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2024-04-12

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Detailed explanation of the heavy landing of "National Nine Articles Version 3.0": A-shares may have a new look in these directions

围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。

Detailed explanation of the heavy landing of "National Nine Articles Version 3.0": A-shares may have a new look in these directions

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{"i18n":{"language":"en_US"},"data":{"magic":2,"id":294576609706120,"tweetId":"294576609706120","gmtCreate":1712936456166,"gmtModify":1712937176963,"author":{"id":4166876181140802,"idStr":"4166876181140802","authorId":4166876181140802,"authorIdStr":"4166876181140802","name":"散戶1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"html":"<html><head></head><body>On9</body></html>","htmlText":"<html><head></head><body>On9</body></html>","text":"On9","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://ttm.financial/post/294576609706120","repostId":1125373899,"repostType":2,"repost":{"id":"1125373899","kind":"news","pubTimestamp":1712935884,"share":"https://ttm.financial/m/news/1125373899?lang=en_US&edition=fundamental","pubTime":"2024-04-12 23:31","market":"sh","language":"zh","title":"Detailed explanation of the heavy landing of \"National Nine Articles Version 3.0\": A-shares may have a new look in these directions","url":"https://stock-news.laohu8.com/highlight/detail?id=1125373899","media":"华尔街见闻","summary":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。","content":"<html><head></head><body>Major reform measures around the next stage of the capital market are being started from a higher level.On April 12, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Capital Market\" (hereinafter referred to as the \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision, and strengthening Transaction supervision and other aspects, a total of nine major measures have been taken to further clarify the mechanism and direction of the capital market.For this reason, this opinion is also regarded as the following version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\"), version 3.0 of the new policy of the \"National Nine Articles\".Through combing, Trade Wind found that it may be the main line of \"National Nine Articles 3.0\" to strictly review listing and issuance, highlight the improvement of delisting mechanism, attach importance to shareholder returns of listed companies, and prevent and contain various risk violations to promote the high-quality development of the capital market.From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.<h2 id=\"id_4048268513\" style=\"text-align: start;\">1. \"Double improvement\" of IPO standards and processes</h2>On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Articles 3.0.Opinions pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology innovation attributes on the Science and Technology Innovation Board will be improved.According to the supporting documents of the CSRC and the exchange on the same day, the revenue, net profit and other indicators of IPO on the main board and GEM have all improved.Taking the Growth Enterprise Market as an example, the previous standard 1 \"the net profit in the last two years is positive, and the cumulative net profit is not less than 50 million yuan\" was upgraded to \"the cumulative net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The \"estimated market value of not less than 1 billion yuan and revenue of not less than 100 million yuan in the latest year\" of Standard 2 was upgraded to \"estimated market value of not less than 1.5 billion yuan\" and \"revenue of not less than 1.5 billion yuan in the latest year\" respectively Less than 400 million yuan \".<img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/>In fact, in the previous practical link, the recent pace of IPO review has slowed down.Wind data since 2024 as of April 12 shows that there are only two Beijing Stock Exchange projects for IPO companies in the \"new acceptance\" status.Correspondingly, during the year, the number of IPO projects that failed due to withdrawal, rejection and other reasons reached 104.\"Maybe from the time of brewing, the pace of acceptance has slowed down, because it is necessary to ensure that the old and the new are cut off, otherwise some companies that do not meet the new standards may come in during the planning stage.\" An analysis from a brokerage investment banker in East China pointed out.In terms of the review process, the opinions propose to \"improve the quality and efficiency of issuance and listing counseling, and expand the coverage of on-site inspections of enterprises under review and related intermediaries.\"This statement means that IPO audit is strengthening supervision from two dimensions: horizontal and vertical-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being taken seriously; Horizontally, more companies planning to IPO and even intermediaries may enter the scope of on-site inspection.\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is being further advanced, because it was mainly grasped by acceptance before.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluky psychology of some companies and intermediaries.\"National Article 3.0 also pointed out that it will strengthen the responsibility of the entire chain of issuance and listing, implement the main responsibility of the exchange's audit, and establish a retrospective accountability mechanism.\"Further compact the main responsibility of the exchange's audit, improve the formation method and operation mechanism of the stock listing committee, and strengthen the supervision of the whole process of members' performance of duties.\" The opinion pointed out, \"Establish an audit backtracking accountability mechanism. Further compact the issuer's first responsibility and the'gatekeeper'responsibility of intermediaries, and establish a'blacklist'system of intermediaries. Adhere to'declaration is responsibility 'and strictly investigate illegal issues such as fraudulent issuance.