限制抬价压价、严管发行方案，新股发行定价机制启动优化

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated measures to optimize the new stock issuance pricing mechanism, focusing on protecting the interests of small and medium investors through a comprehensive set of guidelines aimed at addressing key concerns in the capital market [3][9]. Summary by Sections New Stock Issuance Pricing Mechanism - The CSRC's new guidelines emphasize the need to address the issue of high new stock issuance prices by enhancing the classification and evaluation management of offline investors, thereby limiting the participation of institutions that intentionally inflate or deflate bids [4][6]. - A mechanism encouraging long-term holding among offline investors is proposed, which includes increasing the allocation ratio for those with higher lock-up ratios and longer lock-up periods [5][6]. Impact on Market Dynamics - The new measures are expected to encourage professional institutions that can accurately assess and hold investments to play a larger role in the pricing of new stock issuances, promoting more rational pricing in the market [6][7]. - The guidelines also aim to improve the independence and quality of intermediary institutions by prohibiting them from charging fees based on the scale of issuance, thus preventing conflicts of interest [7][8]. Investor Protection Measures - The guidelines propose enhancing the quality of information disclosure in prospectuses and holding companies accountable for their disclosure responsibilities, as well as promoting stable and predictable dividend policies [8][9]. - Specific measures to create a fair trading environment for small and medium investors include strengthening the regulation of margin trading and improving transparency in trading practices [9]. Overall Strategy - The CSRC's comprehensive policy document outlines the overall strategy for protecting small and medium investors, with a commitment to implementing these measures effectively to safeguard their legal rights [9].