北京商报讯（记者 李海媛）2月25日，广东证监局发文称，经查，在2026年1月20日至1月28日期间，王健聪 作为广东博众智能科技投资有限公司（以下简称"博众智能科技投资"）员工，在未履行公司内部合规审查 流程的情况下，使用公司另一名员工夏志勇名下互联网账号，向公众播放证券投资咨询相关视频，内容包 含有关具体证券的投资建议，部分投资建议存在缺乏合理依据、承诺收益等情形。夏志勇作为上述账号的 所有人，未尽到审慎管理职责。 据悉，上述过程中，博众智能科技投资未对相关违规行为进行有效监测和制止。上述情况反映出博众智能 科技投资合规管理和风险控制机制存在缺陷，对员工执业行为的管理不到位，违反了相关规定。 根据有关规定，广东证监局决定对博众智能科技投资采取责令改正的监管措施，并要求公司应高度重视， 采取切实有效措施对存在的问题进行整改，并在收到本决定书之日起30日内提交书面整改报告。 同时，广东证监局指出，王健聪、夏志勇的上述行为违反了《证券投资顾问业务暂行规定》有关规定，根 据相关规定，决定对王健聪、夏志勇采取出具警示函的监管措施。 ...

证券投顾行业的强监管风暴仍在持续。 原标题：《严监管持续落锤！两家投顾同日领罚，董事长被追责》 近日，深圳证监局一日之内对两家证券投资咨询机构开出罚单，剑指误导性宣传、自媒体运营不规范等 乱象。深圳市启富证券投资顾问有限公司（下称"启富投资"）和策牛（深圳）科技发展有限公司（下 称"策牛科技"）双双被采取责令改正的监管措施。 值得注意的是，除了机构，监管直接追责到人，启富投资董事长鲁召辉因对相关问题负有直接责任，同 步被出具警示函。 深圳两投顾同日领罚，董事长被追责 2月14日，深圳证监局连发两张投顾机构罚单。 深圳证监局发布公告，直指启富投资存在五大违规问题： 一是业务"踩线"，未依法进行备案即开展上市公司收购、股权激励事项财务顾问相关业务。二是在营销 过程中存在误导性、夸大宣传，向客户承诺投资收益或未提示投资风险。三是部分未在中国证券业协会 注册登记为证券投资顾问的公司人员向客户提供投资建议。四是合规管理不到位。五是投资者适当性管 理不到位。 基于上述违规事实，深圳证监局依法对启富投资采取责令改正的监管措施，并要求公司在30日内提交全 面深入的整改报告。 与此同时，作为启富投资时任董事长兼总经理的鲁召辉， ...

深圳证监局2月14日公告，对深圳市启富证券投资顾问有限公司采取责令改正措施。 经查，公司存在多个问题： 一是未依法进行备案即开展上市公司收购、股权激励事项财务顾问相关业务。二是在营销过程中存在误 导性、夸大宣传，向客户承诺投资收益或未提示投资风险。 三是部分未在中国证券业协会注册登记为证券投资顾问的公司人员向客户提供投资建议。四是合规管理 不到位。五是投资者适当性管理不到位。 深圳证监局指出，上述情形违反了相关规定。依据规定，该局决定对深圳市启富证券投资顾问有限公司 采取责令改正的监管措施。 深圳证监局强调，公司应对上述问题深入全面整改，并于收到决定书之日起30日内向该局提交书面报 告。 | 宋 引 号 | ben36000001/2026-00001893 | 分 奥 | 行政执法行政监管措施。 | | --- | --- | --- | --- | | 发布机构 | | 发文日期 | 2026年02月14日 | | 名 # | 深圳证监局关于对深圳市富证券投资顾问有限公司采取责令改正措施的决定 | | | | 文 号 | 行政监管措施决定书〔2026〕34号 | 主题词 | | 此次培训以"合规护航发展， ...

资本市场的活跃，不仅托举起券商的业绩，也让一向低调的证券投资咨询行业走入聚光灯下。 近日，港股上市机构九方智投控股有限公司（下称"九方智投"）率先披露2025年未经审计业绩预告，以归母净 利润同比增长超2倍的亮眼数据，揭开了第三方投顾行业高增长的冰山一角。 然而，与亮眼业绩形成鲜明对比的，是行业监管罚单。九方智投最新公告称，公司被暂停新增客户3个月。而 这已经是今年以来第5家被采取暂停新增客户的证券投顾机构。 九方智投净利增逾2倍 作为目前76家持牌证券投资咨询机构中唯一上市主体，九方智投属于证券投顾的头部机构，其业绩成为观测行 业冷暖的关键窗口。 九方智投披露，2025年预计实现收入约34.3亿元，同比增长48.74%；订单金额达39.55亿元，同样保持增长。 利润表现亮眼，该公司预计2025年经调整净利润介于10亿至10.3亿元，同比大幅增长184.9%至193.45%；归属 于母公司净利润预计为9亿至9.3亿元，同比增幅高达230.88%至241.91%。这意味着，其盈利能力不仅快速恢 复，更是实现了跨越式增长。 "去年市场行情活跃，投资者入市热情高涨，整个证券投顾行业的业绩水涨船高。即便是一些受到监管 ...

