85.24%的信披优良率，意味着近年来资本市场严监严管、着力提升上市公司信披质量有了普遍性成 效。当前A股市场绝大多数上市公司能够恪守规范，合规信披意识在增强、能力在提升，守住了不造 假、不延迟的底线，愿意将公司的真实经营状况、重大事项公之于众，向市场传递出清晰可靠的声音， 为投资者投资决策提供了更为真实的信息环境。信息披露环境在持续向好，整体规范性、透明度均更上 一层楼。 优良率虽然高，但优等生依然是少数。此次评价中，有1001家公司获评优秀，占比不到20%，侧面反映 出更多上市公司信披质量还有提升空间。一些上市公司对信息披露还停留在不犯错的阶段，距离"说得 清、说得早、说得透"还有一段路要走。如何用平实的语言解释复杂的业务，如何主动揭示潜在的风险 而非遮遮掩掩，如何在基本信息之外提供更多有前瞻性的洞察，让投资者确切看懂公司价值几何、潜力 所在，明白掌握公司未来可能面临的技术难题、经营风险，是上市公司信披从良好到优秀，真正提升公 司治理水平、实现长远发展的重要着力点。 还有约2%的公司获评不合格，不容忽视。尽管总体占比不高，但139家上市公司背后牵系的是成千上万 投资者的切身利益。这些公司信息披露呈现的问题 ...

Core Viewpoint - The evaluation results of information disclosure quality for A-share listed companies indicate a significant focus on improving transparency and governance in the capital market, with a total of 5,366 companies evaluated and a notable number achieving high ratings [1][2]. Group 1: Evaluation Results - A total of 5,366 A-share listed companies participated in the evaluation, with 1,001 companies rated as Class A (Excellent), 3,573 as Class B (Good), 653 as Class C (Qualified), and 139 as Class D (Unqualified) [1][2]. - The proportion of Class A to D companies from 2024 to 2025 is 18.65%, 66.59%, 12.17%, and 2.59% respectively, showing a slight improvement in the quality of information disclosure compared to the previous evaluation period [2]. Group 2: Regulatory Measures - Regulatory authorities are enhancing the quality of information disclosure through clearer guidelines and stringent penalties for violations, aiming to establish a robust accountability framework for listed companies [1][4]. - Since 2024, the China Securities Regulatory Commission has investigated 67 delisted companies for violations, with 33 cases referred for potential criminal charges related to information disclosure [4]. Group 3: Future Directions - Experts suggest that future evaluations may focus more on the effectiveness and relevance of disclosures, potentially linking evaluation results to market activities such as refinancing and mergers [1][3]. - There is a call for a multi-dimensional approach to improve information disclosure quality, including regulatory enhancements, technological advancements, and increased awareness among company management [5].

Core Insights - The report analyzes the work of the secretarial teams of A-share listed companies based on a survey of 818 companies, focusing on work hotspots and employment conditions [1][2][9]. Group 1: Work Hotspots - The report identifies four main areas of focus for secretarial teams: market value management, ESG sustainable development, corporate governance and information disclosure, and digital transformation [15][30]. - In market value management, over half of the companies have incorporated it into their performance assessments, with major tools including mergers and acquisitions, cash dividends, and investor relations management [1][15]. - ESG initiatives are shifting from voluntary to mandatory disclosures, with over 60% of companies advancing their ESG work due to regulatory requirements and social responsibility [1][15]. - The implementation of the new Company Law has led to adjustments in governance structures and increased requirements for information disclosure, with common violations being related to timeliness and accuracy [1][15]. - AI tools are being utilized to enhance efficiency in information disclosure, with regulatory bodies also promoting digital transformation in this area [1][15]. Group 2: Employment Conditions - The average size of secretarial teams is typically 3 to 4 members, with a female representation of 66%, and most members hold at least a bachelor's degree, primarily in finance and management [2][16]. - Information disclosure is the primary responsibility of these teams, with widespread overtime work and challenges related to high pressure and extensive documentation [2][16]. - Training is mainly sourced from official channels, with a strong demand for new regulation interpretations [2][16]. - The common career path for secretarial staff is from "specialist to representative to secretary," with an average annual salary of approximately 761,000 yuan [2][16]. - Overall, secretarial teams are expanding their responsibilities under stringent regulations, needing to balance compliance with value creation, with digital tools becoming increasingly important [2][16].