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  证券时报记者程丹

  4月25日,证监会发布《上市公司信息披露暂缓与豁免管理规定》。《规定》明确两种豁免信息类型、三种豁免方式,上市公司可采用代称、汇总概括或隐去关键信息等方式实施豁免,若仍存泄密风险的再完全豁免。

  《规定》将豁免披露信息类型分为两大类,一类是国家秘密或者其他公开后可能违反国家保密规定、管理要求的信息,统称国家秘密;另一类是商业秘密或者保密商务信息,统称商业秘密。对于国家秘密,未对豁免设定其他条件;对于商业秘密,考虑缺乏明确界定、较易被滥用,《规定》列举了允许豁免的条件,核心是判断公开后是否会损害公司或者他人利益。上述两分法意在更简明清晰划分信息类型,确定适用范围,同时与法律法规做好衔接。

  对两类信息具体如何豁免披露,《规定》明确了三种方式,一是暂缓披露,即豁免按照法定的时点披露临时报告,待原因消除后及时披露;二是自动豁免披露整个临时报告;三是披露定期报告、临时报告,但采用代称、汇总概括或者隐去关键信息等方式豁免披露定期报告、临时报告中的有关内容。

  基于公开是原则、豁免是例外的基本要求,对豁免披露行为也需要加强约束和监管。为此,《规定》从压实公司自身责任和强化监管外部约束两方面做出了制度安排。

  公司自身责任方面,要求上市公司制定披露豁免制度,明确内部审核程序;要求不得以任何方式泄密,不得以涉密为名进行宣传;要求对豁免披露事项进行登记管理,登记材料定期向证监局和证券交易所报送。外部监管约束方面,要求上市公司定期向属地证监局和证券交易所报送登记材料,监管可以掌握基本情况。一旦发现未依规制定豁免披露制度,或者滥用制度、自行扩大暂缓或豁免披露范围,甚至从事内幕交易、操纵市场等违规行为,将依法严肃处理。

 

  ◎记者赵明超

  Choice数据显示,公募基金经理总人数已突破4000人。新生代基金经理正在加速入场,而部分资深基金经理,因业绩欠佳黯然去职。从行业发展态势看,留给业绩欠佳者的时间不多了。

  与此同时,公募“造星时代”逐渐远去,当前业内强化“平台型、团队制、一体化、多策略”投研体系建设,逐步培育新人。

  新生代基金经理登上舞台

  今年以来,多位绩优基金经理离职,包括中欧基金曹名长、华商基金周海栋、工银瑞信基金张宇帆等。与此同时,亦有部分基金经理因业绩欠佳而辞任,新生代基金经理逐渐登上舞台。

  近日,易方达基金发布多则基金经理变更公告。具体来看,4月12日,杨宗昌离任易方达资源行业混合基金,该基金将由朱运单独管理。

  从朱运的履历看:2016年7月至2022年4月任建信基金研究部助理研究员、初级行业研究员、行业研究员、周期组研究主管;2022年4月跳槽到易方达基金,2024年11月19日担任易方达资源行业混合基金的基金经理,与杨宗昌共同管理。此番杨宗昌离任易方达资源行业混合基金,意味着朱运将独当一面。

  与之相似的还有易方达新生代基金经理欧阳良琦。4月12日,易方达中盘成长混合基金经理变更为欧阳良琦,原基金经理冯波因离任。梳理发现,欧阳良琦2017年7月加入易方达基金,2023年5月开始管理易方达战略新兴产业股票基金。

  基金经理队伍中出现越来越多新面孔。4月11日,嘉实医药健康股票基金增聘孙晓晖为基金经理,这是她首次担任基金经理。4月10日,金信多策略精选混合基金增聘谭智汨为基金经理,谭智汨2021年1月加入金信基金,历任研究员、基金经理助理兼研究员。

  基金经理人数突破4000

  截至4月25日,全市场公募基金经理人数已超4000人,创历史新高,与2019年相比翻了一番。

  “近期上任的基金经理,多数是由研究员晋升而来。”华南某基金公司人士表示,当前基金公司越来越重视从内部培养人才。

  基金经理人数大幅攀升,以及被动指数基金的高歌猛进,对主动管理的基金经理提出了更高要求。“在指数基金大发展的当下,对主动权益类基金经理而言,要更加深入研究,获取阿尔法收益,否则将被市场淘汰。”上述人士直言。

  华安证券研报显示,相较被动指数基金,主动权益类基金的核心竞争优势在于策略的独立性与多元化,以及持续不断的更新迭代能力,确保其难以被简单复制。近年来,资金借道ETF持续涌入A股,指数内成分股趋向于协同运动,选股难度加大,只有擅长做行业、风格轮动的基金经理才有优势。

  嘉实基础产业优选股票基金经理肖觅表示,基金经理:一是要充分相信研究的力量,通过研究建立对产业规律的长周期深度认知,带来前瞻的视野和判断,创造超额回报;二是要回归投资的本质,在基本面研究的基础上,综合考虑预期回报和风险水平。

  “造星时代”远去

  在基金经理队伍逐渐庞大的同时,公募越来越重视团队作战,摈弃了包装明星基金经理的打法。

  “公募曾经历轰轰烈烈的‘造星运动’。如今,部分明星基金经理业绩大幅回撤,投资者持有体验并不好。如果公司发展只依靠几个明星基金经理,会面临很大风险。”沪上某基金公司高管说,对公募行业而言,从个人主义驱动转向集体智慧驱动势在必行。

