（本文作者为苏商银行特约研究员高政扬） 2025年10月27日，中国证监会发布《关于加强资本市场中小投资者保护的若干意见》（以下简称《若干 意见》）。作为当前资本市场投资者保护领域的核心纲领性文件，《若干意见》以"解决中小投资者核 心关切"为根本导向，全面覆盖发行上市、交易、退市等资本市场全流程，明确提出23项具体举措，这 一政策出台标志着我国中小投资者保护工作从以往的分散治理模式，逐步迈向制度化、系统化推进的新 阶段，对重塑资本市场生态、夯实市场长期健康发展基础具有深远意义。 第一，在发行上市这一源头环节，《若干意见》重点通过机制改革压实各方责任，从根源上减少风险传 导。 首先，在新股发行定价环节，政策创新推出"长期资金倾斜机制"，对锁定期更长、锁定比例更高的网下 投资者提高配售比例，同时明确限制恶意报价机构参与配售，着力遏制行业内长期存在的抱团报价推高 发行价顽疾，切实降低中小投资者"高位接盘"的风险。针对中介机构，《若干意见》进一步划定行为红 线，明确禁止承销保荐机构按发行规模递增收费，或把上市、审计结果与收费直接挂钩，从利益源头上 切断中介机构"推高发行价获利"的链条，倒逼其回归专业本质，聚焦企业真实 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released 23 practical measures aimed at enhancing the protection of small and medium-sized investors in the capital market, focusing on issues related to issuance, listing, and delisting processes [1][2]. Group 1: Strengthening Investor Protection - The measures include optimizing the new stock issuance pricing mechanism and increasing the allocation ratio for offline investors with longer lock-up periods [1]. - Companies are encouraged to adopt "cancellation-style repurchase" methods to reward investors and to implement multiple dividends annually to enhance stability and predictability [1]. Group 2: Fair Trading Environment - The CSRC aims to improve the regulatory framework for margin trading and short selling, enhancing transparency and fairness in these operations [2]. - There will be strengthened monitoring of algorithmic trading and securities brokerage businesses to ensure compliance and proper management [2]. Group 3: Responsibilities of Operating Institutions - Operating institutions are urged to provide products and services that align with the risk tolerance of small and medium-sized investors [2]. - There is a focus on embedding investor education into business processes and enhancing the effectiveness of such education [2]. Group 4: Combating Illegal Activities - The CSRC plans to intensify efforts against fraudulent issuance and financial information disclosure violations, holding controlling shareholders accountable for illegal actions [2]. - Collaboration with law enforcement agencies will be strengthened to combat various illegal activities disrupting market order [2]. Group 5: Dispute Resolution Mechanisms - The establishment of a comprehensive mediation mechanism for securities and futures disputes is emphasized, promoting a "total-to-total" mediation approach [3]. - The CSRC supports the application of representative litigation systems for securities disputes and encourages voluntary compensation commitments from controlling shareholders [3]. Group 6: Role of Investor Protection Institutions - Investor protection institutions will be empowered to represent and support small and medium-sized investors in legal actions, enhancing their role in safeguarding investor rights [3]. - The institutions will also focus on demonstrating effective practices through typical case studies [3]. Group 7: Delisting Protection Mechanisms - There will be enhanced supervision of companies at risk of delisting, ensuring they adequately disclose such risks [3]. - Measures will be taken to protect investors during mandatory delisting processes, including encouraging advance compensation from controlling shareholders [3]. Group 8: Legal Framework for Investor Protection - The CSRC will establish legislative contact points to broaden the channels for small and medium-sized investors to participate in capital market legislation [4]. - There will be a strict review mechanism for regulatory documents concerning the protection of investor rights [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released 23 specific measures aimed at enhancing the protection of small and medium-sized investors in the capital market [1][2] Group 1: Measures for IPO and Information Disclosure - The new guidelines propose optimizing the pricing mechanism for new stock issuances, including stricter management of offline investors and enhanced supervision of underwriting institutions [1] - There will be increased scrutiny on the information disclosure practices of listed companies, requiring them to provide essential information for investors to make informed decisions [1] Group 2: Enhancements in Investor Returns and Trading Regulations - The guidelines advocate for listed companies to adopt methods like "cancellation-based buybacks" to return value to investors and encourage regular dividends [1] - The regulatory framework will be improved to enhance the transparency and fairness of margin trading, as well as to strengthen the oversight of algorithmic trading [2] Group 3: Responsibilities of Financial Institutions - Financial institutions are required to thoroughly explain business rules and important contract terms to investors before selling financial products [2] - In cases of disputes regarding the understanding of standard terms, courts will support interpretations favorable to small and medium-sized investors [2] Group 4: Market Conduct and Compliance - The guidelines emphasize strict enforcement against market misconduct, including insider trading, market manipulation, and the dissemination of false information [2]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening the "safety net" for investor protection, particularly for small and medium-sized