\"Regarding the chaos such as over-raising, high prices, and grouping in the underwriting process, the opinions clearly propose to strengthen constraints.\"Strengthen the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high price over-raising and group price reduction.\" The opinion puts forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardize and guide the healthy development of capital according to law, strengthen penetrating supervision and supervision coordination, and severely crack down on illegal holding, sudden shareholding at abnormal prices, and transfer of interests.\"<h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to \"separate\" delisting</h2>In the opinion of \"National Nine Articles 3.0\", one reform measure has ushered in a \"separate list\", that is, the delisting mechanism.In versions 1.0 and 2.0 of the National Nine Articles, there have also been elaborations on the delisting mechanism, but they mostly exist as sub-items in the \"Nine Articles\".For example, in Article 1.0 of the National Nine Articles in 2004, the mention of delisting is more about preventing it as a financial risk.For example, in the opinions, it is mentioned that \"the accountability mechanism for the dereliction of duty of senior executives of delisted companies should be established\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of the interests involved behind the company's listing led to the poor delisting mechanism of A-shares for many years. criticized.Today, 20 years later, delisting seems to be no longer regarded as a local risk, but \"unable to withdraw from the market\" has become a chronic disease in the stock market.Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth item in the second largest article \"Developing Multi-level Stock Market\", and the relevant explanation was only 167 words.In the latest National Nine Articles 3.0, the opinions separately took out \"1 of 9 articles\" to highlight \"deepening the reform of the delisting system\", with a total length of 393 words, more than twice that of 10 years ago.In terms of specific measures, the opinions propose to speed up the formation of a normalized delisting pattern in which all the delisting should be withdrawn and cleared in time.On the one hand, the mandatory delisting standards will be further tightened. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application for major illegal delisting. Tighten financial delisting indicators. Improve trading delisting indicators such as market value standards.On the other hand, the implementation of standardized delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and mergers, and encourage and guide leading companies to increase the integration of listed companies in the industrial chain based on their main businesses. Further reduce the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of main businesses, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell protection\" behaviors.At the same time, it is also proposed to further strengthen delisting supervision. Strictly implement delisting, and severely crack down on illegal activities such as financial fraud and market manipulation that maliciously evade delisting. Improve the investor compensation and relief mechanism during the delisting process, and the controlling shareholders, actual controllers, directors, senior executives, etc. responsible for major illegal delisting must compensate investors for their losses in accordance with the law.\"This time, the National Nine Articles obviously have greater determination in delisting, which in itself has been a long-standing problem for A-shares for many years.\" The above-mentioned investment bankers in Beijing said frankly, \"Because there are too many relevant parties such as localities, investors and intermediaries involved behind a listed company, the implementation efficiency of the delisting system is not high.\"Wind data shows that as of April 12, 2024, the cumulative number of delisted companies is only 243.Compared with the increasing number of new shares, the scale of such delisting is obviously dwarfed-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.The data shows that among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.<h2 id=\"id_2670479049\" style=\"text-align: start;\">3. Increase the weight of \"shareholder return\"</h2>Compared with earlier, version 3.0 of the National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.In terms of supervision of listed companies, the opinions put forward that the supervision of cash dividends of listed companies will be strengthened.\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for high-quality companies that pay dividends, and take multiple measures to increase the Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends a year, pre-dividends, and dividends before the Spring Festival.\"From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.TradeWind01 (ID: TradeWind01) statistics show that among the 4,037 companies in 2022, the number of companies that will implement dividends will reach 3,397, accounting for 84.15%, an increase of nearly 5 percentage points compared with 79.16% 10 years ago.\"With the improvement of corporate governance, the company's enthusiasm for dividends will increase. At the same time, as the overall economic growth rate returns to stability and the capital expenditure of enterprises decreases, the cash available for dividends will also increase.\" A strategist of a securities firm in Beijing pointed out, \"The incentive measures to increase dividends and guide listed companies to give back to shareholders are in line with the development direction of the market.\"Repurchase has also become the focus of the opinion, which proposes to \"guide listed companies to repurchase shares and cancel them according to law.