机构：东吴证券 研究员：孙婷/武欣姝 个股层面：主动规范，夯实长期发展基础。此次监管指导，为公司提供了一个关键的契机，以全面审视 并升级其"线上流量-专业服务"的商业模型。市场此前对公司高速增长背后的合规稳健性存在关注，此 次主动、公开的整改，正是管理层决心将"合规"与"专业"确立为核心竞争力的明确信号。此次业务规范 调整，虽然可能影响短期扩张节奏，但实质上是在为更可持续、更值得信赖的增长路径扫清障碍、夯实 基础。此外，公司明确在业绩预告与监管措施两大事项落地后，将根据市场情况适时启动股份回购，为 股价提供基本面支撑，也充分体现管理层对公司中长期发展的坚定信心。未来，公司为中长期发展加快 进行主动投入：①为加快股票学习机等新产品推广，加大了流量采购与投放力度；②为布局境内新业务 与方德证券业务，持续引进核心人才。 行业层面：廓清边界，推动行业回归专业本源。这一事件并非个例，而是当前证券投资咨询行业在监管 清晰指引下，整体迈向更高质量发展阶段的缩影。2025 年资本市场持续活跃，推动证券投资咨询行业 增长空间进一步扩大，而常态化的强监管正是适配行业快速、高质量发展的必然要求。行业的竞争终将 回归"专业能力"与" ...

Macro Strategy - The core viewpoint indicates that January's CPI was lower than expected due to the Spring Festival's timing, but the overall trend of rising prices remains unchanged, with CPI and PPI both showing signs of recovery [1][10][11] - CPI in January increased by 0.2% month-on-month and year-on-year, while PPI rose by 0.4% month-on-month but fell by 1.4% year-on-year, aligning with market expectations [1][10] - Looking ahead, CPI is expected to rise above 1% starting in February, and PPI may turn positive around June to July, indicating a more optimistic outlook for 2026 [1][10][11] Fixed Income Report - The report emphasizes the importance of a diversified financing system for supporting technology companies, particularly those in rapid growth and significant technology investment phases [2][12] - It highlights the potential for private technology companies in China to utilize the bond market for financing, as the current bond market is heavily concentrated on state-owned enterprises [2][12] - The focus is on the AI industry, which is experiencing unprecedented investment and R&D spending, making debt financing a critical tool for leading companies to balance cash flow and support strategic expansion [2][12] Company Analysis Xinzhou Bang (300037) - The company is expected to achieve a revenue of 9.64 billion yuan in 2025, with a year-on-year increase of 22.8%, and a net profit of 1.1 billion yuan, reflecting a 16.6% increase [5][15] - The price increase of hexafluoropropylene and VC is expected to contribute significantly to profit recovery, with a projected net profit of 2.4 billion yuan in 2026 [5][15] - The target price for 2026 is set at 79.8 yuan, maintaining a "buy" rating based on expected profit growth [5][15] Jiufang Zhitu Holdings (09636.HK) - The company anticipates a revenue of approximately 3.43 billion yuan for 2025, with a net profit forecast of 1 billion to 1.03 billion yuan, significantly higher than the previous year [6][17] - Despite regulatory challenges, the company is expected to maintain strong customer retention and growth in overseas business, supporting a "buy" rating [6][17] Huichuan Technology (300124) - The company forecasts a revenue of 42.97 to 46.67 billion yuan for 2025, with a net profit of 4.97 to 5.4 billion yuan, indicating a year-on-year growth of 16% to 26% [7][17] - The demand for industrial control is recovering, and strategic investments in robotics and digital energy are expected to enhance profitability [7][17] - The target price for 2026 is set at 94.1 yuan, maintaining a "buy" rating based on anticipated growth in various sectors [7][17] Yangyuan Beverage (603156) - The company is expected to achieve revenues of 5.281 billion yuan in 2025, with a projected net profit of 1.322 billion yuan, reflecting a year-on-year decrease of 23.3% [9][17] - The company is focusing on technology investments that may lead to an IPO exit, providing a safety margin through high dividends [9][17]

数据显示，2026年以来，已有5家证券投资咨询机构因业务违规收到行政监管措施决定书，违规行为普 遍涉及营销误导、直播管控缺失、内控不严等问题。业内人士认为，这意味着对投顾行业的整治已步入 常态化。 九方智投控股被罚 九方智投控股公告显示，上海九方云智能科技有限公司在展业过程中，部分营销宣传内容存在误导性， 直播营销内容存在虚假不实信息，公司合规管理和风险控制机制不健全。此外，部分未在中国证券业协 会登记为证券投资顾问的员工向投资者提供了投资建议。上述行为违反了《证券投资顾问业务暂行规 定》的相关条款。 据此，上海证监局向该附属公司出具行政监管措施决定书，责令其改正，并自收到决定书之日起暂停新 增客户3个月。在此期间，公司不得签约新客户，也不得以"投资者教育"等名义变相开展投资咨询业 务，同时需每月向上海证监局提交书面整改报告。 九方智投控股在公告中表示，公司高度重视监管所指出的问题，已立即制定并推动落实全面整改方案。 整改措施主要包括：严肃处理涉及违规的个别人员，并加强全员合规培训；全面强化营销宣传全流程管 控，遏制误导性宣传；强化直播内容管理，确保信息真实可靠；健全合规风控体系，优化管理制度与技 术防控；明 ...

