Group 1 - The article discusses the trend of investment banking professionals, particularly women, marrying into wealthy families and the financial implications of such unions [1][11][26] - A recent high-profile divorce involved Wang Yanxiao, who received approximately 4.46 billion yuan worth of shares from Shichuang Energy as part of the settlement [2][7][9] - Since 2020, there have been 34 instances of high-value divorces among A-share controlling shareholders, with a total of 764.44 billion yuan distributed to their spouses [2][3] Group 2 - Wang Yanxiao has a strong professional background, having worked at CITIC Securities and served as a board secretary for a listed company, showcasing the capabilities of "investment banking women" [5][7] - The divorce settlement included Wang receiving 34,161,801 shares, representing 8.54% of Shichuang Energy's total share capital, while the controlling shareholder, Fu Liming, retains significant control over the company [7][8][9] - The article highlights the increasing visibility and influence of women from investment banking backgrounds in high-net-worth relationships, emphasizing their dual roles in both personal and professional spheres [1][11][26]

近日，长安基金6.67%股权在北京产权交易所挂牌，转让方为兵器装备集团财务有限责任公司，底价为4118.96万元。记者注意到，这部分股权并不是第一次 挂牌转让，早在2021年和2022年，就曾以3700万元的底价多次挂牌转让。 与长安基金股东方寻求股权转让不同的是，近期华润元大基金则是寻求引入投资方，此次拟募集资金对应的持股比例达24.5%，若增资成功，新投资方将成 为公司的第二大股东。 长安基金6.67%股权再转让 北京产权交易所的一则信息显示，长安基金6.67%股权于近日挂牌转让，转让底价为4118.96万元。 | 项目名称 | 长安基金管理有限公司6.67%股权 | 项目编号 | G32025BJ1000985 | | --- | --- | --- | --- | | 转让底价 | 4118.96万元 | 披露公告期 | 自公告之日起不少于20个工作日 | | 信息披露起始日期 | 2025-12-31 | 信息披露结束日期 | 2026-01-29 | | 所在地区 | 上海市 | 所属行业 | 资本市场服务 | 公开资料显示，长安基金目前共有5位股东，此次挂牌转让的股权来自于兵器装备集团财务有限责 ...

【#2026开年2家公司实施ST# ，#去年超80只A股被立案调查# 】 刚刚进入2026年，就有上市公司要被实施ST。 根据安排，得润电子将自1月6日开市起实施其他风险警示，股票简称变更为ST得润。另据披露，同 日，金通灵（300091.SZ）将"披星戴帽"，变更为*ST金灵。 在此之前，2025年年尾，多家A股公司密集披露被立案消息，多因涉嫌信披违法违规，如铂力特 （688333.SH）、启迪设计（300500.SZ）等。刚刚过去的2025年是上市公司监管大年，第一财经记者根 据Wind数据梳理，去年全年共有超80家A股公司、200余名相关责任人被立案调查，其中约四成是ST公 司。 随着立案调查结束，多家公司被查明长期财务造假，并因此吃下大额罚单，部分公司因此走向了退市。 中国政法大学商学院副教授胡历芳告诉第一财经记者，2025年，资本市场监管更趋严格，体现了自去 年"新国九条"以来，证监会所秉承的、一以贯之的严监管思路。 据得润电子（002055.SZ）最新公告，该公司被查明财务造假，两年半时间里虚构回款累计超5亿元，导 致其多份财报存在虚假记载。最终，公司及相关责任人被罚没逾2000万。 ...

Core Viewpoint - The Purchasing Managers' Index (PMI) for December indicates a recovery in China's economic activity, with all three major indices entering the expansion zone for the first time since April [1][4]. Manufacturing Sector - The manufacturing PMI rose to 50.1%, an increase of 0.9 percentage points from the previous month, exceeding market expectations [7]. - The production index and new orders index were reported at 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points [7]. - The new export orders index increased by 1.4 percentage points to 49.0%, indicating a recovery in domestic demand [7]. - Large enterprises' PMI returned to the expansion zone at 50.8%, while medium-sized enterprises' PMI rose to 49.8%, and small enterprises' PMI fell to 48.6% [7]. Key Industries - High-tech manufacturing PMI reached 52.5%, up 2.4 percentage points, indicating positive growth trends [8]. - Equipment manufacturing and consumer goods industries both reported PMIs of 50.4%, entering the expansion zone [8]. - The construction industry PMI significantly increased to 52.8%, up 3.2 percentage points, marking a return to expansion after five months [15]. Non-Manufacturing Sector - The non-manufacturing business activity index was 50.2%, an increase of 0.7 percentage points from the previous month [12]. - The service sector PMI was reported at 49.7%, a slight increase of 0.2 percentage points, with certain sectors like telecommunications and financial services showing strong growth [12]. - The construction industry's business activity expectation index was 57.4%, indicating optimism among construction firms [16]. Overall Economic Outlook - The comprehensive PMI output index rose to 50.7%, indicating overall expansion in production and business activities compared to the previous month [16]. - The service sector's business activity expectation index increased to 56.4%, reflecting enhanced confidence in future market development [16].