\"\"This time, special emphasis was placed on the cancellation, because in the past, many repurchases were to prepare for equity incentives for the company's management. They were obviously measures to give back to shareholders, but instead they became a means for the management to motivate themselves at a low price.\" The above analyst emphasized. \"This clarification of the relationship between repurchase and share cancellation is to further promote the return of repurchase behavior to the origin of the purpose of'giving back to shareholders'.\"The opinion proposes that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions, etc.\"Formulate guidelines for market value management of listed companies. Study the market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, listed companies are encouraged to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve the quality of development.\" The opinions also pointed out.The left hand is to support the superior, while the right hand is to limit the inferior.In order to clarify the dividend policy of listed companies and guide more dividends to be retained for sharing with public shareholders of listed companies, the opinions also propose that \"situations such as'clearance-style 'dividends before IPO should be included in the negative list of issuance and listing.\"The Shanghai and Shenzhen Stock Exchanges stated on the same day that the preliminary consideration in terms of indicators is that if the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit of the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.\"Only when there are sufficient funds will dividends be paid, and only when there is a lack of funds will IPO. The two are contradictory.\" The above-mentioned investment banker in East China said. \"Such regulations will help improve the governance level of listed companies.\"For example, in view of the phenomenon of shareholding reduction, Article 3.0 of the State Nine proposes to introduce new management measures for listed companies' shareholding reduction, and severely crack down on all kinds of illegal shareholding reduction.\"Strictly regulate the reduction of holdings by major shareholders, especially controlling shareholders and actual controllers, and resolutely guard against all kinds of bypass reduction in accordance with the principle of substance over form. Order the illegal entity to buy back the illegally reduced shares and turn over the price difference.\" Opinions put forward.At the same time, Article 9 3.0 of the State also emphasizes information disclosure and corporate governance supervision.The opinions pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting in the capital market, and seriously rectify violations of laws and regulations in key areas such as financial fraud and capital occupation. Supervise listed companies to improve their internal control systems. Give full play to the supervisory role of independent directors, and strengthen the guarantee and constraint of performance of duties.<h2 id=\"id_41089836\" style=\"text-align: start;\">4. The sword points to important risk points</h2>Focusing on some hotly debated phenomena in the new era of the capital market, the National Nine Articles have put forward targeted improvement measures for the supervision of institutions, markets and other links.For example, in recent years, the \"snowball\" structured products that have been controversial and contain the nature of derivatives, as well as the phenomenon of \"bid-bypassing\" and \"intraday reversal\" trading caused by the two financing and financing, the opinions put forward that the regulatory system of key businesses such as derivatives and margin financing and securities lending will be improved.\"The activity of Xueqiu and Liangrong in recent years has caused some market disputes. For such institutional businesses with strong externalities, the standards and processes of supervision may be improved.\" A person in charge of the business department of a Huijin securities firm commented, \"It is not ruled out that more detailed rules will be implemented later.\"Regarding the polarization phenomenon of \"the strong becomes stronger\" in securities fund institutions in recent years, the opinions also propose that leading institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differentiated and operate with characteristics.\"A big problem for securities operating institutions is the delay in clearing. Although it is a cyclical industry, many small institutions have been in a state of zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to continue their lives for a long time. In the process of integration and merger between some brokers, the shareholders of the integrated institutions have relatively great resistance.\"\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business homogenization, and the space for innovation is actually limited.\"The National Nine Articles 3.0 also proposed to strengthen transaction supervision and enhance the inherent stability of the capital market.At the beginning of February this year, the quantitative strategy of small and medium-cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede stock market crash due to excessive strategic congestion. This incident once triggered the reflection of market parties and even regulators on the supervision of quantitative trading.With the increase in the penetration rate of quantitative private placement and programmatic transactions of A-shares and the market impact, this new policy also puts forward a targeted regulatory direction.For example, the opinions suggest that programmed transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate the operation rules of private equity funds. Strengthen bottom-line thinking and improve countermeasures for extreme situations.The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.For example, at the end of 2023, the game stock sector has experienced a \"black swan\" of drastic adjustments due to changes in industry policies, and the market value of the game industry has increased by more than 400 billion yuan in a short period of time.The opinion proposes to \"improve the expected management mechanism\".