■朱宝琛 因此，加大对吹哨人的奖励，构建与违法案件危害程度匹配的激励机制，让收益足以覆盖举报人的成本，才能增加吹哨 人"站出来"的动力，激发市场参与者举报违法违规行为的积极性；才能让更多的知情人鼓起勇气站出来，为维护资本市场健康 发展贡献关键力量。 更进一步看，较大幅度提高对吹哨人奖励，为资本市场监管注入了新的活力。 长期以来，资本市场的一些重大违法行为由于专业性强、隐蔽性高、证据链复杂，给外部监管带来巨大挑战。监管部门一 方面聚焦投资者深恶痛绝的违法违规问题，系统构建全方位、立体式的综合惩防体系；另一方面，用好用足法律所赋予的手 段，依法从严，"板子"要打准打疼。 但是也要看到，在案件查处过程中，监管部门也会面临"发现难、取证难、查处慢"的困境。比如，在查处财务造假行为 时，证据的获取往往需要深入企业内部。这就需要发挥"内部人"的作用，让知情人敢于提供重大违法行为线索，协助监管部门 及时查处违法违规行为。 总之，加大对资本市场吹哨人的奖励，有利于进一步激活内部监督，并与"穿透式监管""全链条追责"形成监管合力，为保 护投资者的合法权益筑牢防线，让各类市场主体更加自觉地加强自身的合规管理，共同推动我国资本市场 ...

Core Viewpoint - The Hong Kong Stock Exchange has proposed amendments to the Listing Rules regarding structured products to enhance market competitiveness, efficiency, and investor protection, with a consultation period ending on November 11, 2025 [1] Summary by Categories Proposed Amendments - The amendments include three main aspects: 1. Lowering the minimum issuance price and the thresholds for issuing structured product ETFs to enhance market competitiveness [2] 2. Increasing the asset net worth requirements for issuers and mandating investment-grade ratings from credit rating agencies to protect investor interests [2] 3. Reducing the administrative burden on issuers by allowing securities dealers who are also issuers to provide discounts, thereby improving market efficiency [2]

Group 1 - The capital market is sending a strong "zero tolerance" signal towards financial fraud and market manipulation, with penalties reaching 41.4 billion yuan during the 14th Five-Year Plan period and a 58% increase in administrative penalties [1] - The regulatory approach has become more stringent, with a combination of administrative, civil, and criminal penalties becoming standard practice, leading to significant fines such as the 1.7 billion yuan penalty imposed on Dongxu Group for fraudulent issuance [1] - A total of 12 companies have already met the criteria for major illegal delisting by 2025, indicating a severe crackdown on companies engaging in fraudulent activities [1] Group 2 - Technology plays a crucial role in enhancing regulatory oversight, with AI and big data creating a "penetrating" regulatory network that exposes hidden illegal activities [1] - The efficiency of law enforcement has improved, with a 33% increase in the volume of financial fraud leads transferred for investigation in 2023 [1] - Investor protection mechanisms are becoming more robust, with the 12386 service platform achieving a 99% connection rate and various legal support measures being implemented to assist investors [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is intensifying its regulatory enforcement against financial fraud and information disclosure violations, aiming to enhance market integrity and investor confidence [1][2][3]. Regulatory Framework - Recent legal reforms, including the new Securities Law and related regulations, have established a robust regulatory framework for capital markets, providing a solid basis for enforcement actions [2][3]. - The CSRC has issued over 2,200 administrative penalties for financial fraud and market manipulation during the 14th Five-Year Plan period, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [2][3]. Enforcement Actions - The CSRC is focusing on severe violations such as financial fraud and insider trading, with notable cases leading to significant penalties, including a 2.25 billion yuan fine against Zhongke Huayuan Titanium Co., Ltd. for compliance violations [3][4]. - Since last year, the CSRC has investigated 67 delisted companies for illegal activities, with 33 cases referred for potential criminal prosecution [3][4]. Investor Protection - The regulatory bodies are enhancing investor protection mechanisms, including the introduction of new judicial interpretations and multi-faceted dispute resolution frameworks to support investor rights [5][6]. - Landmark cases, such as the special representative litigation against Kangmei Pharmaceutical, have resulted in substantial compensation for investors, demonstrating the effectiveness of the new protective measures [5][6]. Comprehensive Accountability - The CSRC is promoting a multi-layered accountability system that integrates administrative, civil, and criminal responsibilities to strengthen deterrence against securities violations [8][9]. - Over the past five years, the CSRC has referred more than 700 cases to law enforcement, leading to serious criminal accountability for numerous offenders [9]. Future Directions - Experts suggest that future regulatory efforts should focus on precise enforcement against financial fraud while ensuring that intermediary institutions fulfill their responsibilities as gatekeepers [4][6]. - There is a call for a "one-stop" platform for investor rights protection, integrating various forms of dispute resolution to facilitate easier access for small investors [7].

