Core Insights - In 2025, approximately 75 actively managed equity funds achieved a net value increase of over 100%, but there was significant disparity, with several funds reporting negative returns exceeding 10% [2][8] - Among the underperformers, six funds from GF Fund were highlighted, all managed by Wang Mingxu, indicating a potential issue with his management strategy [2][8] Fund Performance Analysis - Wang Mingxu managed a total of eight funds, with six showing negative annual returns, including the flagship fund, GF Domestic Demand Growth, which reported a -16.31% return for the year [10] - The fund underwent a significant style shift in its holdings throughout 2025, moving from a focus on real estate, liquor, and banking stocks in Q1 to a more diversified approach in Q2, yet the results remained unsatisfactory [3][11] Managerial Challenges - Wang Mingxu's management faced criticism as his long-held fund, GF Domestic Demand Growth, became a significant underperformer despite his overall fund management experience and a reported best-term return of 115.25% [10] - The fund's quarterly reports indicated attempts to adjust the portfolio by selling overvalued stocks and increasing positions in high-end liquor and IT services, but these adjustments did not yield the desired improvement in performance [4][11] Performance of Other Managers - Zheng Chengran, another manager at GF Fund, also faced challenges, with his funds showing a wide performance range; one fund achieved over 70% returns while five others fell below 20% [5][12] - His investment strategy included a mix of sectors that did not align with his expertise, leading to underwhelming results, particularly in the healthcare and steel sectors [12]

格隆汇1月5日丨科大国创(300520.SZ)公布，截至2025年12月31日，公司通过股票回购专用证券账户以 集中竞价交易方式累计回购公司股份25万股，占公司目前总股本的0.09%，回购的最高成交价为24.90 元/股，最低成交价为22.50元/股，成交总金额为6,013,676元（不含交易费用）。 ...

Core Viewpoint - The company announced the acquisition of multiple invention patents from the National Intellectual Property Administration, which will enhance its intellectual property protection system and core competitiveness [1] Patent Achievements - As of the fourth quarter of 2025, the company and its subsidiaries have received several invention patent certificates, including "A Rule-Based Certificate Chain Processing Method" and "An Address Standardization Method, Electronic Device, and Medium" [1] - The total number of patents held by the company and its subsidiaries includes 142 invention patents, 23 utility model patents, and 33 design patents [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 (元) | 成交量 | 成交金额 (万元) | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | (万股/万份) | | | | | 2026-01-05 | 300454 | 深信服 | 92.13 | 3.00 | 276.39 | 中信建投证券股份 | 中信建投证券股份 | | | | | | | | 有限公司深圳宝安 | 有限公司深圳宝安 | | | | | | | | 别业二路证券营业 | 创业二路证券营业 | | | | | | | | ਜ਼ਿ | तर | 1月5日，深信服大宗交易成交3万股，成交额276.39万元，占当日总成交额的0.3%，成交价92.13元，较 市场收盘价120.08元折价23.28%。 ...

Group 1 - The core point of the article is the forced delisting of Guandao Digital due to severe financial fraud, marking it as the first major violation delisting case on the Beijing Stock Exchange [1][4] - Guandao Digital inflated its revenue by 1.465 billion yuan over seven years, with a peak inflation rate exceeding 99% [4][3] - The company engaged in fraudulent activities including intercepting audit confirmation letters and using fake seals to mislead auditors [2][3] Group 2 - The company was established in 2003 and listed on the New Third Board in 2016, later becoming one of the first companies listed on the Beijing Stock Exchange in 2021 [2] - The financial misconduct involved creating false sales and purchase contracts, invoices, and bank receipts, leading to significant misrepresentation in financial reports [3][4] - The regulatory response included a fine of 10 million yuan for Guandao Digital and penalties totaling 30.5 million yuan for 12 executives, with lifetime bans for key individuals [4][3] Group 3 - Despite the delisting, Guandao Digital's stock experienced a dramatic increase of 466% in price prior to the delisting, attracting many investors [6] - The underwriter, Wukuang Securities, established a compensation fund of 210 million yuan to address investor losses due to the company's fraudulent disclosures [6][5] - The regulatory environment has been tightening, with 32 companies delisted in 2025 for various reasons, including financial misconduct [8][7]