\"Incorporate the impact assessment content of major economic or non-economic policies on the capital market into the macro-policy orientation consistency assessment framework, and establish a coordination mechanism for the release of major policy information.\" Opinions put forward.In response to issues such as illegal crimes in the capital market, National Nine Articles 3.0 even proposed many mechanism improvement measures, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and significantly increase the cost of violations of laws and regulations.\"For example, the opinion proposes that it will promote the introduction of judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity funds and breach of trust and use of entrusted property.Regarding the potential corruption problem, the opinion puts forward that the management of resigned personnel will be strictly improved.\"Remediate problems such as' shadow shareholders', improper shareholding, 'revolving doors' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption problems, resolutely punish corruption problems such as the interweaving of corruption and risks, and the collusion between capital and power, and create a clean and upright political ecology.\" The opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</body></html>","source":"live_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Detailed explanation of the heavy landing of \"National Nine Articles Version 3.0\": A-shares may have a new look in these directions</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDetailed explanation of the heavy landing of \"National Nine Articles Version 3.0\": A-shares may have a new look in these directions\n</h2>\n<h4 class=\"meta\">\n\n华尔街见闻2024-04-12 23:31\n\n</h4>\n</header>\n<article>\n<html><head></head><body>Major reform measures around the next stage of the capital market are being started from a higher level.On April 12, the State Council issued \"Several Opinions on Strengthening Supervision, Preventing Risks and Promoting High-quality Development of the Capital Market\" (hereinafter referred to as the \"Opinions\"). The full text focuses on the listing and issuance of new shares, supervision of listed companies, delisting mechanism, strengthening institutional supervision, and strengthening Transaction supervision and other aspects, a total of nine major measures have been taken to further clarify the mechanism and direction of the capital market.For this reason, this opinion is also regarded as the following version 1.0 of the National Nine Articles in 2004 (\"Several Opinions on Promoting the Reform, Opening up and Stable Development of the Capital Market\") and version 2.0 of the National Nine Articles in 2014 (\"Several Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market\"), version 3.0 of the new policy of the \"National Nine Articles\".Through combing, Trade Wind found that it may be the main line of \"National Nine Articles 3.0\" to strictly review listing and issuance, highlight the improvement of delisting mechanism, attach importance to shareholder returns of listed companies, and prevent and contain various risk violations to promote the high-quality development of the capital market.From the perspective of the industry, with the continuous implementation of reform supporting measures, the positive expectations for the capital market are also expected to be further improved and consolidated.<h2 id=\"id_4048268513\" style=\"text-align: start;\">1. \"Double improvement\" of IPO standards and processes</h2>On the occasion of the implementation of the A-share registration system, the reform of the listing and issuance system has become the first area mentioned in the National Nine Articles 3.0.Opinions pointed out that the issuance and listing system should be further improved. The listing standards of the main board and GEM will be improved, and the evaluation standards of science and technology innovation attributes on the Science and Technology Innovation Board will be improved.According to the supporting documents of the CSRC and the exchange on the same day, the revenue, net profit and other indicators of IPO on the main board and GEM have all improved.Taking the Growth Enterprise Market as an example, the previous standard 1 \"the net profit in the last two years is positive, and the cumulative net profit is not less than 50 million yuan\" was upgraded to \"the cumulative net profit is not less than 100 million yuan and the net profit in the last year is not less than 60 million yuan.\"; The \"estimated market value of not less than 1 billion yuan and revenue of not less than 100 million yuan in the latest year\" of Standard 2 was upgraded to \"estimated market value of not less than 1.5 billion yuan\" and \"revenue of not less than 1.5 billion yuan in the latest year\" respectively Less than 400 million yuan \".<img src=\"https://static.tigerbbs.com/1622d85744a1a19c98da246766d87945\" tg-width=\"640\" tg-height=\"325\"/><img src=\"https://static.tigerbbs.com/bd835070836c236e72988b9a7db8f56b\" tg-width=\"640\" tg-height=\"331\"/><img src=\"https://static.tigerbbs.com/fb47850cef45bfcc74519a4adb1dfadf\" tg-width=\"640\" tg-height=\"671\"/>In fact, in the previous practical link, the recent pace of IPO review has slowed down.Wind data since 2024 as of April 12 shows that there are only two Beijing Stock Exchange projects for IPO companies in the \"new acceptance\" status.Correspondingly, during the year, the number of IPO projects that failed due to withdrawal, rejection and other reasons reached 104.\"Maybe from the time of brewing, the pace of acceptance has slowed down, because it is necessary to ensure that the old and the new are cut off, otherwise some companies that do not meet the new standards may come in during the planning stage.