当地时间9月15日，美国总统特朗普表示，美国企业未来或不再需要按季度披露财务数据，而是改为每 半年披露一次。这一想法他在第一任期内就曾提出，如今在市场和监管层"减负"讨论升温之际再度引发 关注。 特朗普在社交媒体上发文称："在获得美国证券交易委员会(SEC)批准的前提下，公司和企业不应再被强 制要求发布季度财报。半年报将节省成本，并让管理层更专注于经营。"目前，美国上市公司已延续50 余年的季度披露制度，初衷是增强透明度和保护投资者。 美股现行季度财报制度由美国证券交易委员会于1970年推行，旨在提高1929年美股崩盘后的市场透明 度。从程序上看，季度财报制变动并不需要美国国会支持，只需在SEC内部获得多数票即可。目前SEC 的委员中有三人都是共和党人，一人为民主党人，还有一名委员席位空缺。 特朗普的表态与长期股票交易所(LTSE)的倡议不谋而合。上周，LTSE宣布将向SEC递交请愿，允许企 业改为半年披露财务数据。该机构代表与SEC官员会面后，对提案前景表示乐观。现任SEC领导层亦释 放出"减负监管"的信号，但最终落地预计需要较长周期，业内预计最早要到2026年之后。 BCA Research首席美国股票策 ...

特朗普在社交媒体上发文称："在获得美国证券交易委员会（SEC）批准的前提下，公司和企业不应再 被强制要求发布季度财报。半年报将节省成本，并让管理层更专注于经营。"目前，美国上市公司已延 续50余年的季度披露制度，初衷是增强透明度和保护投资者。 再提财报改革 特朗普的表态与长期股票交易所（LTSE）的倡议不谋而合。上周，LTSE宣布将向SEC递交请愿，允许 企业改为半年披露财务数据。该机构代表与SEC官员会面后，对提案前景表现乐观。现任SEC领导层亦 释放出"减负监管"的信号，但最终落地预计需要较长周期，业内预计最早要到2026年之后。 市场对改革意见分化明显。支持者认为，减少财务披露频率有助于企业摆脱对季度盈利目标的过度依 赖，从而聚焦长期战略。NFJ Investment Group投资经理麦金尼（Burns McKinney）认为，"过度关注季 度目标可能导致短视决策，而延长披露周期有利于资本配置更合理。" 特朗普再次呼吁取消季度财报制度，主张改为半年披露，以降低企业合规成本、让管理层更专注经营。 但反对声音担忧，若财务透明度下降，市场波动性或加剧，美股的吸引力可能因此削弱。季度财报通常 伴随电话会议和分 ...

Group 1 - The core argument is that President Trump advocates for extending the earnings release cycle from quarterly to semi-annually, claiming it would save costs and allow better management of companies [1][2] - TD Cowen analyst Jaret Seiberg estimates a 60% chance that the SEC will implement this plan, although Wall Street expresses skepticism about potential negative impacts on corporate accountability and market volatility [1][2] - Historical context indicates that the SEC mandated quarterly reporting in 1970 as a response to the 1929 stock market crash to enhance transparency [1] Group 2 - Jaret Seiberg notes that for SEC Chairman Paul Atkins, this could be an easy policy win aligning with a trend of deregulation, but rule changes would require at least six months of preparation for judicial review [2] - BCA Research's Irene Tunkel argues that quarterly reports have become tools for manipulating expectations, with nearly 80% of companies beating estimates, leading to decreased credibility of earnings guidance [2] - Evercore ISI's Sarah Bianchi emphasizes that while Atkins acknowledges presidential influence over the SEC, the real test will be whether the SEC can maintain its course if it deems a change is necessary [2] Group 3 - Analyst Ed Mills points out that quarterly reporting is a requirement established by the Securities Exchange Act of 1934, and while the SEC has discretion, Congress is unlikely to eliminate core requirements [3] - Concerns are raised that extending reporting intervals could increase uncertainty and lead to greater market volatility upon disclosures [3] - Wells Fargo's Sameer Samana believes that less frequent information could be detrimental to investment decisions [3] Group 4 - Bokeh Capital's Kim Forrest warns that reduced reporting frequency would limit investors' access to critical information, hindering their ability to gauge company prospects through conference calls [3] - Piper Sandler's Michael Kantrowitz acknowledges the potential for reduced short-term volatility but notes that volatility can benefit certain traders and companies [3] - Newedge Wealth's Brian Nick cautions that this shift could lead to increased market uncertainty, lower valuations, and heightened volatility during earnings seasons [3] Group 5 - Miller Tabak's Matt Maley states that while reduced transparency may complicate matters for investors, it could allow management to focus on long-term business strategies, although it may disadvantage options traders who profit from earnings announcements [4]