Core Viewpoint - The company, Jiufang Zhitu Holdings, is experiencing significant growth in expected profits for 2025, despite facing regulatory challenges with its subsidiary, Jiufang Zhitu, which has been penalized for misleading marketing practices [2][3][8]. Financial Performance - The company anticipates a net profit attributable to shareholders between approximately 900 million to 930 million RMB for 2025, representing an increase of over two times compared to 272 million RMB in 2024 [2][8]. - Expected revenue for 2025 is around 3.43 billion RMB, an increase of approximately 1.12 billion RMB from 2024 [8]. - The total order amount is projected to be about 3.96 billion RMB for 2025, up by approximately 449 million RMB from the previous year [8]. Regulatory Issues - Jiufang Zhitu, a subsidiary, has been ordered by the Shanghai Securities Regulatory Bureau to suspend acquiring new clients for three months due to violations including misleading marketing and inadequate compliance management [3][4]. - The company has stated that the regulatory measures do not affect its existing client services or its long-term operational capabilities [3][4]. Stock Performance - Following the announcement of the regulatory penalties, Jiufang Zhitu Holdings' stock price rose by nearly 9%, reaching 38.1 HKD [2]. - However, the stock has seen significant volatility, with a drop of nearly 60% from its peak of 83.54 HKD per share [7]. Business Strategy and Growth - The company is diversifying its revenue sources, including the launch of hardware products like the "Yizhi Gudao" stock learning machine, aiming to create a second growth curve [10]. - Jiufang Zhitu Holdings is also expanding its overseas presence, having completed the acquisition of JF Financial, which is seen as a key move in its international strategy [11].

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：上海经侦ECID 近日，在市局"砺剑2025"部署下，总队依托"专业+机制+大数据"新型警务运行模式，在湖北等地警方协 助下，联合嘉定公安分局成功侦破一起敲诈勒索证券投资咨询公司案，抓获龙某等6名犯罪嫌疑人，查 证非法获利600余万元。 但就在快一年后，万先生接到了一个自称专业从事法律咨询的人员电话，询问其是否购买了某证券投资 咨询公司的产品。对方表示，其所在公司可以帮万先生申请退回购买服务的花销。万先生起先拒绝了对 方，但对方仍不断拨打万先生电话，并发送了多起退费成功的案例，引导万先生认为证券投资咨询公司 在课程中分析推荐股票板块就是变相承诺风险可控、夸大宣传，在对方不断怂恿下，万先生最终同意与 其签订所谓服务合同。 今年5月，本市一证券投资咨询公司通过"蓝鲸"护企工作站向上海嘉定警方报案称，近期集中收到了大 量客户的"异常投诉"，这些客户均声称该司在提供证券投资咨询服务期间存在"暗示预估收益、确保投 资风险"等违规行为而要求退还服务费用。 但，经过公司内部核查，这些发起投诉的客户均已结束服务项目至少一年以上，在合同约定的服务期 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The report highlights that regulatory norms are promoting healthy industry development, presenting a transformation opportunity for the company [1] - The company has issued a positive earnings forecast, expecting revenue of approximately 34.3 billion yuan for 2025, an increase of about 11.24 billion yuan from 2024, and an adjusted net profit between 1 billion to 1.03 billion yuan [1] - The company is undergoing a compliance review and has been ordered to suspend new customer acquisition for three months due to various regulatory violations, but this will not affect existing customer services [1] Financial Performance Summary - Total revenue (in million yuan) is projected to be 1,965 in 2023, 2,306 in 2024, 3,459 in 2025, 3,264 in 2026, and 4,645 in 2027, with a year-on-year growth of 6.23%, 17.33%, 50.01%, -5.65%, and 42.33% respectively [1] - Net profit attributable to shareholders (in million yuan) is expected to be 191 in 2023, 272 in 2024, 908 in 2025, 944 in 2026, and 1,418 in 2027, with year-on-year changes of -58.59%, 42.81%, 233.53%, 3.93%, and 50.22% respectively [1] - The latest diluted EPS (in HKD/share) is forecasted to be 0.46 in 2023, 0.65 in 2024, 2.18 in 2025, 2.26 in 2026, and 3.40 in 2027 [1] Industry Analysis - The report indicates that the current regulatory guidance is a critical opportunity for the company to reassess and upgrade its business model, focusing on compliance and professionalism as core competitive advantages [8] - The investment consulting industry is moving towards higher quality development under clearer regulatory guidance, with a focus on professional capabilities and long-term investor trust [8] - The report suggests that companies that can complete internal governance upgrades and build a customer-centric service system will gain a more stable competitive advantage in the reshaped industry landscape [8]