\" An analysis from a brokerage investment banker in East China pointed out.In terms of the review process, the opinions propose to \"improve the quality and efficiency of issuance and listing counseling, and expand the coverage of on-site inspections of enterprises under review and related intermediaries.\"This statement means that IPO audit is strengthening supervision from two dimensions: horizontal and vertical-vertically, the quality and efficiency of the counseling link before enterprises apply for listing are being taken seriously; Horizontally, more companies planning to IPO and even intermediaries may enter the scope of on-site inspection.\"Improving the quality and efficiency of the counseling period means that the focus of the listing review process is being further advanced, because it was mainly grasped by acceptance before.\" An investment banker from a listed securities firm in Beijing pointed out, \"The expansion of the scope of on-site inspection can find problems on the one hand, and on the other hand, it can also improve the deterrent effect of IPO review and curb the fluky psychology of some companies and intermediaries.\"National Article 3.0 also pointed out that it will strengthen the responsibility of the entire chain of issuance and listing, implement the main responsibility of the exchange's audit, and establish a retrospective accountability mechanism.\"Further compact the main responsibility of the exchange's audit, improve the formation method and operation mechanism of the stock listing committee, and strengthen the supervision of the whole process of members' performance of duties.\" The opinion pointed out, \"Establish an audit backtracking accountability mechanism. Further compact the issuer's first responsibility and the'gatekeeper'responsibility of intermediaries, and establish a'blacklist'system of intermediaries. Adhere to'declaration is responsibility 'and strictly investigate illegal issues such as fraudulent issuance.\"Regarding the chaos such as over-raising, high prices, and grouping in the underwriting process, the opinions clearly propose to strengthen constraints.\"Strengthen the supervision of issuance and underwriting. Strengthen the supervision of all aspects of inquiry, pricing and placement of new share issuance, and rectify market chaos such as high price over-raising and group price reduction.\" The opinion puts forward, \"Strictly strengthen the supervision of information disclosure of fundraising projects. Standardize and guide the healthy development of capital according to law, strengthen penetrating supervision and supervision coordination, and severely crack down on illegal holding, sudden shareholding at abnormal prices, and transfer of interests.\"<h2 id=\"id_187537297\" style=\"text-align: start;\">2. Determination to \"separate\" delisting</h2>In the opinion of \"National Nine Articles 3.0\", one reform measure has ushered in a \"separate list\", that is, the delisting mechanism.In versions 1.0 and 2.0 of the National Nine Articles, there have also been elaborations on the delisting mechanism, but they mostly exist as sub-items in the \"Nine Articles\".For example, in Article 1.0 of the National Nine Articles in 2004, the mention of delisting is more about preventing it as a financial risk.For example, in the opinions, it is mentioned that \"the accountability mechanism for the dereliction of duty of senior executives of delisted companies should be established\" and \"all regions and relevant competent authorities should strengthen the management of delisted companies according to law to ensure the smooth and smooth delisting work\".The reason is that there were a large number of listed companies at that time, and the market's focus on delisting was more on investor protection. In addition, the complexity of the interests involved behind the company's listing led to the poor delisting mechanism of A-shares for many years. criticized.Today, 20 years later, delisting seems to be no longer regarded as a local risk, but \"unable to withdraw from the market\" has become a chronic disease in the stock market.Ten years ago, in the 2014 version of National Nine Articles 2.0, the importance of the delisting mechanism was improved, but it only existed as the eighth item in the second largest article \"Developing Multi-level Stock Market\", and the relevant explanation was only 167 words.In the latest National Nine Articles 3.0, the opinions separately took out \"1 of 9 articles\" to highlight \"deepening the reform of the delisting system\", with a total length of 393 words, more than twice that of 10 years ago.In terms of specific measures, the opinions propose to speed up the formation of a normalized delisting pattern in which all the delisting should be withdrawn and cleared in time.On the one hand, the mandatory delisting standards will be further tightened. Establish and improve the differentiated delisting standard system for different sectors. Scientifically set the scope of application for major illegal delisting. Tighten financial delisting indicators. Improve trading delisting indicators such as market value standards.On the other hand, the implementation of standardized delisting will be strengthened. Further unblock diversified delisting channels. Improve policies and regulations such as absorption and mergers, and encourage and guide leading companies to increase the integration of listed companies in the industrial chain based on their main businesses. Further reduce the value of \"shell\" resources. Strengthen the supervision of mergers and acquisitions, strengthen the relevance of main businesses, strictly control the quality of injected assets, strengthen the supervision of \"backdoor listing\", and accurately crack down on all kinds of illegal \"shell protection\" behaviors.At the same time, it is also proposed to further strengthen delisting supervision. Strictly implement delisting, and severely crack down on illegal activities such as financial fraud and market manipulation that maliciously evade delisting. Improve the investor compensation and relief mechanism during the delisting process, and the controlling shareholders, actual controllers, directors, senior executives, etc. responsible for major illegal delisting must compensate investors for their losses in accordance with the law.