安全"的绝对代名词，却在48小时内成为绑定全球经济的定时炸弹。 救与不救，成为美联储史上最艰难的决策。看懂这家企业的坍塌脉络，或许能提前预判下一个可能倒下的行业巨头。 这家企业便是发源于中国上海、后成长为全美最大保险公司的美国国际集团（AIG）。 2008年以前，AIG是全美最安全的企业之一，业务覆盖140个国家和地区，1.2万亿美元总资产超中国当年外汇储备六成，平安、国寿等国内品牌规模远不及 它。 2006年英超曼联巅峰期，AIG每赛季斥上千万英镑将Logo印在曼联球衣上，C罗、鲁尼胸口的AIG标志，彼时是金融稳定的象征。 2008年9月15日"黑色星期一"，AIG危机全面爆发。 凌晨1点，美国五大投行老四雷曼兄弟破产，多数人视其为金融海啸起点，但更大风险在AIG酝酿。 9月15日7时10分，时任财长保尔森接到总统小布什电话，明确政府不再救助华尔街企业。 这既是政府立场，也顺应民意，民众不满金融巨头"盈利私享、亏损公补"，当时正值美国大选，政党需顾及选票。 但AIG并非普通企业，它是美国金融体系的"心脏"。 全球11.5万员工，体量是雷曼10倍；美国1/3人口（1.06亿人 ...

美国这边的问题也不简单，财政赤字已经变成常态，利息支出攀升，国会频繁内斗，截止日像个必须按 的按钮；特朗普把停摆的可能性挂在嘴边，并非危言耸听，而是把政治风险放在了市场的最前端。一个 事实是，中国在过去几年虽偶尔减持美债，但节奏克制，而今年7月的减持是明显加速，这个时点，选 在财政关键窗口动手，意图性很强。 会谈能不能改变这个趋势？答案并不乐观。对话是一条通路，但通路本身不能替代结构性改变，尤其当 信任被蚕食，言语就显得薄弱；史密斯代表团的任务或许是短期稳定市场情绪——换取一些国际信心， 为国会争取时间，防止债市暴走——但中国的诉求并不只是短期"别卖债"，而是要看到财政可持续性的 实质性动作和对其国家利益的尊重。 我把两边的话放在一起比对，能看到裂缝：美方急的是数组上的稳定——债券利率、市场情绪、预算通 过的时间窗；中方更看重的是长期博弈的均势——货币体系的安全、外汇储备的多样化、以及在关键时 刻不被"政治化"的资产配置权。前者像是医生按止血带，后者是在重建骨骼与肌肉，差距明显。 现场问答里有个瞬间很值得回味，一位美国议员在会后向中方官员询问："如果我们通过了预算，你们 会回购吗？"中方官员笑得有点冷，"回购 ...

Group 1 - As of June 2023, China's banking sector total assets reached nearly 470 trillion yuan, ranking first in the world; stock and bond market sizes rank second globally; foreign exchange reserves have maintained the world's top position for 20 consecutive years [2] - The People's Bank of China (PBOC) has achieved significant milestones in financial reform, enhancing the financial governance system and modernizing governance capabilities [2] - The financial service quality, efficiency, and inclusiveness have significantly improved, with a comprehensive financial institution, market, and product system in place [2] Group 2 - The PBOC aims to build a robust central banking system as part of the modern financial system, focusing on a dual-pillar framework of monetary policy and macro-prudential policy to achieve currency stability and financial stability [3] - A scientific and stable monetary policy system will be constructed, optimizing the monetary policy framework and enhancing the use of price-based regulatory tools [3] - The PBOC will deepen financial openness and promote the internationalization of the yuan, while actively participating in global economic governance [3] Group 3 - The current monetary policy stance in China is supportive, with a moderately accommodative approach to create a favorable environment for economic recovery and financial market stability [4] - The PBOC will utilize various monetary policy tools to ensure ample liquidity and support consumption and effective investment [4] Group 4 - The PBOC is focused on preventing financial risks while supporting the real economy, with overall financial risks being manageable during the 14th Five-Year Plan period [5] - Significant reductions in the number of financing platforms and financial debt levels have been achieved, with over 60% decrease in financing platforms and over 50% decrease in financial debt scale compared to early 2023 [5] - The PBOC has optimized policies related to real estate financing, reducing interest expenses for over 50 million households by approximately 300 billion yuan annually [5] Group 5 - The PBOC has maintained stability in the financial markets, with the foreign exchange market showing basic stability in the RMB exchange rate and low bond default rates [6] - The PBOC is exploring monetary policy tools to stabilize the capital market and has created mechanisms to support long-term capital market stability [6] Group 6 - Building a strong financial nation requires long-term efforts, and the PBOC will continue to implement central government decisions to contribute more to the modernization of China [7]