investors, through new policies aimed at addressing high new stock issuance pricing issues [1][3]. Group 1: New Policies on Stock Issuance - The new policies require optimization of the new stock issuance pricing mechanism and suggest increasing the allocation ratio for offline investors with longer lock-up periods [1]. - The policies aim to reduce the entry costs for small investors by addressing the core issue of high pricing in new stock issuances [1][6]. - The initiative encourages long-term holding by increasing the allocation for long-term locked institutions, shifting market focus towards long-term value rather than short-term speculation [1][6]. Group 2: Enhancing Investor Returns - The new policies advocate for listed companies to adopt methods such as cancellation-based buybacks to return value to investors and encourage multiple dividends within a year [3]. - The total cash dividends from listed companies in the Shanghai and Shenzhen markets reached 2.3 trillion yuan in 2025, remaining stable compared to the previous year [3]. Group 3: Responsibilities of Financial Institutions - The new policies urge financial institutions, such as securities and fund companies, to address the increasing disputes with small investors effectively [4]. - Institutions are required to provide more suitable products and services for small investors, enhancing market vitality and supporting the real economy [4][6]. - In case of disputes, institutions must facilitate proper resolutions and support favorable interpretations of contract terms for small investors by courts and arbitration bodies [6]. Group 4: Protection During Delisting - The new policies emphasize the need to strengthen protection mechanisms for small investors during the delisting process [7]. - In cases of mandatory delisting due to major violations, controlling shareholders are encouraged to take preemptive compensation measures [7]. - For voluntary delisting, companies must offer cash options to protect investors, ensuring they are not left as "weak victims" during market exits [7]. Group 5: Combating Fraud and Market Irregularities - The new policies call for increased efforts to combat fraudulent issuance and financial disclosure violations that severely harm investor rights [9]. - There is a strong emphasis on rectifying various market irregularities that are detrimental to investor protection [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued opinions on strengthening the protection of small and medium-sized investors in the capital market, focusing on eight areas including issuance and listing, market trading, operational institutions, inspection and enforcement, rights protection, investor protection institutions, delisting protection, and legal guarantees. Group 1: Strengthening Investor Protection - The responsibility of financial institutions as "gatekeepers" is emphasized, requiring them to enhance investor education and suitability management to ensure investors understand the risks associated with financial products and services [2] - Institutions are mandated to improve their handling of investor complaints and enhance service quality by integrating complaint management with internal control and compliance systems [2] Group 2: Legal Mechanisms for Investor Rights - The establishment of a regular mechanism for representative litigation in securities disputes is promoted, aiming to improve efficiency and reduce costs for small and medium-sized investors [3] - The CSRC encourages courts to enhance the application of representative litigation and optimize its operational mechanisms to facilitate quicker resolutions of disputes [3] Group 3: Protection During Delisting - The opinions outline measures to protect investors during the delisting process, including enhanced supervision of companies at risk of delisting and ensuring they disclose relevant risks [4] - Companies facing forced delisting due to major violations are urged to take proactive measures to compensate affected investors [4] - Companies voluntarily delisting must provide cash options and other protective measures for investors [4] Group 4: Dispute Resolution Mechanisms - A multi-faceted dispute resolution mechanism is to be established, promoting collaboration between regulatory bodies and courts to facilitate efficient resolution of securities disputes [5] - The introduction of a "demonstration judgment + batch mediation" mechanism is aimed at expediting the resolution of collective disputes [5] Group 5: Enhancing Support for Investors - The opinions call for increased support from investor protection institutions, allowing them to assist small and medium-sized investors in bankruptcy proceedings and civil compensation claims [7] - Investor protection institutions are encouraged to publicly announce their actions regarding shareholder rights and civil litigation to keep investors informed [7]

