2018 is the first year of the full implementation of the spirit of the 19th National Congress. In response to the downward pressure on China’s economic operation and the continuous accumulation of financial risks，the financial supervision department has continuously improved the macro-prudential supervision framework，put the prevention and resolution of financial risks in a prominent position，and insisted on We will strictly adhere to the concept of strict supervision in accordance with the law，continuously strengthen supervision and law enforcement，and severely crack down on various violations of laws and regulations in the securities market. Under the principle of comprehensive and strict supervision in accordance with the law，in 2018，the China Securities Regulatory Commission，the local securities regulatory bureau and other financial regulatory authorities were responsible for CITIC Securities and GF Securities due to the failure of the securities companies to perform diligently，the compliance management was not in place，and the business operations were not standardized. 29 securities companies took regulatory penalties such as warning letters，corrections，and administrative fines. The total penalty was 68，a year-on-year decrease of 8.11%，and the supervision and law enforcement work achieved good results. In 2018，the China Securities Regulatory Commission issued a total of 143 penalties，one of which was 122 administrative punishment decisions，and 378 administrative punishments were imposed. As a first party，142 administrative punishments were accumulated，an increase of 30.28% year-on-year；The class was 21 market bans，and a total of 46 people were penalized for market bans，a year-on-year increase of 4.55%. The China Securities Regulatory Commission has consistently maintained a high-pressure law enforcement trend for insider trading，market manipulation，and information disclosure violations，in order to deepen the reform of the securities market and create a standardized，transparent，open，dynamic，and resilient securities market.