Report Industry Investment Ratings - Iron ore: Oscillating with a bullish bias [2] - Coking coal and coke: Oscillating with a bullish bias [2] - Rebar: Oscillating [2] - Glass: Adjusting [2] - Soda ash: Adjusting [2] - CSI 50: Oscillating [2] - CSI 300: Oscillating [2] - CSI 500: Oscillating [3] - CSI 1000: Rebounding [3] - 2-year Treasury bond: Oscillating [3] - 5-year Treasury bond: Oscillating [3] - 10-year Treasury bond: Rebounding [3] - Gold: Bullish [3] - Silver: Bullish [3] - Logs: Range-bound [5] - Pulp: Consolidating at the bottom [5] - Offset paper: Bearish [5] - Edible oils: Wide-range oscillation [5] - Soybean meal: Oscillating with a bearish bias [5] - Soybean No. 2: Oscillating with a bearish bias [5] - Live pigs: Oscillating with a bullish bias [7] - Rubber: Oscillating [9] - PX: On the sidelines [9] - PTA: Oscillating [9] - MEG: On the sidelines [9] - PR: On the sidelines [9] - PF: On the sidelines [9] Core Views - The Fed's interest rate cut has been implemented as expected, and after the National Day, trading focus will gradually shift to the real economy [2][3] - The supply of overseas iron ore has declined slightly, but the total global iron ore shipments are still at a relatively high level in recent years, and the demand for iron ore has rebounded [2] - The coal mine shutdown news and the increasing expectation of "anti-involution" have jointly promoted the rebound of coking coal and coke futures [2] - The real estate investment continues to decline, and the total demand is difficult to show an anti-seasonal performance, forming a pattern of high in the first half and low in the second half [2] - The overall glass supply remains stable, and the demand has limited growth, with a loose fundamental pattern [2] - The pricing mechanism of gold is shifting from the traditional focus on real interest rates to central bank gold purchases, and the price is expected to remain bullish [3] - The supply of logs is tightening, and the cost support is weakening, with the price expected to range-bound [5] - The pulp price is expected to consolidate at the bottom, and the offset paper market is bearish [5] - The supply pressure of edible oils is increasing, and the price is expected to oscillate widely [5] - The supply of soybean meal is abundant, and the price is expected to oscillate with a bearish bias [5] - The average trading weight of live pigs is rising, and the price is expected to oscillate with a bullish bias in the short term [7] - The natural rubber price is expected to oscillate widely, and the PX and PTA prices will follow the cost fluctuations [9] Summary by Related Catalogs Black Industry - Iron ore: Global iron ore shipments decreased by 2.483 million tons to 33.248 million tons, but the 47-port iron ore arrivals increased by 3.581 million tons to 27.504 million tons. The daily average pig iron output rebounded slightly, driving up the demand for iron ore. The steel mills' profit ratio declined, but the motivation for active production cuts was still insufficient, with inventory replenishment expected before the festival. The iron ore 2601 contract broke through the previous high and showed an oscillating and bullish trend [2] - Coking coal and coke: The shutdown news of coal mines and the increasing expectation of "anti-involution" promoted the rebound of coking coal and coke futures. The supply of coking coal is likely to be weaker than last year in the second half of the year, and the demand for coking coal and coke has rebounded with the arrival of the peak season. An individual coking enterprise in Inner Mongolia initiated the first round of coke price increase. The price is expected to oscillate with a bullish bias [2] - Rebar: The Fed's interest rate cut and the coal mine shutdown news, along with the "anti-involution" expectation, promoted the rebound of coking coal and coke, which in turn drove up the rebar price. The output of finished steel decreased slightly, but the supply remained at a relatively high level. The total demand was difficult to show an anti-seasonal performance, and the rebar 2601 contract is expected to oscillate with a bullish bias in the short term, with attention paid to the inventory performance [2] - Glass: The glass supply remained stable, and the demand had limited growth. The downstream deep-processing factory orders increased slightly, but the demand increment was limited. The coal-to-gas conversion in Shahe may cause