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Core Viewpoint - The introduction of a "pre-compensation" mechanism allows investors to receive compensation for losses due to false statements or fraud before the completion of lengthy legal processes, enhancing investor protection and market confidence [1][2]. Group 1: Pre-Compensation Mechanism - Minmetals Securities has established a pre-compensation fund of 210 million yuan to compensate eligible investors for losses incurred due to the illegal disclosure practices of the listed company Guandao Digital [1]. - The essence of pre-compensation lies in the "pre" aspect, where responsible parties proactively provide compensation to investors before judicial rulings, allowing for quicker and more direct restitution [1][2]. Group 2: Market Impact and Efficiency - The pre-compensation approach demonstrates a proactive attitude from companies and intermediaries, helping to soothe market sentiment and mitigate reputational damage by addressing issues promptly [2]. - This mechanism can improve the efficiency of investor compensation, reduce reputational risks for responsible parties, and lower regulatory costs, presenting multiple benefits [2]. Group 3: Challenges and Considerations - Current regulations on pre-compensation are voluntary rather than mandatory, leading to a lack of sufficient motivation for companies and intermediaries to participate [3]. - A more precise and differentiated calculation model is needed to determine the extent of losses attributable to market risks versus those caused by illegal activities, ensuring fairness for both investors and responsible parties [3]. - The sustainability of the pre-compensation system relies on the ability of intermediaries to recover costs from other responsible parties after compensation is paid [3]. Group 4: Long-term Development - The improvement of any system is a gradual process, and as investor confidence in timely compensation grows, it will lead to a more active and resilient market, ultimately supporting high-quality economic development [4].