三是创新"示范判决+类案调解"机制。这是人民法院在处理涉众型证券纠纷中，选取1件典型案件作示范判决，并以此案为 参照，对其余平行案件集中调解或快速裁判。广西高院运用示范判决引导平行案件调解，成功化解403件证券虚假陈述责任纠 纷，真正实现了"办理一案、化解一片"效果。 四是落实"追首恶"与"打帮凶"并重原则。2025年，证券虚假陈述责任纠纷在证券纠纷中占比高达96.3%，表明上市公司财 务造假等虚假陈述行为仍然是资本市场的顽瘴痼疾，必须依法严厉打击。今年上海金融法院审结全国首例上市公司董监高未履 行公开增持承诺引发的证券纠纷，厘清了违反公开承诺与虚假陈述行为之间的关系，为准确适用资本市场公开承诺制度提供了 司法实践样本。 本报记者 吴晓璐 2月24日，最高人民法院举办"人民法院商事审判服务保障经济社会高质量发展情况"新闻发布会，介绍2025年人民法院民 商事审判工作的总体情况、主要举措成效。 谈及人民法院在资本市场的法治化建设，最高人民法院民二庭副庭长王朝辉表示，资本市场高质量发展是建设金融强国的 重要内容，在此人民法院承担着重要责任。2025年，全国法院审结涉证券、期货、基金等资本市场案件2.5万件，同比增 ...

Core Viewpoint - Investors affected by the false statements of Guangdong Huatie Tongda High-speed Equipment Co., Ltd. (*ST Huatie) can still file claims for compensation as the statute of limitations has not yet expired [1][4]. Group 1: Company Background and Legal Issues - On May 10, 2024, *ST Huatie announced that it received an administrative penalty and market ban from the Guangdong Securities Regulatory Commission, which found that the company had false records in its 2020 and 2021 annual reports [1][4]. - The company failed to disclose related party transactions as required, with significant omissions in its annual reports from 2019 to 2022 [1][4]. Group 2: Investor Compensation - According to new judicial interpretations regarding securities false statements, investors who suffered losses due to *ST Huatie's actions can legally pursue compensation, which includes losses from price differences, commissions, and stamp duty [2][5]. - Investors who purchased *ST Huatie shares between April 26, 2019, and April 28, 2023, and held them until the market close on April 28, 2023, are eligible to claim compensation, subject to court verification [4][5]. - To file a claim, investors must provide their securities account information, stock reconciliation statements from April 1, 2019, to December 31, 2023, and contact information [4][5].

Group 1 - Baoxin Technology (002514) and its actual controller Ma Wei received a notice from the CSRC regarding an investigation for suspected violations of information disclosure laws [1] - Investors who purchased Baoxin Technology shares between September 1, 2022, and January 31, 2026, may prepare to initiate claims [1] - The law firm Shanghai Jiucheng has been actively pursuing claims for investors in Huatie Co., Ltd. (000976), with previous cases resulting in favorable judgments [1] Group 2 - Huatie Co., Ltd. received an administrative penalty decision from the CSRC for false disclosures in its 2020 and 2021 annual reports [2] - The company inflated revenue and profits through fictitious trades involving its subsidiary Qingdao Yatongda Railway Equipment Manufacturing Co., Ltd. [2] - Huatie Co., Ltd. failed to disclose related party transactions properly, leading to significant omissions in its annual reports from 2019 to 2022 [2]

Group 1 - The A-share diversified financial sector weakened in the afternoon on January 5, with Cuili Co., Ltd. dropping over 8% [1] - Lushin Investment and Lakala both fell more than 7% [1] - Other companies such as Hainan Huatie, China National Petroleum Capital, and Aijian Group also experienced declines [1]

Core Viewpoint - The Hainan Free Trade Zone sector experienced a short-term surge on December 31, with Hainan Development hitting the daily limit, and other companies such as Haikou Gas Group, Hainan Airport, Hainan Huatie, Caesar Travel, and Hainan Mining also seeing gains [1]. Company and Industry Summary - Hainan Development reached its daily limit increase [1] - Haikou Gas Group, Hainan Airport, Hainan Huatie, Caesar Travel, and Hainan Mining followed with notable increases [1]