| 序号 | | 合伙人名称 | 出资比例 ⇒ | 认缴出资额 ÷ | | --- | --- | --- | --- | --- | | 1 | II D | 宿迁产业发展集团有限公司 市属国企 | 39.9333% | 59900万元 | | | 级 服 | 宿迁市人民政府 | 100% | 450000万元 > | | | 东 | 江苏洋河酒厂股份有限公司 | | | | 2 | + | 市属国企 洋河股份 (002304.SZ) | 20.0000% | 30000万元 | | 3 | | 宿迁市交通产业集团有限公司 | 13.3333% | 20000万元 | | | | 切屋国企 | | | 企查查APP显示，近日，宿迁市智能制造战新产业母基金（有限合伙）成立，出资额15亿元，经营范围包含：创业投资（限投资未上市企业）；股权投资； 以私募基金从事股权投资、投资管理、资产管理等活动。企查查股权穿透显示，该企业由宿迁产业发展集团有限公司、洋河股份（002304）等共同出资。 | 传奇 ド台台 | 宿迁市智能制造战新产业母基金（有限合伙） 全国企业信用查询 | | × 查一下 | | --- | --- ...

Core Viewpoint - The year 2025 is marked as a significant year for the regulation of listed companies in China, with a focus on enhancing regulatory frameworks, promoting high-quality development, and rigorously combating financial fraud [1][2]. Regulatory Framework - The regulatory approach has shifted from a "problem-driven" model to a systematic "top-level design" for constructing comprehensive regulations [2]. - The China Securities Regulatory Commission (CSRC) publicly solicited opinions on the "Regulations on the Supervision and Administration of Listed Companies" in December 2025, indicating the imminent release of the first administrative regulations for listed companies [2][4]. - The new regulations cover the entire lifecycle of listed companies, emphasizing governance, information disclosure, mergers and acquisitions, and investor protection [5]. Mergers and Acquisitions - The CSRC revised the "Major Asset Restructuring Management Measures" in May 2025 to support mergers and acquisitions, resulting in over 200 major asset restructurings disclosed by A-share companies, a 1.4 times increase from 2024 [2][7]. - The new measures include mechanisms for phased payment of shares in restructurings and simplified review processes, enhancing market vitality [7][8]. Financial Fraud Prevention - The CSRC has significantly intensified efforts to combat financial fraud, imposing penalties on 51 companies and 388 individuals in 2025, with fines totaling 2.966 billion yuan [3][10]. - The principle of "delisting does not exempt from liability" has been firmly established, with 15 companies facing severe penalties for financial fraud [11][12]. Investor Protection and Market Stability - A total of 25.5 billion yuan in cash dividends were distributed by A-share companies in 2025, with 1,066 companies announcing interim dividends of 787 billion yuan, fostering a stable investment environment [9]. - Regular dividends are seen as a means to attract long-term institutional investors and promote a culture of long-term investment, enhancing market resilience [9]. Conclusion - The comprehensive regulatory reforms and rigorous enforcement against financial fraud are expected to improve the quality of listed companies, protect investor rights, and stabilize the capital market [6][13].

Core Viewpoint - The manufacturing and non-manufacturing sectors in China showed signs of recovery in December 2025, with key indices rising above the expansion threshold, indicating improved economic conditions [1][4]. Manufacturing Sector - In December 2025, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking the first time it entered the expansion zone since April [1]. - Among the 21 surveyed industries, 16 reported an increase in PMI compared to the previous month, indicating improved production and operational conditions [1]. - The production index and new orders index were 51.7% and 50.8%, respectively, both showing significant increases of 1.7 and 1.6 percentage points from the previous month [1]. - High-tech manufacturing PMI was 52.5%, up 2.4 percentage points, indicating positive growth trends [3]. - Equipment manufacturing and consumer goods industries both recorded PMIs of 50.4%, rising by 0.6 and 1.0 percentage points, respectively [3]. - The procurement activity accelerated with a procurement volume index of 51.1%, entering the expansion zone [2]. Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index was 50.2%, an increase of 0.7 percentage points, indicating an improvement in the non-manufacturing sector's economic conditions [4]. - The new orders index for non-manufacturing rose to 47.3%, up 1.6 percentage points, reaching the highest level this year [4]. - The business activity expectation index for non-manufacturing was 56.5%, reflecting a continuous increase for three months, indicating rising market confidence [4]. - The construction industry saw a significant improvement, with the business activity index at 52.8%, up 3.2 percentage points from the previous month [4]. Composite Index - The Composite PMI Output Index reached 50.7%, an increase of 1.0 percentage point, indicating overall expansion in production and operational activities [5].

