8月18日，银行间交易商协会发布了《交易商协会对募集资金违规相关机构启动自律调查》的公告。 交易商协会持续关注债务融资工具募集资金使用情况，严格要求发行主体合法合规使用资金，督促中介机构切实尽职履 责。近日，交易商协会监测到，个别发行企业在设置了募集资金监管账户的情况下，混用、挪用债务融资工具募集资 金，涉及多期债项、较大金额，相关资金监管行未有效履行募集资金监管职责。依据《银行间债券市场自律处分规 则》，交易商协会已对相关机构启动自律调查。 今年1月，交易商协会曾表示，近期交易商协会在检查中发现个别发行人混用、挪用债务融资工具募集资金，资金监管银 行不履职、形式履职问题较为突出，并呈现出一些共性特征。相关负责人强调，希望中介机构能够更加准确清晰地认识 自身工作职责，避免"无知犯错"；对于培训通报的相关情况，各家机构应及时对标对表，加强内部核查和整改，确保债 券募集资金使用依法合规。 募集资金的用途一直是交易商协会所关注的。今年3月底，交易商协会发布了《典型违规情形专项提示（2025年第2 期）》，介绍了违规使用募集资金的情形。交易商协会表示，为满足债务融资工具发行企业的正当资金需求、保障募集 资金按照约定流 ...

Core Viewpoint - The bond issuance market in China is facing increased regulatory scrutiny, particularly targeting "dark box operations" by private equity firms and rating agencies, leading to self-discipline penalties for several institutions [1][8]. Group 1: Regulatory Actions - The China Interbank Market Dealers Association has issued self-discipline penalties to five institutions, including warnings and orders for correction against the rating agency Zhongjian Pengyuan and private equity firms like Shanghai Fuxi Asset and Jiangsu Yuning [1][3]. - Shanghai Fuxi Asset has previously faced disciplinary actions from the Asset Management Association of China (AMAC), including the cancellation of its membership and a 12-month suspension on fund product filings due to violations related to bond issuance [6][8]. Group 2: Violations Identified - The penalized private equity firms were found to engage in two main types of violations: assisting multiple issuers in non-market-based bond issuance while charging substantial service fees, and facilitating "self-financing" issuance through nested asset management plans [3][4]. - Specific violations by Shanghai Fuxi Asset included using its own funds or introducing external funds for bond issuance, which constituted conflicts of interest and improper profit generation from fund assets [6][11]. Group 3: Market Impact and Trends - The trend of strict regulation in the bond issuance market is expected to continue, as private equity firms acting as intermediaries for non-market-based issuance pose significant risks to market integrity and investor interests [1][11]. - The regulatory framework has been clarified, prohibiting manipulation of issuance pricing and requiring transparency in bond issuance processes, with new guidelines set to take effect in August 2024 [10][11].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券简称：伊力特 股票代码：600197 公告编号：2025-032 新疆伊力特实业股份有限公司 九届十六次董事会会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 新疆伊力特实业股份有限公司2025年8月5日以邮件方式发出召开公司九届十六次董事会会议的通知， 2025年8月11日公司以通讯方式召开公司九届十六次董事会会议，应参会董事7人，实际参会董事7人。 会议的召集、召开符合《公司法》及《公司章程》的规定，会议所做决议合法有效。会议审议通过了以 下议案： 1、关于续聘会计师事务所的预案（此项议案同意票7票，反对票0票，弃权票0票）； 相关事项详见公司同日披露于《上海证券报》以及上海证券交易所网站（www.sse.com.cn）的《新疆伊 力特实业股份有限公司续聘会计师事务所的公告》（公告编号2025-033）。本议案事前已经公司董事会 审计委员会审议通过，尚需提交公司股东会审议。 2、关于拟注册发行债务融资工具的议案（此项议案同意票7票，反对票0票，弃权票0票）； ...