short-term fluctuations in the market. The key for the 01 contract lies in the cold repair path, and attention should be paid to the pre-festival inventory replenishment [2] Financial Industry - Stock index futures/options: The CSI 300, SSE 50, CSI 500, and CSI 1000 stock indexes showed different performances. The computer hardware and precious metals sectors had capital inflows, while the catering and tourism and soft drink sectors had capital outflows. The market rebounded, and it is recommended to control the risk preference and maintain the current long position of stock indexes [3] - Treasury bonds: The yield of the 10-year Treasury bond and FR007 increased by 1bp, and SHIBOR3M remained flat. The central bank conducted reverse repurchase operations, and the market interest rate fluctuated. The Treasury bond price showed a weakening trend, and it is recommended to hold a light long position [3] - Gold and silver: The pricing mechanism of gold is changing, and the price is affected by central bank gold purchases, currency, finance, and geopolitical factors. The interest rate policy of the Fed and geopolitical conflicts are the main influencing factors. The price of gold and silver is expected to remain bullish, with attention paid to Powell's speech and PCE data [3] Light Industry - Logs: The daily average port shipments of logs decreased, and the supply from New Zealand declined. The port inventory decreased, and the cost support weakened. The price is expected to range-bound [5] - Pulp: The spot market price of pulp was stable, and the cost support increased. However, the papermaking industry's profitability was low, and the paper mills' inventory pressure was high, with the price expected to consolidate at the bottom [5] - Offset paper: The spot market price of offset paper declined. The production was relatively stable, but it was in the downstream seasonal off-season, and the demand was poor. The industry was in a stage of overcapacity, and the price was expected to be bearish [5] Oil and Fat Industry - Edible oils: The production of Malaysian palm oil increased slightly in August, and the inventory increased by 4.18% to 2.2 million tons. The supply pressure of domestic soybean oil increased, and the price of edible oils is expected to oscillate widely, with attention paid to the weather in the US soybean-producing areas and the production and sales of Malaysian palm oil [5] - Soybean meal: The US soybean yield increased, but the export demand was weak, and the domestic supply was abundant. The price of soybean meal is expected to oscillate with a bearish bias, with attention paid to the US soybean weather and soybean arrivals [5] Agricultural Products Industry - Live pigs: The average trading weight of live pigs increased, and the supply was relatively abundant. The terminal consumption market was sluggish, and the slaughtering enterprise's开工 rate declined. The price is expected to oscillate with a bullish bias in the short term, with the support of the pre-festival inventory replenishment demand [7] Soft Commodities Industry - Natural rubber: The supply pressure in Yunnan decreased, and the production in Hainan was lower than expected. The demand for tires increased, and the inventory decreased. The price is expected to oscillate widely [9] - PX and PTA: The PX supply was in surplus, and the price followed the oil price fluctuations. The PTA supply and demand both increased, but the overall supply-demand margin weakened, and the price followed the cost fluctuations [9]

来源：滚动播报 （来源：千龙网） 9月22日，国新办举行新闻发布会，介绍"十四五"时期我国金融业发展情况。中国人民银行行长潘功胜，金融监管总局局长李云泽，中国证监会主席吴清， 中国人民银行副行长、国家外汇管理局局长朱鹤新同台亮相。 据介绍，截至今年6月末，中国银行业总资产近470万亿元，位居世界第一；股票、债券市场规模位居世界第二；外汇储备规模连续20年位居世界第一。 证券市场方面，今年8月，A股市场总市值首次突破100万亿元，同时，A股市场韧性和抗风险能力明显增强，上证综指年化波动率15.9%，较"十三五"下降 2.8个百分点。 整体来看，"十四五"期间，我国金融风险总体可控，金融体系稳健运行，服务实体经济的能力逐步增强。 9月22日，国务院新闻办公室在北京举行"高质量完成'十四五'规划"系列主题新闻发布会。 新华社记者 李鑫 摄 成果每年为超5000万户家庭减少房贷利息支出约3000亿元 "十四五"时期，我国防范化解金融风险攻坚战取得重要阶段性成果，牢牢守住了不发生系统性风险的底线。高风险中小金融机构、房地产和地方债是当前我 国发展面临的主要风险。 李云泽介绍，金融监管部门通过兼并重组、在线修复、市场退出 ...