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斗破苍穹全集阅读:带你领略世界各地独特风土人情与动人故事的直播平台!

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4月25日,上海金融法院公开宣判原告刘某某、郑某某诉被告上海金某泰化工股份有限公司(以下简称金某泰)、袁某、罗某证券虚假陈述责任纠纷一案。

该案是2019年修订《中华人民共和国证券法》以来,全国首例因上市公司董监高(上市公司董事、监事和高级管理人员的简称)未履行公开增持承诺引发的证券侵权纠纷案件。本案采用示范判决机制进行审理。

金某泰系深圳证券交易所A股上市公司。2021年6月15日,金某泰发布公告,称公司董事兼总裁袁某、控股子公司总经理罗某计划在6个月内增持金某泰股份,增持金额合计不低于3亿元。后金某泰两次发布公告,称袁某、罗某上述增持承诺履行期限分别延期至2022年6月15日、9月30日。2022年9月30日盘后,金某泰公告称袁某、罗某未能在延期期间完成增持计划。同年10月20日,中国证券监督管理委员会上海监管局对袁某、罗某采取出具警示函的行政监管措施。同年12月21日,深圳证券交易所作出《关于对袁某、罗某给予公开谴责处分的决定》。

原告刘某某、郑某某主张其因上述股份增持承诺购买了金某泰股票,而袁某、罗某未履行承诺,构成证券虚假陈述行为,要求金某泰、袁某、罗某共同赔偿投资差额损失、佣金损失等共计900余万元。

被告金某泰辩称:其并非被采取行政监管措施的主体,针对被告袁某、罗某增持股份的全过程,公司及时、真实、准确、完整地发布了公告,不存在信息披露违法违规行为,且已就增持延期事宜及时召开董事会、监事会和股东大会审议,程序合法合规。

被告袁某、罗某共同辩称:两被告已经根据规定及时将增持意愿、资金筹措情况及因资金筹措困难导致延期等情况书面告知金某泰,因客观上履行能力不足,无法再履行增持承诺,不存在主观上“忽悠式增持”的故意或过失,对此,公司也及时发布了公告。股价下跌主要是由于市场整体及企业自身经营等其他情况导致,并非两被告不履行增持承诺导致。

庭审中,各方当事人围绕公开承诺增持行为的法律性质、责任构成要件、责任承担等主要争议焦点进行了举证、质证和辩论。

上海金融法院经审理认为,首先,公开承诺包括股份限售承诺、业绩承诺、股份增(减)持承诺、分红承诺、股份回购承诺、法定义务重述承诺等多种类型,不履行公开承诺的法律责任属性无法一以概之,应结合承诺主体及内容、相对人确定与否、未履行承诺的原因、承诺主体的过错等因素综合予以考量,可能构成虚假陈述、操纵市场等典型证券侵权行为,也可能无法归入证券特殊侵权范畴,抑或是构成违约行为。其次,就本案诉争的公开增持承诺是否构成证券虚假陈述行为,应结合证券市场股票增持的行为特点、公开增持承诺的行为性质,以及被告方作出增持承诺时的履约准备、两次延期事由、未履行承诺原因、有无免责事由等因素综合判断。本案中,袁某、罗某在首次作出增持承诺时并无资金准备,在后续延期过程中亦未积极筹措资金,且在面对交易所质询时以过桥资金制作“虚假”存款证明,故难以认定其有增持的真实意愿。从增持主体、承诺增持金额、市场影响力等角度看,袁某、罗某公开增持承诺信息的披露,对证券市场和投资者预期产生严重误导,其所主张的未能履行增持承诺的抗辩理由明显不合理,故虚假陈述行为成立且具有重大性。再次,公开承诺人袁某、罗某为法定信息披露义务人,而非金某泰。从信息披露的全过程看,金某泰尽到了基本的审查义务,亦无证据证明金某泰明知或应知袁某、罗某存在虚假陈述,故不应承担案涉虚假陈述行为的民事赔偿责任。

综上,经委托第三方机构损失核定,上海金融法院一审判令被告袁某、罗某共同赔偿原告刘某某投资损失506,130.96元,共同赔偿原告郑某某投资损失277,406.42元。

专题:2025保险科技峰会

  4月25日金融一线消息,“2025保险科技峰会”今日在深圳正式举行,本次大会主题为“从互联网时代到AI时代,AI+保险的战略推进与应用创新”。原银保监会副主席梁涛出席并发表以“生成式AI在保险业应用的几点思考”为题的主旨演讲。