Core Viewpoint - Guangdao Digital (920680.BJ) has been officially delisted from the Beijing Stock Exchange due to severe financial fraud, marking it as the first major delisting case of 2026 and the first major fraud delisting in the history of the exchange [3][5]. Group 1: Company Background - Guangdao Digital was established in 2003 and listed on the New Third Board in November 2016, later becoming one of the first companies listed on the Beijing Stock Exchange in November 2021. The company focuses on the development and sales of software products aimed at data applications, with Wuzhong Securities as its sponsor [5]. Group 2: Financial Fraud Details - The company engaged in financial fraud for seven years, inflating its revenue by a total of 1.465 billion yuan, with the highest inflation rate exceeding 99% [8]. - From 2018 to the first half of 2024, Guangdao Digital inflated its revenue by 143 million yuan, 192 million yuan, 223 million yuan, 249 million yuan, 304 million yuan, 284 million yuan, and 71.646 million yuan, representing 87.34%, 95.39%, 98.96%, 85.87%, 99.39%, 98.14%, and 88.11% of the reported amounts for those periods, respectively [7]. - The company also inflated its operating costs significantly, with similar high percentages of inflation [7]. Group 3: Regulatory Actions - Following media reports of fraudulent activities, the Beijing Stock Exchange issued an inquiry letter to Guangdao Digital, demanding verification of the allegations regarding intercepting audit confirmations and falsifying documents [6]. - The China Securities Regulatory Commission (CSRC) initiated an investigation, leading to an administrative penalty notice in June 2025, which included a fine of 10 million yuan for the company and a total of 30.5 million yuan in fines for 12 executives, including the controlling shareholder Jin Wenming, who was banned from the securities market for life [8][9]. Group 4: Market Reactions and Investor Protection - Despite the impending delisting, Guangdao Digital's stock experienced a dramatic surge, with a maximum increase of 466% from June 25 to August 1, 2025 [10]. - Wuzhong Securities announced measures to protect investors, including the establishment of a 210 million yuan compensation fund for eligible investors who suffered losses due to the company's fraudulent disclosures [10][11]. Group 5: Regulatory Environment - The CSRC has been strengthening the delisting system as part of broader capital market reforms, with 32 companies completing delisting in 2025 due to various reasons, including financial fraud [12]. - Recent regulatory opinions emphasize the importance of investor protection in cases of major illegal delisting, encouraging proactive compensation measures from controlling shareholders and actual controllers of listed companies [13].

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Group 1 - The company plans to use up to RMB 500 million of idle funds for cash management to enhance fund efficiency and increase returns for shareholders [1][2] - The cash management will involve low-risk, liquid, and capital-protected financial products issued by banks, securities firms, trust companies, or fund companies [2][3] - The decision to use idle funds for cash management was approved by the company's board of directors and does not require shareholder approval [3] Group 2 - The cash management period will last from the approval date until the end of the current board's term, with individual investment products having a maximum duration of 12 months [1][2] - The company will ensure that cash management does not affect its normal operations and will maintain the safety of its funds [7] - The board has authorized the chairman to make decisions regarding the cash management investments during the board's term [2][3]

格隆汇1月5日丨数码视讯(300079.SZ)公布，截至2025年12月31日，公司通过回购专用证券账户以集中 竞价交易方式回购公司股份数量598.4万股，占公司总股本的0.42%，回购最高成交价为5.41元/股，最低 成交价为5.13元/股，成交总金额为3155.887万元（不含交易费用）。本次回购符合法律法规的相关规 定，符合公司既定的回购股份方案。 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 （本文由上海市信本律师事务所合伙人赵敬国律师供稿，不代表新浪财经的观点。赵敬国律师，于1999 年取得律师资格，法学理论知识扎实，曾在高校任教。2004年起开始律师执业，承办过千余起各类诉讼 案件，积累了十分丰富的争议处理经验，尤其擅长处理证券纠纷、金融、不良资产等方面的业务。执业 至今，赵敬国律师代理投资者诉多家上市公司索赔案件，已经胜诉或已经获赔的案件包括中安科索赔、 中兵红箭索赔、步森服饰索赔、中潜股份索赔、奥瑞德索赔、獐子岛索赔、天神娱乐索赔、抚顺特钢索 赔、飞乐音响索赔、香溢融通索赔、延安必康索赔、欢瑞世纪索赔、紫晶存储索赔、泽达易盛索赔、安 妮股份索赔等。） 据公开消息，部分投资者诉罗普特（维权）科技集团股份有限公司（以下简称"罗普特"或"公司"）证券 虚假陈述案件，迎来新进展，法院对本案示范性案件作出了判决。投资者获得一审胜诉。本案目前仍在 诉讼时效内，其余受损投资者仍可登记索赔。上海市信本律师事务所赵敬国律师（执业证号： 13101200410820485）提示，于2021年4月20日-2023年5月17日期间买入且有持仓，无论在2023年5月 ...