投资者保护“行动指南”出台，8大方面23条举措有哪些看点？

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Opinions on Strengthening the Protection of Small and Medium Investors," which serves as a guideline for protecting small and medium investors in the capital market, focusing on key concerns and issues raised by these investors [1][2]. Group 1: Policy Background - The issuance of the "Opinions" is in response to the Central Political Bureau's meeting on September 26, 2024, which called for policies to protect small and medium investors [2]. - The 20th Central Committee's Third Plenary Session emphasized the need to improve the investor protection mechanism [2]. Group 2: Key Measures - The "Opinions" propose 23 specific measures across eight areas to enhance investor protection, including optimizing the new stock issuance pricing mechanism and strengthening the regulation of algorithmic trading [3][4]. - It emphasizes the need for financial institutions to integrate investor education into their business processes and to clearly communicate risks associated with financial products [3][7]. Group 3: Fairness in Listing, Trading, and Services - In the listing phase, measures include increasing the allocation ratio for offline investors and improving the quality of prospectus disclosures [4]. - In trading, the "Opinions" call for enhanced regulation of margin trading and algorithmic trading to ensure a fair trading environment for small and medium investors [4][6]. Group 4: Strengthening Delisting Regulations - The "Opinions" address the need for a robust investor compensation mechanism during the delisting process, particularly for companies at risk of delisting due to governance failures [8][9]. - It encourages companies facing significant delisting risks to disclose such risks adequately and to monitor abnormal trading activities [9][10]. Group 5: Legal and Compensation Framework - The "Opinions" aim to strengthen the crackdown on illegal activities that harm small and medium investors and to enhance the legal framework for investor protection [11]. - It encourages proactive compensation measures from controlling shareholders of companies facing delisting risks to mitigate investor losses [10][11].