\"This time, the National Nine Articles obviously have greater determination in delisting, which in itself has been a long-standing problem for A-shares for many years.\" The above-mentioned investment bankers in Beijing said frankly, \"Because there are too many relevant parties such as localities, investors and intermediaries involved behind a listed company, the implementation efficiency of the delisting system is not high.\"Wind data shows that as of April 12, 2024, the cumulative number of delisted companies is only 243.Compared with the increasing number of new shares, the scale of such delisting is obviously dwarfed-the data shows that the total number of IPOs in the A-share market in the past 34 years has reached 5,363, while the number of new shares in the past five years has reached 1,775, accounting for 1/3.However, with the promotion of the registration system reform in recent years, the number of delisted companies has increased.The data shows that among the above 243 delisted companies, 143 have been delisted in the past five years, accounting for nearly 60%.<h2 id=\"id_2670479049\" style=\"text-align: start;\">3. Increase the weight of \"shareholder return\"</h2>Compared with earlier, version 3.0 of the National Nine Articles pays more attention to the return measures of shareholders of listed companies and the protection of investors' interests.In terms of supervision of listed companies, the opinions put forward that the supervision of cash dividends of listed companies will be strengthened.\"For companies that have not paid dividends for many years or have a low dividend ratio, restrict major shareholders from reducing their holdings and implement risk warnings.\" The opinion pointed out, \"Increase incentives for high-quality companies that pay dividends, and take multiple measures to increase the Dividend rate. Enhance the stability, sustainability and predictability of dividends, and promote multiple dividends a year, pre-dividends, and dividends before the Spring Festival.\"From the data point of view, the dividend ratio of profitable companies in the A-share market has increased in the past 10 years.TradeWind01 (ID: TradeWind01) statistics show that among the 4,037 companies in 2022, the number of companies that will implement dividends will reach 3,397, accounting for 84.15%, an increase of nearly 5 percentage points compared with 79.16% 10 years ago.\"With the improvement of corporate governance, the company's enthusiasm for dividends will increase. At the same time, as the overall economic growth rate returns to stability and the capital expenditure of enterprises decreases, the cash available for dividends will also increase.\" A strategist of a securities firm in Beijing pointed out, \"The incentive measures to increase dividends and guide listed companies to give back to shareholders are in line with the development direction of the market.\"Repurchase has also become the focus of the opinion, which proposes to \"guide listed companies to repurchase shares and cancel them according to law.\"\"This time, special emphasis was placed on the cancellation, because in the past, many repurchases were to prepare for equity incentives for the company's management. They were obviously measures to give back to shareholders, but instead they became a means for the management to motivate themselves at a low price.\" The above analyst emphasized. \"This clarification of the relationship between repurchase and share cancellation is to further promote the return of repurchase behavior to the origin of the purpose of'giving back to shareholders'.\"The opinion proposes that listed companies will be promoted to enhance their investment value through market value management, focusing on main business, mergers and acquisitions, etc.\"Formulate guidelines for market value management of listed companies. Study the market value management of listed companies into the internal and external assessment and evaluation system of enterprises. At the same time, listed companies are encouraged to focus on their main businesses and comprehensively use mergers and acquisitions, equity incentives and other methods to improve the quality of development.\" The opinions also pointed out.The left hand is to support the superior, while the right hand is to limit the inferior.In order to clarify the dividend policy of listed companies and guide more dividends to be retained for sharing with public shareholders of listed companies, the opinions also propose that \"situations such as'clearance-style 'dividends before IPO should be included in the negative list of issuance and listing.\"The Shanghai and Shenzhen Stock Exchanges stated on the same day that the preliminary consideration in terms of indicators is that if the cumulative dividend amount in the three years of the reporting period accounts for more than 80% of the net profit in the same period; Or if the cumulative dividend amount in the three years of the reporting period accounts for more than 50% of the net profit of the same period and the cumulative dividend amount exceeds 300 million yuan, and the total proportion of replenishment and loan repayment in the raised funds is higher than 20%, it will not be allowed to be issued and listed.\"Only when there are sufficient funds will dividends be paid, and only when there is a lack of funds will IPO. The two are contradictory.\" The above-mentioned investment banker in East China said. \"Such regulations will help improve the governance level of listed companies.\"For example, in view of the phenomenon of shareholding reduction, Article 3.0 of the State Nine proposes to introduce new management measures for listed companies' shareholding reduction, and severely crack down on all kinds of illegal shareholding reduction.