  梁涛表示,自2022年底OpenAI发布ChatGPT,生成式AI发展加速,今年春节期间DeepSeek引领新一轮发展,实现技术透明、成本普惠、开源升级、推理透明四个层面的突破,降低了技术、使用和信任成本,推动全球技术进步。其对话、创作、推理等核心能力契合保险行业需求,能增强交互体验,提高客户服务效率,还能通过分析非结构化数据实现风险评估和定价的转变,在反洗钱、反欺诈等方面发挥作用。目前,AI应用已渗透到保险业核心业务全流程,深度重构保险价值链。

  在行业发展影响方面,梁涛认为,AI大模型技术与保险行业的融合,是科技进步与行业需求的完美契合,也是大势所趋。对中小保险企业而言,DeepSeek的出现打破了“堆算力、拼资本”的大模型发展路径,减轻了资本投入压力,为其实现跨越式发展提供了机会。在负债端,AI技术使得数据资产和网络安全保险、灾害预防、新能源车车险、绿色保险、普惠保险等业务有了新的发展可能;“保险+”模式也通过整合多领域资源实现服务升级。在投资端,AI将深化对险企的影响,提升投研能力、强化风险管理、优化资产配置策略。此外,随着AI的发展,客户行为发生变化,市场主体需牢固树立以客户为中心的理念,业务员应从“销售员”向“顾问”“风险管理专家”转变。

  然而,梁涛也提醒,人工智能存在算法“黑箱”、数据污染、模型缺陷、模型幻觉等潜在风险问题,保险业在推进AI应用过程中,必须将其纳入全面风险管理体系,遵循相关管理办法和原则,防范数据滥用与算法歧视。

专题:2025保险科技峰会

  4月25日金融一线消息,“2025保险科技峰会”今日在深圳正式举行,本次大会主题为“从互联网时代到AI时代,AI+保险的战略推进与应用创新”。阿里云保险行业首席架构师黄旭初发表以“AI大模型在企业架构的落地”为主题的演讲。

  黄旭初介绍,阿里在大模型领域布局深远,早在2020年,在OpenAI发布ChatGPT3.5之前,就已在千亿级万亿级参数的M6大模型研究上取得突破,并率先开展开源模型探索。他指出,随着DeepSeek、Manus等新技术涌现,大模型发展周期不断缩短,目前仍未达终态,未来发展值得期待,企业应加快拥抱大模型的步伐。

  谈及大模型对行业各方的影响,黄旭初表示,对模型供应商而言,开源模型的发展坚定了阿里在开源路线的投入,新架构的出现促使其更加注重算力优化;对企业客户来说,大模型在保险场景落地可能性增加,使用成本降低,企业构建专属模型也变得可行;对终端用户,推理模型的发展提升了用户对模型的信任度与产品体验;在算力方面,尽管部分架构降低了算力要求,但大模型使用频率和门槛的降低,引发了整体算力需求的爆发式增长。

  在技术发展趋势上,黄旭初提到,随着数据在预训练层面接近瓶颈,后训练、推理等层面的ScalingLaw不断涌现,架构优化成为提升大模型效率的重要方向。当前,国内外大模型性能差异快速缩小,各模型供应商技术路线也逐渐趋同。基于此,阿里将重点发力开源、推理模型、多模态融合模型以及不同尺寸模型研发,以适应多样化场景需求。

  在保险企业架构应用方面,黄旭初提出,未来保险企业模型架构可设想为“无限靠近AGI的大模型+众多领域小模型”,二者相互促进,共同服务保险业务。同时,他推荐了三种开发范式:知识库+通用大模型,是当前多数企业实践的基础模式;Muti-agent+推理模型,适用于核保核赔等逻辑推理要求高的业务场景;双飞轮模式,即企业专属模型服务业务流程,是未来发展方向。

  黄旭初还以质检检测预警为例,展示了不同模式的应用效果:提示词+大模型模式耗时短但准确率仅64%;多Agent模式准确率提升至90%以上,但调用次数增加导致耗时变长;将企业知识训练到小模型的模式,在准确率和耗时方面表现更优。

  此外,他介绍了理想的应用架构,通过标准大模型协议封装原子能力,利用Agent调用,并基于SpringAIAlibaba框架实现传统应用的AI改造。同时强调全栈效率优化的重要性,建议保险公司在使用大模型时,可借助云供应商的全栈优化能力。

  最后,黄旭初展示了阿里推出的金融行业Agent智能体全景图,并将大模型应用分为知识问答、业务辅助、业务自动化三大类型,涵盖代码辅助、产品辅助、销售、客户服务等多个场景,部分场景已成熟可落地。

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