  行业的转变同监管引导息息相关。2024年3月,中国证监会发布《关于加强证券公司和公募基金监管加快推进建设一流投资银行和投资机构的意见(试行)》提出,强化公募基金投研核心能力建设,完善投研能力评价指标体系,摒弃明星基金经理现象,强化“平台型、团队制、一体化、多策略”投研体系建设。

  “研究这件事,单打独斗是很难的。我们的研究团队分为消费、周期、TMT、机械军工、新能源几个小组,但随着经济和技术的快速演进,行业之间的界限不像以前泾渭分明,交叉学科成为常态,我们鼓励基金经理主动发起跨行业的研究小组。以AI为例,它不仅涉及硬件、算法,还延伸到应用场景和商业模式等,需要多行业研究员协作才能全面覆盖。”在兴证全球基金研究部副总监、基金经理董理看来,投研一体化意味着基金经理不能只负责下单,研究员不能只推荐股票。

  与此同时,快速发展的人工智能技术也极大地赋能了公募投研。浙商基金表示,投研工作借助人工智能构建起协同化、工业化、流程化的全新模式。在这个模式下,基金经理通过智能化、科技化手段,快速收集和分析海量数据,从宏观经济趋势、行业动态到企业微观财务数据,为投资决策提供全面、精准的依据。依托人工智能,浙商基金的投研团队构建了上百个细分行业的基本面量化模型。

MACD金叉信号形成,这些股涨势不错!

  来源:Wind万得

  4月25日,全国人大常委会法制工作委员会举行记者会,从2025年度立法工作计划看,今年全国人大常委会将制定民营经济促进法、金融法、金融稳定法。此外,4月27日至30日举行的十四届全国人大常委会第十五次会议将审议民营经济促进法草案三次审议稿。与此同时,商务部表示开展更多以旧换新促消费活动。

  // 今年将制定金融法、金融稳定法//

  4月25日,全国人大常委会法制工作委员会举行记者会,通报4月全国人大常委会会议拟审议的法律草案,介绍《全国人大常委会2025年度立法工作计划》重点内容。

  据全国人大常委会法制工作委员会发言人黄海华在记者会上介绍,4月27日至30日举行的十四届全国人大常委会第十五次会议将审议民营经济促进法草案三次审议稿。从2025年度立法工作计划看,今年全国人大常委会将制定民营经济促进法、金融法、金融稳定法;修改反不正当竞争法、企业破产法、中国人民银行法、银行业监督管理法等。

  为健全金融风险处置的全流程全链条制度安排,人民银行近年来持续推动金融稳定法加快出台。去年6月,十四届全国人大常委会第十次会议已经对金融稳定法草案进行第二次审议。人民银行3月5日召开的2025年金融法治工作会议上明确指出,今年将加快完善金融法律法规体系,推进修订中国人民银行法,配合金融稳定法后续审议工作。

  作为确立中国人民银行地位的法律,中国人民银行法自1995年颁布实施以来,仅2003年经历过一次大修。全国人大代表、中国人民银行四川省分行行长严宝玉在2025年全国两会期间指出,现行中国人民银行法在货币政策、宏观审慎管理、金融稳定、金融市场等领域,还存在法定职责不健全、法律手段不充足、履职保障不坚实等问题。为进一步巩固机构改革成果,建议加速完成立法程序,推动中国人民银行法修订出台。

  // 民营经济促进法草案迎三审//

  根据十四届全国人大常委会第四十二次委员长会议建议,4月27日至30日举行的十四届全国人大常委会第十五次会议将审议民营经济促进法草案三次审议稿。

  在2024年12月、2025年2月举行的十四届全国人大常委会第十三次会议、第十四次会议已经对民营经济促进法草案进行了两次审议。此前的草案二审稿拟增加多条规定。其中提到,任何单位不得违反法律、法规向民营经济组织收取费用,不得实施没有法律、法规依据的罚款,不得向民营经济组织摊派财物。

  黄海华介绍,根据全国人大常委会审议意见和各方面意见,民营经济促进法草案三次审议稿进一步充实支持民营经济发展相关举措,推进严格规范公正文明执法,优化民营经济健康发展、高质量发展的法治环境。

  按照立法法规定,列入常务委员会会议议程的法律案,一般应当经三次常务委员会会议审议后再交付表决。黄海华指出,全国人大常委会组成人员和各方面普遍认为,制定民营经济促进法,充分发挥法治固根本、稳预期、利长远的保障作用,十分必要、意义重大。草案经过反复修改后已经较为成熟,建议进一步修改完善后及早审议出台。

  // 消费品以旧换新将加力扩围//

  央视新闻报道,在4月25日下午召开的商务部专题新闻发布会上,商务部相关负责人介绍,今年,消费品以旧换新将乘势而上、加力扩围,抓住“五一”假期等节点组织开展更多以旧换新促消费活动。

  据介绍,2024年,消费品以旧换新取得积极成效。去年年底,提前明确跨年度接续措施,确保消费品以旧换新滚动实施、不断档。支持地方在破除汽车购买使用限制性措施,发展汽车改装、房车露营、传统经典车等汽车后市场等方面改革创新、先行先试,延伸汽车消费链条。按照“有促消费活动必有以旧换新”的原则,部署开展“购在中国”系列活动。

  商务部市场运行和消费促进司司长李刚:下一步,商务部将与各地、各相关部门一起,进一步加强统筹协调,加大推进力度,优化工作流程,抓住“五一”假期等节点组织开展更多以旧换新促消费活动,全力以赴推动消费品以旧换新取得更大成效。

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