\"Strictly regulate the reduction of holdings by major shareholders, especially controlling shareholders and actual controllers, and resolutely guard against all kinds of bypass reduction in accordance with the principle of substance over form. Order the illegal entity to buy back the illegally reduced shares and turn over the price difference.\" Opinions put forward.At the same time, Article 9 3.0 of the State also emphasizes information disclosure and corporate governance supervision.The opinions pointed out that it is necessary to build a comprehensive punishment and prevention system for anti-counterfeiting in the capital market, and seriously rectify violations of laws and regulations in key areas such as financial fraud and capital occupation. Supervise listed companies to improve their internal control systems. Give full play to the supervisory role of independent directors, and strengthen the guarantee and constraint of performance of duties.<h2 id=\"id_41089836\" style=\"text-align: start;\">4. The sword points to important risk points</h2>Focusing on some hotly debated phenomena in the new era of the capital market, the National Nine Articles have put forward targeted improvement measures for the supervision of institutions, markets and other links.For example, in recent years, the \"snowball\" structured products that have been controversial and contain the nature of derivatives, as well as the phenomenon of \"bid-bypassing\" and \"intraday reversal\" trading caused by the two financing and financing, the opinions put forward that the regulatory system of key businesses such as derivatives and margin financing and securities lending will be improved.\"The activity of Xueqiu and Liangrong in recent years has caused some market disputes. For such institutional businesses with strong externalities, the standards and processes of supervision may be improved.\" A person in charge of the business department of a Huijin securities firm commented, \"It is not ruled out that more detailed rules will be implemented later.\"Regarding the polarization phenomenon of \"the strong becomes stronger\" in securities fund institutions in recent years, the opinions also propose that leading institutions will be supported to enhance their core competitiveness through mergers and acquisitions, organizational innovation, etc., and small and medium-sized institutions will be encouraged to develop differentiated and operate with characteristics.\"A big problem for securities operating institutions is the delay in clearing. Although it is a cyclical industry, many small institutions have been in a state of zombie operation due to many special factors.\" A head broker close to the regulatory authorities pointed out, \"For example, some local brokers are not doing well, but they rely on the support of local state-owned assets to continue their lives for a long time. In the process of integration and merger between some brokers, the shareholders of the integrated institutions have relatively great resistance.\"\"But if industry mergers become an encouraged direction, it is possible that industry efficiency can be improved.\" The person said, \"Of course, there is another direction for differentiated development, but the current business homogenization, and the space for innovation is actually limited.\"The National Nine Articles 3.0 also proposed to strengthen transaction supervision and enhance the inherent stability of the capital market.At the beginning of February this year, the quantitative strategy of small and medium-cap and micro-cap stocks, which has been favored by the market in recent years, triggered a stampede stock market crash due to excessive strategic congestion. This incident once triggered the reflection of market parties and even regulators on the supervision of quantitative trading.With the increase in the penetration rate of quantitative private placement and programmatic transactions of A-shares and the market impact, this new policy also puts forward a targeted regulatory direction.For example, the opinions suggest that programmed transaction supervision regulations will be introduced to strengthen the supervision of high-frequency quantitative transactions. Formulate the operation rules of private equity funds. Strengthen bottom-line thinking and improve countermeasures for extreme situations.The expected management of some major policies is also included in the scope of the National Nine Articles 3.0.For example, at the end of 2023, the game stock sector has experienced a \"black swan\" of drastic adjustments due to changes in industry policies, and the market value of the game industry has increased by more than 400 billion yuan in a short period of time.The opinion proposes to \"improve the expected management mechanism\".\"Incorporate the impact assessment content of major economic or non-economic policies on the capital market into the macro-policy orientation consistency assessment framework, and establish a coordination mechanism for the release of major policy information.\" Opinions put forward.In response to issues such as illegal crimes in the capital market, National Nine Articles 3.0 even proposed many mechanism improvement measures, and emphasized that it will \"promote the strengthening of the rule of law in the capital market and significantly increase the cost of violations of laws and regulations.\"For example, the opinion proposes that it will promote the introduction of judicial interpretations of the crime of breach of trust harming the interests of listed companies, judicial interpretations of civil compensation such as insider trading and market manipulation, and judicial documents to crack down on criminal acts such as misappropriation of private equity funds and breach of trust and use of entrusted property.Regarding the potential corruption problem, the opinion puts forward that the management of resigned personnel will be strictly improved.