经复核，证监会认为：第一，在案证据足以证明余韩存在操纵"博士眼镜"股票的主观意图。操纵期间， 余韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼 镜"，影响"博士眼镜"股票交易价格和交易量。 第二，根据在案证据综合认定，操纵期间，余韩控制使用67个证券账户。本案非当事人控制使用期间的 交易数据并未纳入涉案交易数据。 近日，证监会官网披露的2026年1号行政处罚决定书显示，余韩操纵博士眼镜（300622）股价，被罚没 10.23亿元。 经查，余韩，男，2019年6月25日至2024年8月16日，控制使用"陈某某"等67个账户交易博士眼镜，通过 集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼镜"，影响 股票交易价格和交易量。 具体来看，操纵期间内，账户组在1252个交易日中的837个交易日参与交易，累计竞价买入金额超21.1 亿元，卖出金额21.53亿元。账户组日均持有"博士眼镜"1391.33万股，占流通股比例13.64%，有1026个 交易日持仓占比超10%，150个交易日占比超20%，部分时段交易活跃度稳居市场前列。此外，账户组 还 ...

此外，账户组在212个交易日实施了"自买自卖"式对倒交易，即在余韩实际控制的不同账户之间进行证 券交易。此类交易未改变实际持股总量，但人为放大成交量，干扰价格形成机制。其中有12个交易日的 对倒量占当日市场总成交量比例超过10%，最高单日达25.32%。 价格走势印证了操纵效果。"博士眼镜"股价从2019年6月25日的13.72元/股上涨至2024年8月16日的37.81 元/股，累计涨幅175.58%。而同期深证成指下跌9.36%，偏离幅度高达184.94个百分点。经证监会测 算，余韩通过上述行为获取违法所得510,892,270.94元。该金额系以其账户组实际买入成本与卖出收入 之差为基础，扣除相关交易税费，并参照同期合理市场收益率进行调整后核定。 面对调查，余韩提出三项申辩：一是缺乏主观操纵故意；二是实际控制账户仅为9个；三是交易未实质 影响股价。证监会逐一驳回。决定书指出，银行流水、IP地址、设备信息、资金划转记录及多份询问笔 录已形成完整证据链，足以认定其主观意图与客观行为的一致性。67个账户的认定仅基于确凿控制证 据，非控制期间的交易数据已剔除。股价异常波动与大盘严重背离，构成直接因果关系。 依据 ...

值得注意的是，在超过1000个交易日里，余韩账户组的持股比例超过了流通股的10%，其中150个交易日更是突破了20%。这种显著的持股优势为其拉抬股 价提供了基础条件。此外，余韩还多次采用"不低于卖一价或市价"的方式大额申报买入，制造买盘强劲的假象，并在多个时间段内实施自买自卖的对倒交 易，人为放大成交量，干扰市场价格形成机制。 "博士眼镜"的股价从2019年6月25日的13.72元/股上涨至2024年8月16日的37.81元/股，累计涨幅达到175.58%，而同期深证成指却下跌了9.36%，两者偏离幅 度高达184.94个百分点。经证监会计算，余韩通过上述行为获取的违法所得为510,892,270.94元。 面对调查，余韩提出了缺乏主观故意、实际控制账户数量较少以及交易未实质影响股价等申辩理由，但均被证监会驳回。决定书强调，已有充分证据证明其 主观意图与客观行为的一致性，且股价异常波动与其操纵行为存在直接因果关系。 依据《中华人民共和国证券法》相关规定，证监会作出了上述处罚决定。余韩案的成功查处，不仅体现了证券监管对长期性、隐蔽性市场操纵行为的精准识 别与严厉打击能力，也释放了注册制改革背景下强化市场公平秩序 ...

最终证监会决定，没收余韩违法所得5.11亿元，并处以5.11亿元的罚款。同时，对余韩采取3年证券市场 禁入措施以及3年证券市场禁止交易措施。 另据公开信息，今年以来证券业已有14张罚单落地，标志着监管密集"亮剑"，波及华泰证券、浙商证券 等11家券商，9名相关责任人被依法依规追责。从违规领域来看，IPO保荐、两融业务、持续督导、违 规炒股等多个重点业务环节的问题集中暴露。 操纵期间，余韩67个账户组共有 212个交易日在自己实际控制的账户之间交易"博士眼镜"，成交量占市 场成交量比例超过10%的有12个交易日，最高达到25.32%。经测算，余韩操纵 "博士眼镜"违法所得为 5.1亿元。 【环球网财经综合报道】1月23日，证监会公布了2026年首张罚单，行政处罚决定书显示，自然人余韩 控制使用67个账户操纵"博士眼镜"，通过资金优势，在长达1252个交易日中，频繁进行大额资金买入和 卖出，买入成交量长期占市场成交量的10%以上，且有180多个交易日占比超20%；1000多个交易日持 仓占流通股比重超10%，150个交易日持仓占流通股比重超20%。 ...

