例如，在交大昂立原管理层造假案中，新控股股东通过内部核查发现线索并报案，最终推动案件"民转 刑"，印证了内部知情者在造假查处中的关键作用。未来随着奖励机制落地，更多"内部眼线"将主动发 声，让造假行为难以遁形。 在笔者看来，薪酬追回与吹哨人激励等相关制度的进一步完善，让监管形成"事前震慑—事中发现—事 后严惩"的完整闭环。这种演进不是简单的处罚加码，而是通过利益调节与风险重构，彻底挤压财务造 假的生存空间。这既是保护投资者利益的必然要求，也成为资本市场高质量发展的坚实基础。 日前，《最高人民法院关于适用〈中华人民共和国公司法〉若干问题的解释（征求意见稿）》（以下简 称《公司法解释》）向社会公开征求意见。当天，中国证监会、财政部就《证券期货违法行为吹哨人奖 励工作规定（征求意见稿）》（以下简称《吹哨人奖励规定》）公开征求意见，拟将"违法薪酬退 回"与"举报激励升级"纳入监管工具箱。 笔者认为，这向市场释放出"零容忍"治理上市公司财务造假的强烈信号，监管网络越织越密，"行政处 罚+刑事处罚+薪酬追回+吹哨人激励"的全方位、立体化监管体系加快形成。 上市公司财务造假的诱因之一是"收益远超成本"，而法律法规的补充完善 ...