\"Remediate problems such as' shadow shareholders', improper shareholding, 'revolving doors' of politics and business, and 'escape resignation'. Eradicate the soil and conditions for corruption problems, resolutely punish corruption problems such as the interweaving of corruption and risks, and the collusion between capital and power, and create a clean and upright political ecology.\" The opinion pointed out. (Zheng Minfang and Wang Yating also contributed to this article)</body></html>\n<div class=\"bt-text\">\n\n\n source：<a href=\"https://wallstreetcn.com/articles/3712615\">华尔街见闻</a>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/718d9d0cee89dacb8ae3664167fe24e6","relate_stocks":{"000001.SH":"上证指数"},"source_url":"https://wallstreetcn.com/articles/3712615","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1125373899","content_text":"围绕资本市场下一阶段的重大改革举措，正在从更高层面赫然开启。4月12日，国务院发布《关于加强监管防范风险推动资本市场高质量发展的若干意见》（以下简称“意见”），全文围绕新股上市发行、上市公司监管、退市机制、强化机构监管、加强交易监管等环节，合计通过九大条举措进一步明确资本市场的机制和方向。正因如此，此次意见也被视为继2004年国九条1.0版（《关于推进资本市场改革开放和稳定发展的若干意见》）、2014年国九条2.0版（《国务院关于进一步促进资本市场健康发展的若干意见》）之后，有关“国九条”新政的3.0版本。信风通过梳理发现，从严上市发行审核、突出退市机制完善、重视上市公司股东回报、防范遏制各类风险违规现象，以促进资本市场高质量发展，或许正是“国九条3.0”的主线。在业内看来，随着改革配套举措的持续落地，针对资本市场的积极预期也有望进一步向好并得到夯实。一、IPO标准、流程“双提升”在A股注册制实施满岁之际，有关上市发行制度的改革，成为了国九条3.0中首个被提及的领域。意见指出，进一步完善发行上市制度。将提高主板、创业板上市标准，完善科创板科创属性评价标准。而据同日证监会及交易所的配套文件显示，主板、创业板IPO的收入、净利润等指标均有提升。以创业板为例，此前标准一的“最近2年净利润均为正，且累计净利润不低于5000万元”提升为“累计净利润不低于1亿元且最近一年净利润不低于6000万元。”；而标准二的“预计市值不低于10亿元、最近一年营收不低于1亿元”则分别调升为“预计市值不低于15亿元”、“最近一年营收不低于4亿元”。其实在此前的实操环节，近来的IPO审核节奏已在有所放缓。2024年以来截至4月12日的Wind数据显示，处于“新受理”状态的IPO企业仅有两单北交所项目。与之对应的是，年内因撤回、被否等原因导致IPO闯关失败的项目已达104单。“可能从酝酿的时候，受理节奏就放缓了，因为要保证新老划断，否则筹划阶段可能会有一些不符合新标准的企业进来。”华东一家券商投行人士分析指出。审核流程上，意见则提出将“提高发行上市辅导质效，扩大对在审企业及相关中介机构现场检查覆盖面。”如此表态，意味着IPO审核正在从横线、纵向两个维度上强化监管——纵向上，企业申报上市前的辅导环节的质效正在被重视；横向上或有更多拟IPO企业乃至中介机构进入现场检查范围。“提升辅导期的质效，意味着上市审核流程的关注点正在进一步前置，因为之前主要是以受理为节点来把握的。”北京一家上市券商投行人士指出，“现场检查范围的扩大，一方面能发现问题，另一方面也可以提高IPO审核的震慑作用，遏制一些公司和中介机构的侥幸心理。”国九条3.0同时指出，将强化发行上市全链条责任，落实交易所审核主体责任，建立回溯追责机制。“进一步压实交易所审核主体责任，完善股票上市委员会组建方式和运行机制，加强对委员履职的全过程监督。”意见指出，“建立审核回溯问责追责机制。进一步压实发行人第一责任和中介机构‘看门人’责任，建立中介机构‘黑名单’制度。坚持‘申报即担责’，严查欺诈发行等违法违规问题。”对于承销环节的超募、高价、抱团等乱象，意见则明确提出强化约束。“加大发行承销监管力度。强化新股发行询价定价配售各环节监管，整治高价超募、抱团压价等市场乱象。”意见提出，“从严加强募投项目信息披露监管。依法规范和引导资本健康发展，加强穿透式监管和监管协同，严厉打击违规代持、以异常价格突击入股、利益输送等行为。”二、“单列”退市的决心在“国九条3.0”意见中，有一项改革措施迎来了“单列”，那就是退市机制。在国九条的1.0、2.0版本中，也曾有过关于退市机制的阐述，但更多是作为“九条”中的子项存在。例如2004年的国九条1.0中，对退市的提及则更多是将其作为金融风险进行防范。例如在意见中提及“建立对退市公司高管人员失职的责任追究机制”、“各地区和有关主管部门要依法加强对退市公司的管理，确保退市工作平稳顺利”。原因在于，彼时上市公司数量较多，而市场对于退市的着眼点更多放在了投资者保护，加之公司上市背后涉及的利益复杂性，导致A股多年来因退市机制不畅而备受诟病。20年后的今天，退市似乎已不再被视为局部性风险，“退不了市”反而更多成为股票市场的慢性顽疾。10年前2014版本国九条2.0中，退市机制的重要性得到了提高，但也仅作为第二大条“发展多层次股票市场”中的第8小项存在的，相关阐述篇幅仅167个字。在最新落地的国九条3.0中，意见则单独拿出“9条中的1条”来着重突出“深化退市制度改革”，合计篇幅达到了393字，较10年前的2倍还多。而在具体措施上，意见提出，加快形成应退尽退、及时出清的常态化退市格局。一方面，将进一步严格强制退市标准。建立健全不同板块差异化的退市标准体系。科学设置重大违法退市适用范围。收紧财务类退市指标。完善市值标准等交易类退市指标。另一方面，会加大规范类退市实施力度。进一步畅通多元退市渠道。完善吸收合并等政策规定，鼓励引导头部公司立足主业加大对产业链上市公司的整合力度。进一步削减“壳”资源价值。加强并购重组监管，强化主业相关性，严把注入资产质量关，加大对“借壳上市”的监管力度，精准打击各类违规“保壳”行为。同时还提出，要进一步强化退市监管。严格退市执行，严厉打击财务造假、操纵市场等恶意规避退市的违法行为。健全退市过程中的投资者赔偿救济机制，对重大违法退市负有责任的控股股东、实际控制人、董事、高管等要依法赔偿投资者损失。“这次的国九条在退市上显然有更大的决心，这本身也是A股多年来的老大难。”上述北京地区投行人士坦言，“因为一家上市公司背后牵涉的地方、投资者、中介机构等相关方太多了，所以导致退市制度的实施效率并不高。”Wind数据显示，截止2024年4月12日累计退市公司数量合计仅有243家。和不断增加的新股数量相比，如此退市规模显然是小巫见大巫——数据显示，A股市场34年来合计IPO总数达5363家，而近5年来新股数量就达1775家，占比达1/3。不过伴随近年来的注册制改革推动，退市公司数量已有所上升。数据显示，在上述243家已退市公司中，有143家均是在近5年内退市的，占比接近6成。三、提升“股东回报”权重和早前相比，国九条3.0版本更加看重对上市公司股东的回报举措和投资者利益的保护。在上市公司监管方面，意见提出将强化上市公司现金分红监管。“对多年未分红或分红比例偏低的公司，限制大股东减持、实施风险警示。”意见指出，“加大对分红优质公司的激励力度，多措并举推动提高股息率。增强分红稳定性、持续性和可预期性，推动一年多次分红、预分红、春节前分红。”从数据来看，A股市场盈利公司的分红比例在近10年已有所提升。信风（ID：TradeWind01）统计Wind数据显示，2022年的4037家公司中，实施分红公司数量达3397家，占比达84.15%，相较10年前的79.16%提升了近5个百分点。“随着公司治理的提高，公司分红积极性会有所提升，同时由于整体经济增速的回归平稳，企业资本开支的减少，可供分红的现金也会增多。”北京一家券商策略分析师指出，“增加分红的激励举措，引导上市公司回馈股东，符合市场的发展方向。”回购也成为了意见的关注点，其提出将“引导上市公司回购股份后依法注销”。“这一次格外强调了注销的事，因为过去很多回购背后是为了给公司管理层做股权激励来预备的，明明是回馈股东的举措，反而变成了管理层低价激励自我的一种手段。”上述分析师强调。“这次明确回购和股份注销的关系，是在进一步推动回购行为回归‘回馈股东’的目的本源。”意见提出，将促进上市公司通过市值管理、聚焦主业、并购重组等方式提升自身投资价值。“制定上市公司市值管理指引。研究将上市公司市值管理纳入企业内外部考核评价体系。同时，鼓励上市公司聚焦主业，综合运用并购重组、股权激励等方式提高发展质量。”意见同时也指出。左手是扶优，右手则是限劣。为了明确上市公司的分红政策，引导将更多分红留存给上市公司公众股东分享，意见还提出“将对IPO前的‘清仓式’分红等情形纳入发行上市负面清单”。沪深交易所当日表示，在指标方面的初步考虑是，对于报告期三年累计分红金额占同期净利润比例超过80%的；或者报告期三年累计分红金额占同期净利润比例超过50%且累计分红金额超过3亿元，同时募集资金中补流和还贷合计比例高于20%的，将不允许其发行上市。“有充足资金才会分红，缺少资金才会IPO，两者本身是矛盾的。”上述华东地区投行人士称，“这样的规范有助于提高上市公司的治理水平。”再如针对减持现象，国九条3.0提出要出台新的上市公司减持管理办法，并严厉打击各类违规减持。“严格规范大股东尤其是控股股东、实际控制人减持，按照实质重于形式的原则坚决防范各类绕道减持。责令违规主体购回违规减持股份并上缴价差。”意见提出。同时国九条3.0也着重强调了信息披露和公司治理监管。意见指出，要构建资本市场防假打假综合惩防体系，严肃整治财务造假、资金占用等重点领域违法违规行为。督促上市公司完善内控体系。切实发挥独立董事监督作用，强化履职保障约束。四、剑指重要风险点围绕资本市场新时期的部分热议现象，国九条针对机构、市场等环节监管提出了有针对性的完善举措。例如近年来颇受争议且含有衍生品性质的“雪球”结构化产品，以及两融引发的“绕标”、“日内回转”交易现象，意见提出将完善对衍生品、融资融券等重点业务的监管制度。“雪球、两融这些年的活跃引发了一些市场争议，针对这类外部性较强的机构业务，可能监管的标准和流程都会有所提高。”一家汇金系券商营业部负责人评价称，“不排除会有更多的细则会在后面落地。”对于近年来证券基金机构“强者愈强”的两极分化现象，意见也提出将支持头部机构通过并购重组、组织创新等方式提升核心竞争力，鼓励中小机构差异化发展、特色化经营。“证券经营机构的一个很大问题是迟迟无法出清，虽然本身是个周期性行业，但由于许多特殊因素，许多小机构却一直处于僵尸运营状态。”一位接近监管层的头部券商人士指出，“比如一些地方券商做的并不好，但靠当地国资的支持长期续命，还有一些券商之间的整合兼并过程中，被整合机构的股东阻力比较大。”“但如果行业兼并成为被鼓励的方向，有可能行业效率能有所提高。”该人士称，“当然还有一种方向是差异化发展，但目前的业务同质化，创新的空间其实是有限的。”此次国九条3.0还提出，将加强交易监管，增强资本市场内在稳定性。今年2月初，备受近年市场青睐的中小盘和微盘股量化策略，因过高的策略拥挤度而引发了踩踏式股灾，此次事件一度引发市场各方乃至监管针对量化交易监管的反思。伴随A股量化私募、程序化交易渗透率的提高以及产生的市场影响，此次新政亦有针对性的提出了监管方向。例如意见就提出，将出台程序化交易监管规定，加强对高频量化交易监管。制定私募证券基金运作规则。强化底线思维，完善极端情形的应对措施。部分重大政策的预期管理，也列入了此次国九条3.0的指向范围。例如在2023年年底，游戏股板块因行业政策变化而出现了剧烈调整的“黑天鹅”，游戏行业市值短时间内增发超过4000亿元。意见则提出将“健全预期管理机制”。“将重大经济或非经济政策对资本市场的影响评估内容纳入宏观政策取向一致性评估框架，建立重大政策信息发布协调机制。”意见提出。针对资本市场的违法犯罪等问题，国九条3.0更提出众多机制完善举措，并着重强调将“推动加强资本市场法治建设，大幅提升违法违规成本”。例如意见提出，将推动出台背信损害上市公司利益罪的司法解释、内幕交易和操纵市场等民事赔偿的司法解释，以及打击挪用私募基金资金、背信运用受托财产等犯罪行为的司法文件。对于潜在的腐败问题，意见提出将从严从紧完善离职人员管理。“整治‘影子股东’、不当入股、政商‘旋转门’、‘逃逸式辞职’等问题。铲除腐败问题产生的土壤和条件，坚决惩治腐败与风险交织、资本与权力勾连等腐败问题，营造风清气正的政治生态。”意见指出。（郑敏芳、王亚婷对此文亦有贡献）","news_type":1,"symbols_score_info":{"000001.SH":1.1}},"isVote":1,"tweetType":1,"viewCount":806,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}