记者丨 崔文静 编辑丨巫燕玲 视频丨陈泽锴 长期以来，尽管《公司法》赋予董秘高级管理人员的法定地位，但在实践中，其角色时常面临 定位模糊、权责不清、保障不足的困境，部分董秘甚至被视同"高级文秘"，制约了其在公司治 理中监督制衡作用的发挥。 此次监管规则直面痛点，进行系统性重构。 其最引人瞩目的突破在于，赋予了董秘一大履职 便利——直接上报权。当董秘履职受阻或发现公司存在违法违规迹象时，在向董事长汇报无法 解决后，可直接向证监会及交易所报告。 这为董秘独立、有效履职提供了坚实的制度"护身 符"。 上市公司董事会秘书，这个连接资本市场与公司治理的关键角色，迎来了履职环境的重要重 塑。 12月31日，证监会就首部《上市公司董事会秘书监管规则（征求意见稿）》（以下简称《规 则》）向社会公开征求意见，标志着对上市公司"关键少数"的监管迈入精细化、强保障的新阶 段。 与此同时，规则为董秘厘清了"信息披露组织者"、"公司治理监督者"与"内外部协调者"三大核 心角色，并同步提升了专业任职门槛并强化了责任追究。一套涵盖明责、赋权、保障、追责的 全链条监管体系正在形成，旨在推动董秘从形式上的"必备职位"，真正转变为提升上市公司质 ...

专题：专题：价值重估 行稳致远——年终盘点&2026资本市场展望 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：劳阿毛 2025年A股控制权市场有个很重要的特点，最为抢手的壳是大股东持股比例高的次新股壳，除了高股比 外这些壳还有些通行的优点。比如基本面正常没有保壳压力，账上保留部分现金甚至还有很强的举债能 力。另外，大股东出让控制权后未来有意愿回购主业资产，能够留下大量现金未来转型。 但是，之前选壳的标准可不是这样的。 前些年大家选壳的标准可不是这样的，可能会首要考虑市值大小，不会特别注重大股东持股比例。另 外，希望壳越烂越好——很多ST公司被各种挑选，另外对壳内资产价值没有啥要求，尽可能要求资产 体量小，未来剥离代价和难度小就OK。简单说，之前借壳交易主要是做增量，核心操作方式是"借尸还 魂"，所以在意的是咸鱼翻身的可行性，以及借壳后新股东的股权比例。 这些变化，背后的合理逻辑是什么呢？ 其实，买壳操作的底层逻辑并没有变，比如追求终极操作的可行性，新老股东在交易条件和后续发展的 利益平衡和共赢，另外就是操作能够得到监管部门的"祝福"等。最终实现非上市资产的证券化，获得融 资 ...

Core Viewpoint - The overall economic sentiment in China is improving, as indicated by the rise in manufacturing and non-manufacturing indices, suggesting a recovery in economic activity and market confidence [1][2][4]. Manufacturing Sector - In December 2025, the Manufacturing Purchasing Managers' Index (PMI) reached 50.1%, marking its first entry into the expansion zone since April 2025, with 16 out of 21 surveyed industries showing improvement [1][2]. - The New Orders Index rose to 50.8%, increasing by 1.6 percentage points, indicating a release of market demand after five months below 50% [2]. - The Production Index increased to 51.7%, up by 1.7 percentage points, reflecting a positive expansion in manufacturing activities [2]. - High-tech manufacturing PMI was reported at 52.5%, up by 2.4 percentage points, indicating a favorable growth trend [2]. - Large enterprises' PMI reached 50.8%, up by 1.5 percentage points, with significant increases in both production and new orders indices [3]. Non-Manufacturing Sector - The Non-Manufacturing Business Activity Index rose to 50.2%, up by 0.7 percentage points, indicating an improvement in non-manufacturing activities [4]. - The Business Activity Expectation Index for non-manufacturing reached 56.5%, reflecting a continuous upward trend and strong market expectations [4]. - The construction sector showed significant improvement, with the Business Activity Index at 52.8%, up by 3.2 percentage points, driven by seasonal factors and project acceleration [4]. Economic Outlook - Experts indicate that the combination of effective economic policies and market dynamics is expected to lead to steady growth in the manufacturing sector in 2026, with both qualitative and quantitative improvements anticipated [3][5].