Core Insights - The central financial work conference in October 2023 highlighted "inclusive finance" as one of the "five major articles" for financial development in China, indicating a significant policy focus on this area [2][3] - The implementation of the "High-Quality Development Plan for Inclusive Finance" by the National Financial Supervision Administration and the People's Bank of China in June 2025 marks a shift from principles to detailed guidelines, accelerating the progress of inclusive finance [4][5] Financial Services - Inclusive finance has become a key driver for economic growth and social equity, with a focus on providing affordable financial services to various social groups, including small and micro enterprises, farmers, and low-income urban residents [3][7] - The People's Bank of China has increased the quota for re-lending to support agriculture and small enterprises, raising the total quota to 3 trillion yuan, with a current interest rate of 1.5% for re-lending [6][7] Insurance Sector - Inclusive insurance is expanding to cover health risks and support rural revitalization, with various projects like "Hui Min Bao" providing affordable health insurance to millions [8][10] - The government is promoting a diverse range of insurance products tailored to the needs of small enterprises and specific groups, enhancing the safety net for vulnerable populations [9][10] Capital Markets - The capital market is emerging as a new engine for inclusive finance, with initiatives to enhance its accessibility and effectiveness in serving small and micro enterprises [11][12] - By the end of 2025, regional equity markets are expected to support around 180,000 enterprises, primarily small businesses, indicating a growing role for capital markets in inclusive finance [11][12] Challenges and Future Directions - Despite progress, challenges remain in providing affordable financial services to various demographics, particularly in rural areas and for new employment forms [13][14] - The need for innovative financial products and services tailored to the unique needs of different groups is critical for the continued development of inclusive finance [14][15]

Group 1 - The seminar focused on the theme of "debt financing tools supporting the development of the real economy" [7] - The Deputy Governor of the People's Bank of China, Chaozhou Branch, emphasized the importance of leveraging the advantages of the interbank bond market for direct financing to support high-quality enterprises in Chaozhou [7][21] - The seminar was attended by representatives from 10 banks and 42 enterprises, totaling 73 participants [1] Group 2 - The seminar included discussions on expanding corporate financing channels and meeting diverse financing needs, with detailed explanations of financing schemes and the advantages of debt financing tools in the interbank bond market [12] - Experts from the Industrial and Commercial Bank of China provided insights on underwriting practices and operational aspects of debt financing tools, addressing concerns about issuance thresholds and underwriting costs [16] - The People's Bank of China, Chaozhou Branch, plans to continue guiding financial institutions to optimize financing structures and reduce costs for enterprises, thereby enhancing financing accessibility and convenience [21]

广东海大集团股份有限公司 第一章 总则 第一条 为规范广东海大集团股份有限公司（以下简称"公司"、 "企业"）在银行间 债券市场发行债务融资工具的信息披露行为，保护投资者合法权益，根据 中国人民银行《银行间债券市场非金融企业债务融资工具管理办法》、中国 银行间市场交易商协会（以下简称"交易商协会"） 《银行间债券市场非金 融企业债务融资工具信息披露规则》 （以下简称"《信息披露规则》"）及相 关法律法规，制定本管理制度。 第二条 本管理制度所称"信息"，是指公司作为交易商协会的注册会员，在非金融 企业债务融资工具(以下简称"债务融资工具")发行及存续期内，对发行 债务融资工具的非金融企业偿债能力或投资者权益可能有重大影响的信 息以及债务融资工具监管部门要求披露的信息。 本管理制度所称"信息披露"，是指按照法律、法规和交易商协会规定要求 披露的信息，在规定时间内，按照规定的程序、以规定的方式向投资者披 露。 本管理制度所称"债务融资工具"，是指公司在中国银行间债券市场发行 的，约定在一定期限内还本付息的有价证券。 本管理制度所称"存续期"，是指债务融资工具发行登记完成直至付息兑付 全部完成或发生债务融资工具债权 ...

21世纪经济报道记者余纪昕上海报道 6月16日，银行间交易商协会发布关于加强银行间债券市场发行承销规范的通知。 内容提到，针对市场成员近期反映的低价承销费、低价包销、拼盘投资、利益输送等问题，现就银行间 债券市场发行承销有关事项发布以下通知。 一、发行人、承销机构(包括主承销商和承销商)应按照市场化原则开展发行承销，公平对待所有投资 者，不得事先约定债券发行利率，不得以"返费"等手段扭曲市场价格，不得以代持、互持等方式谋取不 正当利益。 二、主承销商应充分保障投资者合法权益，不得将包销变相作为主动投资争揽客户的手段。承销机构开 展余额包销应当报价公允、程序合规，并严格按照发行文件披露的方式确定余额包销利率。余额包销不 得挤占有效申购投资者认购规模，余额包销利率不得低于投资者有效申购利率上限。 三、承销机构不得以低于成本的承销费率报价参与债券项目竞标。发行人、承销机构应按照商业约定履 行付款义务，不应拒绝支付或拖欠费用。 五、交易商协会对银行间债券市场实施自律管理，定期监测债券发行承销业务情况，并进行市场评价。 记者注意到，近期交易商协会对银行间债券市场发行承销环节违规行为的监管动作频出。 今年4月14日，交易 ...

Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through a comprehensive approach covering fundraising, investment, management, and exit mechanisms, aiming to strengthen government guidance and policy support for venture capital in the province [1][2]. Group 1: Key Measures and Initiatives - The Action Plan emphasizes the establishment of a robust industrial fund system, aiming to integrate resources to create a total scale of over 1 trillion yuan for industrial and venture capital funds, with provincial funds exceeding 100 billion yuan [2]. - The plan includes initiatives to attract over 100 investment cooperation projects annually by engaging with international sovereign funds and renowned investment institutions [2]. - Guangdong's mother fund system is highlighted as a national leader, with over 50 mother funds managing more than 400 billion yuan, indicating a strong foundation for venture capital development [2]. Group 2: Fund Management and Support - Government-funded venture capital funds will adopt a "mother fund + sub-fund + direct investment" model to support strategic emerging industries and future industries, focusing on selecting excellent professional investment institutions [3]. - The plan aims to optimize the management of government-funded venture capital funds by reforming assessment mechanisms and extending the duration of fund investments [3]. - There is a push for qualified venture capital institutions to issue corporate bonds and debt financing tools, with government financing guarantees to support investments in technology innovation [3]. Group 3: Innovative Fund Structures - The establishment of regional mother funds is expected to enhance collaboration between provinces and cities, promoting local industries and creating a unified provincial strategy [5]. - The "inter-provincial collaborative development mother fund" initiative is noted as an innovative approach that transcends local thinking, fostering cross-regional cooperation [5]. - The direct investment and sub-fund structures are strategically aligned with industry directions, effectively utilizing capital to drive industrial transformation and technological innovation [5]. Group 4: Policy and Regulatory Framework - The Guangdong government has introduced a new regulatory framework that emphasizes long-term investment and the development of patient capital, which is crucial for fostering innovation [10]. - The recent "Guangdong Province Science and Technology Innovation Regulations" highlight the importance of establishing long-cycle venture capital funds and broadening exit channels [10]. - The government aims to create a differentiated performance evaluation system for state-owned venture capital funds, moving away from traditional capital preservation metrics [10].

一季度规模以上工业企业利润由降转增；资金面整体均衡，债市窄幅震荡 【内容摘要】4 月 27 日，资金面整体均衡，资金价格略有抬升；调休工作日市场交投清淡， 债市窄幅震荡。 一、债市要闻 （一）国内要闻 【一季度规模以上工业企业利润由降转增】 国家统计局 4 月 27 日发布的数据显示，今年一 季度，全国规模以上工业企业利润由上年全年同比下降 3.3%转为增长 0.8%，扭转了自上年三 季度以来企业累计利润持续下降的态势。3 月份，规模以上工业企业利润由 1 至 2 月份下降 0.3%转为增长 2.6%，企业当月利润有所改善。 国家统计局工业司统计师于卫宁表示，随着工 业生产增长加快，带动工业企业营收继续改善。一季度，全国规模以上工业企业营业收入同比 增长 3.4%，增速较 1 至 2 月份加快 0.6 个百分点；3 月份，规模以上工业企业营收增长 4.2%， 较 1 至 2 月份加快 1.4 个百分点。工业企业营收累计增速自上年 12 月份以来持续加快，为企 业盈利恢复创造有利条件。 【离境退税政策再优化】商务部等六部门日前发布《关于进一步优化离境退税政策扩大入境消 费的通知》，旨在更好满足境外旅客购物离境退 ...

信息显示，中国中金财富证券有限公司（以下简称"中金财富证券"）因在参与相关债务融资工具承销发 行过程中，存在两项违规行为，被予以警告。 具体而言，一是中金财富证券在知悉或应当知悉发行人向投资人提供财务资助的情况下，仍然推动项目 开展；二是中金财富证券不具备债务融资工具主承销商资质但实质开展了部分主承销工作。 无资质展业被罚 公开信息显示，中金财富证券是中金公司（601995）全资子公司，专注于财富管理业务。2024年，中金 财富证券实现营业收入66.57亿元，实现归母净利润11.94亿元；截至2024年末，在全国拥有215家证券营 业部，总资产达1834.16亿元。 从官方目前披露的信息来看，中金财富证券既是2025年首家被交易商协会公开"点名"的券商，也是年内 首家因承销资质被罚的券商。 "近年来，因在债券承销业务中存在内控管理缺陷、执业质量不合规等原因，已有多家券商和银行被 罚。比如今年年初，中泰证券（600918）便因尽职调查不规范、发行承销不规范、受托管理履职不到位 等原因被证监会出具罚单。而知名券商无资质却直接开展债券承销业务而被罚并不多见。"有业内人士 告诉《金融时报》记者，监管未来对券商资质合规 ...