Core Viewpoint - The event "Guarding Safety · 'Fragrance' Accompanies Safety" organized by Jingguan Taifu Fund aims to enhance investor education and protection, promoting the transformation and upgrading of the public fund industry in Beijing, in line with the "Action Plan for Promoting High-Quality Development of Public Funds" [1][14]. Group 1: Event Overview - The event is part of a series aimed at high-quality development of public funds, focusing on investor education and protection [1]. - The theme of the event is "New Era · New Fund · New Value," emphasizing the importance of enhancing service capabilities for the real economy [1]. - The event took place on September 25 in the Nansmall Street community of Xicheng District, Beijing, featuring an innovative "education + culture + interaction" model [1][14]. Group 2: Innovative Protection System - The event introduced a "Police-Bank-Fund" tripartite linkage model to establish a comprehensive investor protection system [3]. - Community police provided insights into prevalent online fraud and investment scams, using real cases to educate residents [3]. - Bank representatives shared information on common financial fraud methods and the characteristics of legitimate financial products [5]. Group 3: Cultural Integration in Education - The core activity involved a bamboo lantern-making experience that combined traditional culture with modern financial education [8]. - Each step of the lantern-making process corresponded to key financial safety knowledge, reinforcing the learning experience [8][10]. - The completed lanterns served as reminders for residents to remain vigilant against high-yield investment temptations [10]. Group 4: Community Engagement and Feedback - Residents expressed appreciation for the practical financial safety knowledge gained from the event, enhancing their confidence in identifying scams [7][11]. - The interactive teaching segments included real-life fraud cases, fostering a spirit of community cooperation [12]. - The event successfully demonstrated a replicable model for community investor education, strengthening neighborhood ties [14]. Group 5: Future Initiatives - Jingguan Taifu Fund plans to continue community education efforts, launching a series of activities titled "Ancient Capital New Rhythm · Jingcai Autumn" to further enhance investor service capabilities [14].

MACD金叉信号形成，这些股涨势不错！ 责任编辑：石秀珍 SF183 在现场，工作人员热情地向来往居民传授防非技巧，通过一个个典型案例，结合不法分子以"网络交 友、养老养生、免费旅游、内部消息"等名义实施的诈骗案例，为居民讲解分析非法集资、电信诈骗、 洗钱等非法证券活动常见手段、危害以及防范措施，将精心准备的防非手册、理性投资指南送到居民手 中，耐心叮嘱居民们在生活中要保持警惕，陌生电话不轻信、不明链接不点击，参与投资活动一定要选 择正规渠道，不盲目听信熟人、朋友推荐。活动结束后，不少群众对活动形式及内容安排给予了好评， 希望未来可以参与更多金融知识普及宣传活动。 工银瑞信投教基地将持续推进投资者保护和教育工作深入基层，走进社区，加强与政府、街道联动，积 极开展形式多样的投资者保护投教宣传活动，建立常态化、长效化宣教机制，注重教育意义的同时，增 强创新性与趣味性，引导广大投资者主动防范风险，维护金融环境稳定，在推动资本市场高质量发展之 路上，展现企业担当，彰显金融作为，贡献投教力量。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 强化金融普及，守护群众钱袋子。为切实提升社区居民的金融素养和对非 ...

本次活动通过AI可视化业绩解读上市公司半年度业绩数据，以投资者听得懂、看得清的方式，深入介 绍业绩背后的成长逻辑与发展战略。 ESG成为上市公司价值增长新曲线 本次活动中，ESG专题培训紧扣我国资本市场可持续发展信披不断深化的趋势，结合沪深北交易所《可 持续发展报告》指引等制度要求，以《从合规到价值：ESG赋能上市公司高质量发展》为题，引导企业 将ESG从合规要求升维为战略抓手。 重庆证监局相关负责人在活动致辞中表示，保护投资者，既是监管工作政治性、人民性的集中体现，也 是资本市场行稳致远的基石所在、信心所系。上市公司在投资者关系管理工作中应做到："法"字为纲， 严守合规底线，不越红线。坚决杜绝财务造假、资金占用、违规担保、内幕交易等侵害投资者合法权益 的各类违法违规行为；"真"字为先，夯实信息披露基石。确保披露的信息及时、真实、准确、完 整；"稳"字为要，优化投资回报机制。应牢固树立回报股东的意识，将投资者利益放在心上，落到实 处；"诚"字为本，畅通沟通互动渠道。推动形成上市公司与投资者良性互动、市场价值与公司质量共同 提升的健康发展格局。 良好业绩交出高质量发展答卷 "2025年上半年末，重庆上市公司总资 ...

