中国经济破局谋新, 乘势而上 2026年3月 Shape the future with confidence 聚信心 塑未来 ■■■ The better the question. The better the answer. The better the world works. 回顾2025: 中国经济平稳收官，圆满完成预期目标 1. 国家统计局，https://www.stats.qov.cn/sj/sjjd/202601/t20260119_1962345.html 2. 国家统计局，https://www.stats.qov.cn/si/zxfb/202601/t20260119 1962323.html 3. 国家统计局，https://www.stats.gov.cn/si/zxfb/202601/t20260119_1962330.html 4. 中国政府网，https://www.gov.cn/lianbo/fabu/202601/content_7054752.htm 2 ▪ 2025年，面对复杂多变的国内外环境，中国经济运行呈现 "前高后低"走势。全年国内生产总值（GDP）首次突破1 ...

Core Viewpoint - The Shenzhen Stock Exchange has issued regulatory letters to Tianli Lithium Energy Group Co., Ltd. and related auditing and asset evaluation firms due to multiple professional misconducts during the audit and asset evaluation processes for the 2024 annual report [2] Group 1: Audit Project Issues - Tianjian Accounting Firm and signing accountants Liang Yiming and Yin Lulu faced six major issues in the audit of Tianli Lithium's 2024 annual report, including inappropriate selection of materiality benchmarks and inadequate execution of key audit procedures [3] - Specific audit deficiencies included failure to verify key parameters during asset impairment testing, incomplete execution of confirmation procedures for bank account balances, and lack of reliable evidence for revenue recognition [3] - Additional issues involved inadequate procedures for inventory audits and research and development expenses, with missing signatures on key documents and incomplete records [3] Group 2: Asset Evaluation Issues - Beijing Yatai Lianhua Asset Evaluation Co., Ltd. and evaluators Song Xiaowen and Yang Congling encountered errors in parameter selection and calculations during the asset evaluation project for Tianli Lithium [4] - Notable mistakes included incorrect discount rate calculations, erroneous selection of urban construction tax rates, and inaccuracies in capital expenditure amounts and land use index calculations [4] - Errors also extended to data predictions and records, such as depreciation and amortization forecasts, and inaccuracies in the historical operating conditions of the evaluated entity [5] Group 3: Regulatory Response - The Shenzhen Stock Exchange emphasized that the actions of the involved firms violated the listing rules and called for immediate corrective measures to prevent recurrence of such issues [5]

Core Viewpoint - The article discusses the regulatory actions taken by the Beijing Securities Regulatory Bureau regarding accounting and evaluation practices, highlighting the need for improved audit procedures and compliance among accounting firms and asset evaluation institutions in the region [1]. Summary by Sections Regulatory Actions - In the fourth quarter of 2025, the China Securities Regulatory Commission and its local agencies issued 6 administrative penalty decisions involving 6 accounting firms and 22 certified public accountants. Additionally, 16 administrative regulatory measures were issued, affecting 16 accounting firms and 34 certified public accountants. For asset evaluation institutions, 3 administrative regulatory measures were issued, involving 3 institutions and 6 evaluators [4]. Case Studies - **Case 1: Sales Expense Audit Procedure Deficiencies** - The auditor for Company A identified issues in the sales expense audit, including incomplete evidence collection, failure to analyze significant discrepancies in payroll and revenue, and inadequate verification of advertising expenses [5]. - **Case 2: Contract Inspection Procedure Deficiencies** - The auditor for Company B failed to adequately assess the impact of return policies on revenue recognition, did not investigate inventory issues at downstream companies, and conducted a superficial review of contracts [6]. - **Case 3: Revenue and Accounts Receivable Audit Procedure Deficiencies** - The auditor for Company C did not analyze unusual revenue recognition patterns, lacked effective control over accounts receivable confirmations, and failed to address discrepancies in delivery documentation and third-party payment arrangements [8]. - **Case 4: Inventory Audit Procedure Deficiencies** - The auditor for Company D did not obtain sufficient evidence regarding inventory changes between the balance sheet date and the physical count date, despite significant inventory levels [9].