Group 1: Innovation in Pharmaceuticals - The State Council has introduced regulations to standardize clinical research and application of biomedical technologies, promoting innovation and ensuring medical quality and safety [1] - The innovative pharmaceutical industry is experiencing positive fundamentals, with overseas licensing amounts exceeding $66.8 billion by mid-2025, and 31% of innovative drugs introduced by international pharmaceutical companies originating from China [1] Group 2: Infrastructure Development - Seven departments, including the Ministry of Industry and Information Technology, have released a plan to enhance new information infrastructure, focusing on the integration of "5G + industrial internet" and the development of computing power infrastructure [2] - The plan aims to promote the resourceization and assetization of industrial data, and to integrate artificial intelligence technologies with service-oriented manufacturing [2] Group 3: Financial Standards - The China Securities Regulatory Commission has published three financial industry standards related to securities exchanges and asset securitization, effective immediately [3] Group 4: Housing and Urban Development - The Ministry of Housing and Urban-Rural Development is deepening reforms in the housing and real estate sectors during the 14th Five-Year Plan, aiming to establish a new model for real estate development and improve the housing supply system [4] Group 5: Healthcare Pricing Regulation - The National Healthcare Security Administration has initiated a special rectification of "dual pricing" practices in designated retail pharmacies, emphasizing the need for fair pricing for insured patients [5][6] Group 6: Cloud Computing Standards - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a comprehensive cloud computing standardization system, aiming to establish over 30 new national and industry standards by 2027 [7] Group 7: Company News - Nengke Technology plans to raise up to 1 billion yuan for the development of its AI training platform [8] - Various companies reported significant year-on-year profit increases, with notable growth from Dao Shi Technology (408.27%) and Dongyangguang (171.08% - 199.88%) [8]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report analyzes the impact of the Sino-US trade conflict on various investment varieties, suggesting investors adjust their positions according to the market situation and the development of the trade war, and provides corresponding option strategies for different varieties [3][4][6]. 3. Summary by Variety Stocks - **Hong Kong Stocks**: If the trade war is less severe than expected, reduce short - term positions in the Hang Seng Technology Index and wait for better entry points. If it worsens, adopt a barbell strategy of technology (AI/innovative drugs/autonomous control) + dividends and buy technology assets at the right time [3]. - **US Stocks**: Short - term fluctuations are inevitable, but the decline will be less than in April. Reduce short - term positions and wait for better opportunities to enter the US technology stock market [3]. Futures - **Treasury Bond Futures**: Affected by the intensification of the trade war, Treasury bonds may open higher on Monday, but the upward trend may not last. Maintain a view of bottom - side oscillating and bearish [3]. - **Stock Index Futures**: The market has TACO trading expectations, but A - shares are overvalued, especially technology stocks with bubbles, and there is a risk of liquidity. The key lies in the development of the trade war and the government's willingness and strength to maintain stability. Consider buying short - term out - of - the - money put options and November call options [3]. Commodities - **Copper**: Prices are under pressure. If the trade conflict worsens, there may be further decline. The supply of copper raw materials is tight, which will be transmitted to the smelting end. Build positions by selling out - of - the - money put options on the far - month [3]. - **Aluminum**: Aluminum prices may be affected by short - term negative sentiment, but the long - term trend is bullish. Consider constructing a collar strategy by buying put options and selling out - of - the - money call options [3]. - **Energy and Chemicals** - **European Routes**: The 2510 contract may decline by 2 - 5%, the 2512 contract by about 10%, and the 2602 contract has a risk of significant decline [5]. - **Crude Oil**: There is a 5 - 6% decline in price, and a 10% decline in the most pessimistic scenario. Consider buying out - of - the - money put options for short - term speculation [5]. - **Chemicals**: The impact is mainly on ethane and propane. Consider bearish spreads and wait for the market to stabilize before selling options [5]. - **Agricultural Products**: Beans and some domestic - priced fresh products are strong, while cotton is weak. Consider buying call options on beans [5]. - **Black Metals**: The direct impact of the trade war on the fundamentals is small, but the valuation may decline. The decline amplitude may be smaller than that of other sectors [5]. - **New Energy and Related Metals** - **Lithium Carbonate**: The price may decline by 5%. Build positions by selling out - of - the - money put options and consider buying deep - out - of - the - money put options for tail protection [6]. - **Nickel**: The price is under pressure and may fluctuate. Sell out - of - the - money call options and buy out - of - the - money put options to construct a collar strategy [6]. - **Stainless Steel**: The price is expected to be weak, and it is advisable to short at high prices with a light position [6]. - **Industrial Silicon**: The price is expected to decline by 4 - 5%. Sell at - the - money call options and buy put options to construct a collar strategy [6]. - **Polysilicon**: The price may decline by 5 - 6%. Sell at - the - money call options and buy more out - of - the - money call options to construct an inverse spread option [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has implemented three new financial industry standards aimed at advancing the digital transformation of the capital market, effective immediately. Group 1: Data Standards Implementation - The "Data Element Specification for Securities and Futures Industry - Part 4: Securities Exchanges" standardizes data attributes related to securities exchanges, providing guidance for data construction and application in the securities and futures industry, enhancing data processing and storage efficiency, and accelerating digital transformation [1][2] - The "Data Element Specification for Securities and Futures Industry - Part 5: Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization, aiming to strengthen data governance and promote efficient information sharing within the industry [1][2] Group 2: Regulatory Data Collection Standards - The "Regulatory Data Collection Specification for Futures Companies - Part 2: Asset Management Business" defines data elements for asset management business, improving data governance and standardization in the industry, and facilitating the digital and intelligent transformation of regulation [2] - The CSRC plans to continue developing data governance and business service standards to systematically advance the digitalization of the capital market and strengthen the foundation for technology-driven regulation [2]

Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards effective from October 10, aimed at enhancing data governance and digital transformation in the securities and futures sectors [1][2]. Group 1: Securities Exchange Data Standards - The "Data Element Specification for Securities Exchanges" standardizes data attributes related to securities exchange operations, including classification, naming, meaning, data types, and lengths, providing guidance for data construction and application in the securities and futures industry [1]. - Implementation of this standard is expected to improve data processing and storage, enhance data circulation efficiency, and accelerate the digital transformation of the industry while strengthening information disclosure in key areas [1]. Group 2: Asset Securitization Data Standards - The "Data Element Specification for Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization, providing practical and universal standards for the industry [1]. - This standard aims to solidify the foundation of data governance in the industry, promote efficient information sharing, and support the construction of a high-quality, digital capital market [1]. Group 3: Asset Management Data Standards - The "Regulatory Data Collection Specification for Futures Companies: Asset Management" standardizes the business definitions and data types for asset management data within futures companies, enhancing data governance and standardization in the industry [2]. - The implementation of this standard is expected to clarify regulatory data collection standards and promote the digital and intelligent transformation of regulation [2]. Future Directions - The CSRC plans to continue developing data governance and business service standards, advancing the information technology and digital construction of the capital market, and reinforcing the foundation for technology-driven regulation [2].

Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards aimed at enhancing data governance and digital transformation in the capital market [1][2] - The standards include specifications for data elements related to securities exchanges, enterprise asset securitization, and asset management business for futures companies [1][2] Group 1: Securities Exchange Data Standards - The "Securities Exchange Data Element Specification Part 4" provides guidance on business classification, naming, meaning, data types, and length for data items related to securities exchanges [1] - Implementation of this standard is expected to improve data processing and storage, enhance data circulation efficiency, and accelerate the digital transformation of the industry [1] Group 2: Enterprise Asset Securitization Standards - The "Enterprise Asset Securitization Data Element Specification Part 5" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization [1] - This standard aims to strengthen data governance in the industry and promote efficient information sharing, contributing to a high-quality, digital capital market [1] Group 3: Asset Management Data Standards - The "Futures Company Regulatory Data Collection Specification Part 2" defines data elements for asset management business within futures companies [2] - The implementation of this standard is expected to enhance the level of data governance in the industry and standardize regulatory data collection, facilitating the digital and intelligent transformation of regulation [2]

Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards aimed at enhancing data governance and digital transformation in the capital market [1][2] - The standards include specifications for data elements related to securities exchanges, enterprise asset securitization, and asset management business for futures companies [1][2] Group 1: Securities Exchange Data Standards - The "Securities and Futures Industry Business Domain Data Element Specification Part 4: Securities Exchange" standard classifies business-related data items, providing guidance for data construction and application in the securities and futures industry [1] - Implementation of this standard is expected to improve data processing and storage, enhance data circulation efficiency, and accelerate the digital transformation of the industry [1] Group 2: Enterprise Asset Securitization Standards - The "Securities and Futures Industry Business Domain Data Element Specification Part 5: Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization [1] - This standard aims to strengthen data governance in the industry, promote efficient information sharing, and support the development of a high-quality, digital capital market [1] Group 3: Asset Management Data Standards - The "Futures Company Regulatory Data Collection Specification Part 2: Asset Management Business" standard defines data elements for asset management business, enhancing data governance and standardization in the industry [2] - The implementation of this standard is expected to facilitate the digital and intelligent transformation of regulatory practices [2]

Core Points - The China Securities Regulatory Commission (CSRC) has released three financial industry standards that will take effect immediately, aimed at enhancing data governance and digital transformation in the securities and futures industry [1][2]. Group 1: Data Standards - The "Data Element Specification for Securities Exchanges" standardizes data attributes related to securities exchange operations, providing guidance for data construction and application in the securities and futures industry [1]. - The "Data Element Specification for Enterprise Asset Securitization" establishes a comprehensive data element specification for the entire lifecycle of enterprise asset securitization, promoting efficient data sharing and high-quality digital capital markets [1]. Group 2: Regulatory Data Collection - The "Regulatory Data Collection Specification for Asset Management Business" defines data elements for asset management business in futures companies, enhancing data governance and standardization in regulatory data collection [2]. - The CSRC plans to continue developing data governance and business service standards to advance the digitalization of capital market information and strengthen the foundation for technology-driven regulation [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has released three financial industry standards related to data management in the securities and futures sectors, effective immediately [1][2] - The standards aim to enhance data processing, storage, and circulation efficiency, while promoting digital transformation in the securities and futures industry [1] - The standards include specifications for data elements related to securities exchanges and enterprise asset securitization, providing a framework for data governance and efficient information sharing [1][2] Group 2 - The "Futures Company Regulatory Data Collection Specification Part 2: Asset Management Business" standardizes data elements for asset management, improving data governance and regulatory data standardization in the industry [2] - The CSRC plans to continue developing data governance and business service standards to advance the digitalization of capital market information [2]

Group 1 - The China Securities Regulatory Commission (CSRC) has released three financial industry standards related to data management in the securities and futures sectors, effective immediately [1][2] - The standards aim to standardize data elements for securities exchanges, enterprise asset securitization, and asset management businesses, enhancing data governance and efficiency in the industry [1][2] - The implementation of these standards is expected to facilitate digital transformation in the capital market, improve information disclosure, and promote efficient data sharing among industry participants [1][2] Group 2 - The "Data Element Specification for Asset Management Business" standard is designed to improve the standardization of regulatory data collection and enhance the governance level of the industry [2] - The CSRC plans to continue developing data governance and business service standards to advance the digitalization of the capital market and strengthen the foundation for technology-driven regulation [2]