证监会：优化新股发行定价机制，推动上市公司增强投资者回报

Group 1 - The core viewpoint of the news is the release of the China Securities Regulatory Commission's opinions on enhancing the protection of small and medium investors in the capital market, effective immediately [3] Group 2 - The new measures include optimizing the pricing mechanism for new stock issuances and encouraging long-term holding through a higher allocation ratio for offline investors with longer lock-up periods [3] - There will be stricter management of offline investor classification and evaluation, limiting the participation of institutions that intentionally manipulate pricing in the offline inquiry and allocation process for initial public offerings [3] - The regulatory body will enhance self-regulation on investment value research reports and impose stricter supervision on underwriting institutions' issuance plans [3] - Companies are encouraged to adopt methods like "cancellation-style buybacks" to enhance investor returns and to implement multiple dividend distributions per year while ensuring sustainability [3] Group 3 - The regulatory framework for margin trading will be comprehensively optimized to improve transparency and fairness, thereby strengthening investor protection [4] - There will be increased scrutiny on algorithmic trading, with enhanced monitoring standards to maintain market fairness [4] - The crackdown on fraudulent issuance and financial information disclosure violations will be intensified, holding accountable issuers and related parties [4] - A strict approach will be taken against various market irregularities that harm investor protection, including insider trading and market manipulation [4] - Collaboration with law enforcement agencies will be strengthened to combat illegal activities related to private fund misappropriation and other violations by controlling shareholders [4]