时报观察丨宣传与信披边界不清？上市公司公众号“放风”当休矣

Group 1 - The core viewpoint emphasizes that information disclosure is the "lifeline" of the capital market, and compliance in disclosure channels is the primary prerequisite for information disclosure compliance [1][2] - Recent trends show that several listed companies have been using official WeChat accounts to announce new products and business developments, which often leads to stock price fluctuations, raising concerns about the compliance of information disclosure [1] - The Shanghai Stock Exchange reported over 400 disciplinary actions and regulatory measures for information disclosure violations in 2025, indicating a strict regulatory approach [1] Group 2 - Companies are increasingly using WeChat to guide market expectations, leveraging the advantages of new media for information dissemination [2] - The principles of information disclosure in the capital market must be "true, accurate, complete, timely, and fair," as information released via WeChat can mislead investors and potentially facilitate insider trading [2] - Companies are encouraged to strengthen internal control mechanisms and clarify disclosure processes and responsibilities to maintain fair market order and support high-quality market development [2]