2026年1月23日，中国证监会网站公布2026年1号罚单，自然人余韩因操纵证券市场遭严厉处罚。 据披露，在长达5年多的时间里，余韩通过集中资金优势、持股优势连续买卖等手段，控制使用67个账 户操纵博士眼镜（300622.SZ）股价，非法获利约5.1亿元。证监会对余韩"没一罚一"，合计罚没约10.2 亿元，同时对其采取3年证券市场禁入措施。 近年来，监管部门对资本市场各类违法行为持续保持"零容忍"态势。2026年1月15日，中国证监会召开 系统工作会议，要求坚持依法从严，进一步严肃市场纪律，坚决打击财务造假、操纵价格、内幕交易等 恶性违法行为，同时畅通行政刑事衔接机制。 操纵股价被罚没逾10亿元 余韩，男。在证监会披露的行政处罚决定书中，这是余韩仅有的身份信息。 行政处罚决定书显示，2019年6月25日至2024年8月16日，余韩通过集中资金优势、持股优势连续买卖， 在自己实际控制的账户之间进行交易等手段操纵博士眼镜，影响股票交易价格和交易量。 操纵期间共1252个交易日，余韩控制"陈某某"等67个账户（下称"账户组"）在837个交易日参与交易， 累计竞价买入约1.1亿股，金额约21.1亿元，累计竞价卖出1. ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a record penalty of 10.22 billion yuan on Yu Han for manipulating the stock market, marking a significant shift in regulatory enforcement against long-term, high-yield manipulation strategies [1][4][5]. Group 1: Penalty Details - The CSRC has confiscated illegal gains of 5.11 billion yuan from Yu Han and imposed an equal fine, totaling 10.22 billion yuan [1][3]. - Yu Han is subject to a three-year ban from the securities market and a three-year prohibition on trading, preventing him from engaging in any securities business or holding positions in any securities issuer during this period [3][4]. Group 2: Manipulation Techniques - The manipulation occurred from June 25, 2019, to August 16, 2024, involving 67 accounts controlled by Yu Han, which were used to trade shares of "Doctor Glasses" [2][5]. - During the manipulation period, the accounts bought 111 million shares worth 2.11 billion yuan and sold 102 million shares worth 2.15 billion yuan, with significant trading volume impacting market prices [2][5]. - The stock price of "Doctor Glasses" increased from 13.72 yuan to 37.81 yuan, a rise of 175.58%, while the Shenzhen Composite Index fell by 9.36%, indicating a significant deviation from market trends [3][5]. Group 3: Regulatory Implications - The case is seen as a landmark penalty that signals the end of the "sitting庄模式" (manipulative trading model) under the new registration system and big data monitoring [1][4]. - The penalty structure of "confiscation plus fine" is expected to become a norm in the future, with potential for even harsher penalties [5]. - The CSRC's decision highlights three traditional manipulation tactics: concentrated capital and stock advantages, self-buying and selling, and timing trades with favorable company news [5].