Group 1 - The Shandong Provincial Audit Office is focusing on integrating digital strategies into auditing processes, emphasizing "new data, new technology, new models, and new scenarios" to advance intelligent auditing [3] - The office has launched an action plan for comprehensive intelligent auditing, aiming to create a smart auditing system that integrates data resources, operational platforms, and big data applications [3] - The development of the AI auditing model "Luzhi Audit" is a key initiative, enhancing core functions like intelligent analysis and early warning systems, while reducing technical barriers for big data applications [3][4] Group 2 - The Shandong audit authority is implementing a digital auditing approach that prioritizes data analysis, enabling a systematic method for identifying and investigating anomalies [4] - A dual-audit model combining business and data analysis is being adopted, allowing for collaborative efforts across regions and enhancing the overall efficiency of audit operations [4] - The shift towards non-site digital auditing is being explored, focusing on dynamic checks of identified issues and utilizing risk warning models to proactively identify economic risks [4]

将视野放宽，2026年元旦之后，涉及审计机构辞任或改聘的上市公司数量已达到8家。这些公司普遍呈 现业绩亏损、半数已被"披星戴帽"的特点，其密集更换审计机构的举动，在年关时点显得格外突兀。 在全面从严监管的背景下，审计机构在元旦后的辞任或改聘行为，通常并非偶然。现象背后，折射出审 计机构对上市公司审计的审慎态度：或是因业务超载而主动舍弃质地相对不佳的客户，或是因团队变动 而无力承接，更关键的是，有的会计所在审计过程中为规避难以调和的风险与潜在的监管处罚而选 择"辞任自保"。 这一系列举动，无疑为相关上市公司的年报披露之路增添了更大的不确定性，并为其本就严峻的退市风 险敲响了警钟。 年报披露"冲刺期"遇阻：两家*ST公司审计机构"悬空" 年报披露进入最后三个月的倒计时，这本应是审计机构进场、全面展开审核的关键阶段。然而，市场却 出现了令人关注的现象：个别上市公司，正面临"审计师难觅"的窘境。 截至2月2日，*ST海华与*ST赛隆两家公司甚至在审计机构仓促辞任后，至今未能确定新的年审会计师 事务所，退市风险骤然加剧。 4月30日是上市公司披露年报的最后截止日。倒计时3个月，年报审核通常已进入关键阶段，审计机构 （会 ...

当前，中国企业迎来新一轮全球化发展浪潮。卢华基指出，应进一步完善"走出去"政策体系，推动税 务、会计、审计、法律等专业服务协同创新，建设开放、规范、高效的国际专业服务生态，助力中国企 业合规、稳健、可持续地走向全球。 2月2日，上海市政协十四届四次会议开幕。《中国经营报》记者了解到，上海市政协委员、澳洲会计师 公会大中华区荣誉顾问、信永中和香港管理合伙人卢华基聚焦企业出海。 从"产品出海"走向"运营出海" 卢华基指出，当前，长三角地区企业"走出去"正从"产品出口"迈向"全球化运营"，对海外市场布局、跨 境投融资与风险管理的专业化需求日益增强。高水平出海已不仅是市场战略，更是合规与治理能力的综 合体现。 四是构建开放共治的专业服务生态。鼓励本土事务所"随企出海"，通过境外布局、国际联盟与复合型人 才培养，打造具备全球交付能力的中国专业服务品牌，提升上海及长三角在国际专业服务网络中的枢纽 地位。 再如，2025年12月，上海市企业"走出去"综合服务平台正式上线，该平台由上海市商务委牵头建设，致 力于整合上海各类政务服务和专业服务资源，为企业出海打造一站式、全流程出海服务旗舰。 发展合规科技与数智化解决方案 需要注 ...

聚焦资产全周期,促进构建全流程监管。在本级预算执行审计以及经济责任审计中,围绕资产全生命周期, 严格审查资产购置、出租、使用、处置、回收等各环节的审批流程,揭示无预算采购、超标准购置、未 履行公开招租程序、出租处置收益未上缴、未经中介评估等问题。对于机构改革涉及单位未及时履行资 产划转手续问题,督促3家单位及时办理划转；就电子产品报废后未及时回收问题,推动34家单位办理无害 化回收处置；针对房产出租收益未及时收缴问题,督促部门单位及时收缴出租收益1043万元。 2024年以来,荣成市审计局结合本级预算执行审计及经济责任审计,持续加大行政事业性资产审计力度,推 动完善资产全流程管理机制,强化闲置资产盘活力度,显著提升了行政事业性资产管理质效。 聚焦家底清晰,促进夯实管理基础。充分运用大数据审计技术,比对全市241家部门单位的资产、财务及决 算数据,结合现场盘点等措施,全面清查各单位存量资产底数,揭示资产账实不符、待报废资产未处置、资 产权属不清、超编配置资产等问题。督促27个部门单位规范资产管理系统登记、办理资产报废手续、进 行资产权属变更登记,促进部门单位严格资产登记核算,确保资产账账相符、账实相符,实现行政 ...