Group 1: Industry Development - The Beijing Securities Regulatory Bureau, along with various stakeholders, launched a series of activities aimed at promoting high-quality development in the public fund industry, emphasizing the theme "New Era, New Fund, New Value" [1] - The initiative aims to enhance Beijing's role as a national financial management center and to create a new brand for high-quality financial development in the city [1] - The public fund industry is positioned at the forefront of serving investors' wealth management needs, highlighting the importance of investor protection as a key responsibility for industry participants [1] Group 2: Investment Risks - The rise in interest in gold investments has led to an increase in fraudulent schemes, where criminals exploit public interest in gold to promote illegal investment products, severely harming investor property and disrupting normal financial order [1] - A specific case involved a fraudulent scheme where individuals promised high returns on gold investments without any financial licenses, leading to significant financial losses for investors [2][3] - The fraudulent activities included misleading marketing tactics, such as promises of "zero risk" and "guaranteed returns," which ultimately resulted in illegal fundraising and misappropriation of funds by the perpetrators [2][3] Group 3: Regulatory Insights - The "golden deferred delivery" business model used in the fraudulent scheme has financial attributes and is akin to conducting gold asset management under the guise of gold custody [4] - Regulatory guidance from the People's Bank of China specifies that only licensed financial institutions can engage in gold asset management, underscoring the need for investors to verify the legitimacy of investment opportunities [4] - Investors are advised to maintain risk awareness, avoid falling for false claims of guaranteed returns, and to conduct thorough checks on the legitimacy of investment projects before committing funds [5]

在协同执法方面，中国证监会会同最高法、最高检、公安部联合印发《关于办理证券期货违法犯罪案件 工作若干问题的意见》，配合检察机关出台《关于办理财务造假犯罪案件有关问题的解答》等文件，汇 聚了打击证券违法犯罪工作的合力。同时，建立第三方配合造假线索通报处理机制，及时将配合造假线 索移交相关主管部门或属地政府依法处置，逐步构建齐抓共管、打防结合、有力有序的综合惩防体系。 五年来，证监会共向公安机关移送案件和线索超700件，一批责任人被依法严肃追究刑事责任。 "十四五"期间，证监会对财务造假、操纵市场、内幕交易等案件作出行政处罚2214份，罚没414亿元， 较"十三五"分别增长58%和30% ◎记者 汤立斌 监管执法的"刚性"是资本市场的"底气"所在。过去五年，在国内外市场环境发生复杂深刻变化的背景 下，资本市场统筹发展与安全，严守风险底线，监管执法"长牙带刺"、有棱有角，从严查处各类证券违 法犯罪行为。 在业内人士看来，"十四五"期间，资本市场大幅增强了监管执法的有效性、震慑力，为市场经营主体划 定行为边界，亮明监管态度，有力净化了市场环境，重塑市场生态，增强了投资者信心。清华大学法学 院商法研究中心主任汤欣表示， ...

Core Viewpoint - The company emphasizes the importance of protecting investors' rights and maintaining financial market stability, aligning its operations with the theme of the 2025 Financial Education Promotion Week, which focuses on "Safeguarding Financial Rights and Contributing to a Better Life" [1] Group 1: Internal Training and Professional Development - The company integrates the spirit of the association's notification into daily operations, focusing on practical effectiveness over scale [2] - Internal training sessions are organized to enhance professional capabilities, particularly in investor service and communication with institutional investors [2][5] - The company conducts case analyses and practical discussions to deepen understanding of industry compliance requirements and investor protection principles [2] Group 2: Compliance and Risk Management Culture - The company emphasizes the importance of compliance culture and professional spirit as foundational elements of its operations [3] - Risk management and investor protection awareness are integrated into all business processes, making it a key responsibility for every team member [3] Group 3: Regulatory Learning and Investor Suitability - The company organizes specialized learning sessions to ensure the team comprehensively understands regulatory requirements and operates within legal frameworks [4] - Continuous optimization of investor suitability management is pursued, ensuring due diligence processes align with investors' risk tolerance and investment goals [4] - The company promotes awareness of illegal financial activities, enhancing the team's ability to identify and prevent such risks [4] Group 4: Commitment to Service Quality and Industry Development - The company aims to strengthen internal management and enhance professional service capabilities as a result of the Financial Education Promotion Week [6] - A commitment to transparent operations and open communication with investors is maintained, with a focus on integrity and professional capability to gain market recognition [6]