Core Viewpoint - The People's Bank of China has introduced an action plan to strengthen the management and service system for digital RMB, with a new framework set to launch on January 1, 2026 [2][4]. Group 1: Digital Currency Developments - The digital currency sector has seen significant stock price movements, with companies like Yuyin Co. hitting the daily limit and *ST Tianyu rising over 10% [2][6]. - As of November 2025, digital RMB has processed 3.48 billion transactions, amounting to 16.7 trillion yuan, with 230 million personal wallets opened through the digital RMB app [5]. - The multi-central bank digital currency bridge (mBridge) has handled 4,047 cross-border payment transactions, totaling approximately 387.2 billion yuan, with digital RMB accounting for about 95.3% of the transaction volume [5]. Group 2: Challenges and Opportunities - The Deputy Governor of the People's Bank of China highlighted four key challenges in the development of digital currencies, including the impact of modern digital payment tools on monetary control and the risks associated with financial disintermediation [4]. - The recent policy from eight departments supports international cooperation in digital finance, particularly in cross-border payments using central bank digital currencies with countries like Thailand and Singapore [8]. - Predictions suggest that by 2030, the global cross-border payment market could reach $290 trillion, with the RMB's share estimated at 10%-20% and digital currency penetration at 20%-40%, translating to a market potential of 40.6 trillion to 162.4 trillion yuan [8]. Group 3: Industry Growth - As of December 25, 2025, China has registered 74,600 blockchain-related companies, marking a record high in the past five years, with the South China region accounting for 32.5% of new registrations [8]. - The stock of blockchain-related companies in China has been steadily increasing over the past decade, with a notable acceleration in growth since 2019, totaling 289,400 existing companies as of December 25 [8]. - The development of digital RMB is viewed as a strategic asset that integrates finance, technology, and data, enhancing trade efficiency through blockchain technology [8].

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.69% to close at 3917.36 points, returning above the 3900-point mark [2] - The Shenzhen Component Index rose by 1.47% to 13332.73 points, while the ChiNext Index increased by 2.23% to 3191.98 points [2][3] - The total market turnover was approximately 1.88 trillion yuan, showing an increase compared to the previous trading day [2] Sector Performance - Key sectors that saw significant gains included precious metals, communication equipment, and electronic components [4] - Concept sectors such as Hainan State-owned Assets and Hainan Free Trade Port showed notable increases, with related stocks like Hainan Airport and Hainan High-speed Railway hitting the daily limit [4] - The Hainan Free Trade Port officially launched its full island closure on December 18, which is expected to release policy dividends [4]

Group 1 - The investor compensation case for Huatie Co., Ltd. has concluded with a victory for shareholders, requiring the company to compensate investors for their losses as calculated [1][2] - Investors who purchased shares between April 26, 2019, and April 28, 2023, and sold or still hold shares at a loss after April 29, 2023, are eligible to register for compensation [3] - The likelihood of success for similar cases is high due to the precedent set by the final ruling, encouraging affected investors to actively participate in the compensation process [3] Group 2 - The company received an administrative penalty decision from the China Securities Regulatory Commission on May 15, 2024, confirming violations in its annual reports for 2020 and 2021, including false statements and undisclosed related transactions [3] - Even after delisting, investors retain the right to claim compensation for losses incurred due to the company's fraudulent activities, as delisting does not exempt the company from legal responsibilities [2][3] - The statute of limitations for filing claims will expire on April 28, 2026, urging eligible investors to register promptly to avoid missing the opportunity for compensation [2][3]

Core Viewpoint - The ongoing legal case against Guangdong Huatie Tongda High-speed Equipment Co., Ltd. (*ST Huatie) regarding securities false statements is set to proceed, with a court hearing scheduled for December 10, 2024 [1][3]. Group 1: Legal Proceedings - The Guangzhou Intermediate People's Court will hear the case involving *ST Huatie, which has been under scrutiny for alleged securities fraud [1][3]. - Investors have the opportunity to file claims for damages due to the company's false statements, with the statute of limitations for claims still open [1][3]. Group 2: Company Violations - The Guangdong Securities Regulatory Commission has identified significant violations in *ST Huatie's financial disclosures, including false records in the 2020 and 2021 annual reports and failure to disclose related party transactions in multiple annual reports from 2019 to 2022 [4][5]. Group 3: Investor Compensation - Investors who purchased *ST Huatie shares between April 26, 2019, and April 28, 2023, and held them until the latter date are eligible for compensation, despite the company's delisting [6]. - Compensation claims can include losses from investment differences, commissions, and stamp duty, with specific documentation required for filing [6].