Group 1 - Regulatory authorities have imposed significant penalties on Beijing Yatai Accounting Firm and Yongtuo Accounting Firm, marking a record high in fines and implementing permanent bans on their operations [1] - Beijing Yatai Accounting Firm was fined nearly 9 million yuan for knowingly issuing unqualified opinions despite being aware of fraudulent activities and obstructing inspections, leading to a one-year suspension of its business operations [1] - Yongtuo Accounting Firm faced over 65 million yuan in fines for actively planning and participating in financial fraud, resulting in a permanent prohibition from providing securities services [1] Group 2 - The actions taken against these firms signal a zero-tolerance approach towards collusion in financial fraud within the auditing industry, serving as a warning to the entire sector [2] - The integrity of the capital market is emphasized as a foundational principle, with financial fraud being described as a detrimental force undermining market stability [1] - A comprehensive accountability system involving administrative, civil, and criminal measures is necessary to dismantle the financial fraud ecosystem and ensure effective deterrence [1][2]

会议要求,各审计机构要充分认识做好年报审计工作的重要意义,准确把握当前面临的形势任务,紧紧围绕 提高执业质量主线,把好防假保真"出口关",当好资本市场"看门人"。一是始终坚守独立性要求。珍惜行 业声誉和个人声誉,严守职业道德底线,全过程建立严密"防火墙",确保从形式和实质上保持独立。二是始 终严把执业质量。构建覆盖全员、全业务、全过程的质量控制体系,通过加强分级分类管理、优化审计 资源配置、强化项目质量复核等方式,全方位提升执业水平。三是始终保持职业怀疑。结合审计失败典 型案例,采取切实措施,增强对财务造假手段、迹象的警觉意识,持续关注长期股权投资、资产减值、收 入、合并财务报表等重点领域风险,提升反舞弊能力。四是始终恪守责任担当。坚持归位尽责,敢于较真 碰硬,对审计发现的违法违规行为,不迎合、不妥协、不包庇,及时"吹哨",当好监管助手。五是始终发挥专 业优势。及时揭示和纠正公司治理和内部控制等问题,帮助公司合规、有效利用资本市场工具做强主 业、优化结构,成为推动上市公司高质量发展的积极力量。 下一步,贵州证监局将坚决落实监管"长牙带刺"、有棱有角要求,强化系统谋划,以精准有力的督导检查,压 紧压实审计机构责 ...

这种集中度在募资规模上更为显著。上述三家头部保荐人，加上摩根士丹利亚洲有限公司与华泰金融控股（香港）有限公司，前五家机构承接的IPO募 资总额均超过650亿港元。其中，中金香港以1,446.01亿港元的保荐规模位居榜首，显示出其对超大型项目的强大掌控力。 在承揽大量项目的同时，头部机构保持了高效稳定的执行能力。例如，服务项目最多的中金香港（42家），其平均项目周期为11.8个月；服务32个项目 的中信证券（香港）平均周期为10.2个月。这表明头部机构已建立起标准化、可复制的专业体系，能够并行处理多个复杂项目，巩固其市场地位。 近日，新时空研究院发布的《2025年港股IPO市场年度报告》揭示，伴随市场复苏，IPO中介服务领域的"强者恒强"格局进一步固化。中资机构在保荐、 承销及法律服务等核心环节的主导地位持续增强，而国际四大审计机构则凭借品牌与专业优势，在审计市场保持领先。资源向头部集中的"马太效应"， 正成为塑造中介机构市场生态的最核心逻辑。 保荐人格局：数量与规模双重集中，头部效率稳定 报告数据显示，2025年港股IPO保荐市场呈现极高的集中度。在项目数量上，中国国际金融香港证券有限公司、中信证券（香港）有 ...