Group 1 - US stock market showed mixed results with Nasdaq and S&P slightly up while Dow Jones declined, Intel's stock plummeted by 17% due to poor earnings guidance, while Nvidia and other chip stocks provided support [1] - The dollar index continued to weaken, and gold futures reached an all-time high, with silver breaking the $100 mark for the first time, driven by severe weather that caused US natural gas prices to surge by 70% in a week [1] - European countries hold approximately $3.6 trillion in US Treasury bonds, representing 40% of the overseas total, which could be used as leverage against the US amid tariff pressures, although coordinated selling may lead to significant losses [2][19] Group 2 - Japanese Prime Minister Fumio Kishida's tax cut promises have raised market concerns, leading to a massive sell-off of Japanese government bonds, causing long-term bond yields to soar to multi-year highs [3][20] - The US oil service giant SLB stated it could quickly expand operations in Venezuela if permitted, being the only international oil service company currently operating there, with competitors like Halliburton also looking to re-enter the market [4][21] - Canadian billionaire Eric Sprott has significantly profited from investing in the struggling Hycroft Mining Company, with a return on investment of 678%, capitalizing on the bull market for gold and silver [5][22] Group 3 - Silver prices have historically surpassed $100 per ounce, with a year-to-date increase of 40%, driven by strong industrial demand and ongoing structural supply shortages [6][23] - Economists have revised their expectations, indicating that the Federal Reserve may delay interest rate cuts until June, with inflation pressures and a robust labor market reducing the urgency for rate reductions [7][24] - Nomura's chief economist suggested gradually increasing farmers' pensions to 1,000 yuan per month, which could significantly improve rural elderly income expectations and stimulate consumption [8][25] Group 4 - The A-share market saw a surge in the photovoltaic sector, with major investment from well-known funds in commercial aerospace and semiconductor industries, indicating a strong institutional interest [10][26] - Musk's support for space-based solar power has led to a significant rally in photovoltaic stocks, with over 30 stocks hitting the daily limit up, although the industry still faces substantial technical and cost challenges [11][28] - China Merchants Bank has become the first bank to surpass 13 trillion yuan in total assets, indicating a potential turning point in its financial performance, while other banks also reached significant asset milestones [12][29]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a fine exceeding 1 billion yuan on an individual named Yu Han for manipulating the stock of "Doctor Glasses" through illegal trading practices [2][3][4]. Group 1: Regulatory Actions - The CSRC has initiated an administrative penalty against Yu Han for manipulating the securities market, resulting in a total fine and confiscation of 1.022 billion yuan [3][4]. - In addition to financial penalties, Yu Han has been banned from the securities market for three years due to the severity of his actions [4]. - This case marks a significant enforcement action by the CSRC, reflecting a "zero tolerance" approach to market manipulation and illegal trading practices [4][18]. Group 2: Market Impact - The manipulation led to a dramatic increase in the stock price of "Doctor Glasses," which rose by 175.58% during the manipulation period, contrasting with a 9.36% decline in the Shenzhen Composite Index [12][16]. - The trading activities involved 67 accounts, with a total of 12,506 trading days, significantly impacting the stock's trading volume and price [9][10][11]. - The case is noted as the largest penalty for a natural person manipulating the securities market in 2023, raising the stakes for similar future cases [4][18]. Group 3: Company Background - "Doctor Glasses" was established in 1993 and became the first listed company in China's eyewear retail industry in 2017 [6]. - The stock has experienced significant volatility, with price fluctuations recorded from 2019 to 2026, including a notable increase of 162.1% in one year [6]. - As of January 23, 2026, the stock price was 34.48 yuan per share, with a total market capitalization of 7.856 billion yuan [6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has imposed a record fine exceeding 1 billion yuan on an individual named Yu Han for manipulating the stock of "Doctor Glasses," marking a significant escalation in regulatory actions against market manipulation [2][3][11]. Group 1: Regulatory Actions - The CSRC has issued an administrative penalty decision against Yu Han, who was found to have manipulated the stock market from June 25, 2019, to August 16, 2024, using 67 accounts to trade "Doctor Glasses" [2][11]. - The total penalty imposed on Yu Han amounts to 1.022 billion yuan, which includes the confiscation of illegal gains of 511 million yuan and an equal fine [2][3]. - In addition to financial penalties, Yu Han has been banned from the securities market for three years due to the severity of his actions [2][11]. Group 2: Market Impact - The manipulation led to a significant increase in the stock price of "Doctor Glasses," which rose from 13.72 yuan to 37.81 yuan, representing a 175.58% increase during the manipulation period [14]. - The stock's trading volume was heavily influenced by Yu Han's actions, with 181 trading days where the buying volume exceeded 10% of the market's total volume [9][10]. - The stock has shown a mixed performance over the years, with notable fluctuations, including a 162.1% increase in one year and a subsequent decline of 18.74% [6]. Group 3: Industry Context - The case is seen as a significant example of the CSRC's intensified crackdown on market manipulation, aligning with the regulatory body's "zero tolerance" policy for such activities in 2026 [2][16]. - The regulatory environment is becoming increasingly stringent, with a focus on maintaining market stability and preventing excessive speculation [16][17]. - The actions taken against Yu Han are expected to deter speculative trading and encourage a return to fundamental investment strategies among investors [17].

同时，鉴于余韩操纵证券市场的违法行为情节严重，证监会对余韩采取3年证券市场禁入措施。 证监会查明，2019年6月25日至2024年8月16日，余韩控制使用67个账户交易"博士眼镜"。操纵期间，余 韩通过集中资金优势、持股优势连续买卖，在自己实际控制的账户之间进行交易等手段操纵"博士眼 镜"，影响股票交易价格和交易量。 经测算，余韩操纵"博士眼镜"违法所得为510892270.94元。（中经记者 孙汝祥 夏欣 北京报道） #证监会2026年1号罚单#【罚没10亿元！余韩操纵证券市场收证监会2026年1号罚单】中经记者 孙汝祥 夏欣 北京报道 2026年1月23日，证监会官网披露2026年1号《行政处罚决定书》。因余韩操纵证券市场，证监会决定没 收其违法所得510892270.94元，并处以510892270.94元的罚款，合计罚没10.22亿元。 ...