Market Overview - The three major indices opened slightly lower, with the Shanghai Composite Index at 3912.04 points, down 0.11%, the Shenzhen Component at 13060.24 points, down 0.20%, and the ChiNext Index at 3026.40 points, down 0.36% [1] Economic and Trade Developments - The Chinese Ministry of Commerce expressed an open attitude towards equal consultations based on mutual respect regarding potential new trade talks with the U.S. [2] - The Ministry of Industry and Information Technology is promoting a nationwide "millisecond computing" network construction initiative, aiming for comprehensive coverage and efficiency by 2027 [2] - The U.S. is considering extending the suspension of tariffs on China in exchange for delaying rare earth export controls, with China reiterating its stance on these issues [2] - Chinese Commerce Minister Wang Wentao met with Apple CEO Tim Cook, discussing U.S.-China trade relations and encouraging Apple to deepen cooperation and investment in China [2] - TSMC noted strong demand for AI applications, exceeding previous expectations, and is working to enhance Cowos capacity by 2026 [2] Company Announcements - Oriental Cable announced winning contracts totaling 2.374 billion yuan for ±500kV DC sea-land cable products and construction projects [3] - Zhaofeng Co. signed a strategic cooperation framework agreement with Nuoan Robotics [3] - TBEA announced a subsidiary's plan to acquire a 74.19% stake in Shuguang Cable for 946 million yuan [3] - Zhongtian Technology reported winning multiple marine project contracts totaling approximately 1.788 billion yuan [3] - Huatian Technology plans to acquire 100% of Huayi Microelectronics [3] - ZhiGuang Electric intends to purchase all or part of ZhiGuang Energy's minority equity [3] - ChipLink Integration plans to increase capital by 1.8 billion yuan to its controlling subsidiary [3] - Shijia Photon reported a 728% year-on-year increase in net profit for the first three quarters [3] - Rongzhi Rixin expects a net profit increase of 871%-908% year-on-year for the first three quarters [3] - Guangsheng Nonferrous anticipates a net profit of 100 million to 130 million yuan for the first three quarters [3] Corporate Changes - Fuyao Glass announced that its actual controller, Cao Dewang, resigned as chairman, with his son, Cao Hui, elected as the new chairman [4] - YTO Express reported that its third-largest shareholder, Hangzhou Haoyue, plans to transfer up to 2% of the company's shares through block trading [4] - Tongfu Microelectronics' largest shareholder, Huada Group, plans to reduce its stake by no more than 1% [4] - Debang Technology's largest shareholder, the National Big Fund, reduced its holdings by 1.5173 million shares from September 29 to October 15 [4] Regulatory Issues - Hainan Huatie announced that it is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure [5] U.S. Market Performance - The U.S. Senate failed to advance a temporary funding bill, increasing recession expectations [6] - U.S. stock indices closed lower, with the Dow down 0.65%, Nasdaq down 0.47%, and S&P 500 down 0.63% [7] Technology Developments - Apple is preparing to launch a new Mac computer featuring a touch screen, with the new MacBook Pro expected to include a touch display, a lighter body, and M6 series chips [8] - Oracle disclosed that its RPO has exceeded $500 billion, projecting $225 billion in revenue by fiscal year 2030, with adjusted earnings per share expected to reach $21 [9] Commodity Market - COMEX gold futures rose by 3.4% to $4344.3 per ounce, while COMEX silver futures increased by 3.99% to $53.43 per ounce, both reaching new closing highs [9] Market Sentiment - Zhongyuan Securities noted that the A-share market experienced slight fluctuations, with banking, automotive, communication equipment, and coal sectors performing well, while precious metals and wind power sectors lagged [10] - Dongguan Securities highlighted that the A-share market faced a pullback, with concerns over U.S. government "shutdown" increasing recession expectations [11]