投资者保护正向全方位服务转变，如何进一步完善保护机制？

Group 1: Core Insights - The enhancement of regulatory enforcement quality and the smoothness of investor protection channels are key concerns for investors [1][6] - The new "National Nine Articles" and the "1+N" policy system have systematically reshaped the foundational systems and regulatory logic of the capital market [1][3] - The overall administrative protection efforts have been perceived as stronger than litigation protection, with visible efforts from the CSRC and related investor protection institutions [1][7] Group 2: Regulatory Developments - The CSRC has introduced a legislative work plan for 2025, aiming to strengthen regulation in key areas of the capital market and protect the rights of small and medium investors [3] - In 2024, the CSRC handled 739 cases, with 592 administrative penalties amounting to 15.342 billion yuan, which is 2.4 times that of 2023 [3][4] - Nearly 100 A-share listed companies have faced penalties from the CSRC this year, totaling over 200 million yuan [3][4] Group 3: Investor Protection Mechanisms - The establishment of a multi-faceted dispute resolution mechanism has been emphasized, including mediation, arbitration, and litigation improvements [4][7] - The CSRC has guided the initiation of various representative lawsuits and has successfully mediated over 8,000 cases, recovering more than 650 million yuan for investors [7] - There is a call for optimizing the litigation process to lower barriers for investors seeking to protect their rights [6][8] Group 4: Enhancements in Investor Returns - Recent reforms have focused on improving investor returns by encouraging listed companies to enhance governance and increase dividend payouts [5] - The shift from strict regulation to a more comprehensive service approach aims to not only maintain market order but also enhance actual investor rights [5] - The overall improvement in the investor protection system is expected to boost investor confidence and attract more participation in the capital market [5]