证监会发布投资者保护“硬招”，23项“护体神功”守护钱袋子

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released a set of opinions aimed at enhancing the protection of small and medium-sized investors in the capital market, marking a significant upgrade to the investor protection system [1] Group 1: Key Measures - The document outlines 23 specific measures across five major areas to create a comprehensive safety net for small and medium-sized investors [1] - The reform spans the entire investment chain, including measures to increase the lock-up period and the allocation ratio for offline investors during new stock issuances to curb pricing bubbles from the outset [1] - Enhanced regulation of algorithmic trading is introduced to prevent technical advantages from being used to disadvantage retail investors, thereby maintaining a fair trading environment [1] Group 2: Legal and Dispute Resolution Improvements - The document emphasizes the strengthening of the representative litigation system for securities disputes, aiming to improve the efficiency of investor rights protection [1] - A "demonstration judgment + batch mediation" mechanism is being refined to facilitate dispute resolution [1] - The role of the advance compensation system is being enhanced to further improve the efficiency of rights protection for investors [1] Group 3: Overall Impact - The implementation of these 23 robust measures signifies a new phase of systematic and substantive investor protection in the A-share market, instilling new confidence for healthy market development [1]