Economic Information - The People's Bank of China emphasizes a cautious approach towards the development of stablecoins and will continue to combat domestic virtual currency operations to maintain financial order [2] - The China Securities Regulatory Commission (CSRC) has issued guidelines to strengthen the protection of small investors in the capital market, enhancing monitoring of abnormal trading behaviors and ensuring transparency regarding delisting risks [2][6] - October's polysilicon production is expected to reach approximately 134,000 tons, exceeding market expectations, while some leading companies plan to reduce production in November [3] Company Updates - Victory Technology reported a net profit of 1.102 billion yuan for Q3, a year-on-year increase of 260.52%, but a quarter-on-quarter decrease of 9.88% [5] - Taicheng Light's Q3 revenue was 386 million yuan, a year-on-year decrease of 4.98%, while net profit was 86.9765 million yuan, a year-on-year increase of 31.20% but a quarter-on-quarter decrease of 7.5% [5] - Several companies, including Tongrun Equipment and Jingji Agriculture, announced plans to reduce their shareholdings by up to 3% [7] Overseas Market Updates - International precious metal futures saw a significant decline of over 3%, with COMEX gold futures dropping 3.4% to $3,997 per ounce and silver futures falling 3.61% to $46.83 per ounce [5] - The UK government has cut the support scale for offshore wind farms by 18% to £900 million, while providing an £1.1 billion budget for renewable energy support auctions [5]

Group 1 - Wang Yi had a phone call with US Secretary of State Rubio [1] - The China Securities Regulatory Commission (CSRC) issued opinions on strengthening the protection of small and medium investors in the capital market [1] - The CSRC released a plan to optimize the Qualified Foreign Institutional Investor (QFII) system [1] Group 2 - Wu Qing announced the initiation of deepening reforms in the Growth Enterprise Market (GEM) [1] - Pan Gongsheng stated that the People's Bank of China will resume open market operations for government bonds [1] - Li Yunzhe emphasized the need to steadily and orderly promote the merger and restructuring of small financial institutions, focusing on quality over quantity [1] Group 3 - Zhu Hexiong indicated that nine new policy measures will be introduced soon to further promote trade innovation and development [1] - The China Interbank Market Dealers Association will enhance the regulatory work on the fundraising of debt financing instruments [1] - In the first three quarters of this year, China's foreign-related income and expenditure reached a record high of 1.16 trillion USD [1] Group 4 - Since October, various regions have introduced 16 policies related to housing provident funds [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," which will take effect immediately, aiming to enhance the protection of small and medium investors and boost market confidence [1]. Group 1: Key Measures - The "Opinions" focus on key issues concerning small and medium investors, proposing 23 specific measures to strengthen their protection during the issuance and listing process [1]. - Measures include creating a fair trading environment, holding operating institutions accountable for investor protection, and cracking down on illegal activities that harm investor interests [1]. - The document emphasizes the establishment of a diversified dispute resolution mechanism for securities and futures, enhancing the role of investor protection institutions, and improving the protection mechanisms during the delisting process [1]. Group 2: Implementation and Impact - The CSRC aims to enhance the investor protection mechanism, increase the inherent stability of the capital market, and effectively safeguard the legal rights of small and medium investors [1]. - The "Opinions" serve as a comprehensive policy document outlining the overall approach and policy measures for investor protection in the capital market [1]. - The CSRC will collaborate with relevant parties to ensure the implementation of these measures, focusing on the protection of small and medium investors' legal rights [1].

Core Viewpoint - The article discusses the release of the "Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," which aims to enhance investor protection, particularly for small and medium investors, through 23 specific measures across eight key areas [3][5]. Group 1: Policy Background - The issuance of the "Several Opinions" is rooted in recent policy discussions, including the Central Political Bureau's call for measures to protect small and medium investors and the emphasis on improving investor protection mechanisms during the 20th Central Committee's third plenary session [5][6]. Group 2: Key Measures for Investor Protection - The "Several Opinions" propose optimizing the new stock issuance pricing mechanism to address concerns about high issuance prices and enhance the management of offline investor evaluations [7]. - It emphasizes the need for better risk disclosure and investor education by financial institutions, ensuring that investors are adequately informed about the risks associated with financial products [7][11]. - The document outlines measures to improve the fairness of the listing, trading, and service processes for small and medium investors, including stricter regulations on margin trading and program trading [9][11]. Group 3: Enhancing Fairness in Listing and Trading - In the listing phase, the opinions suggest increasing the allocation ratio for offline investors and improving the quality of prospectus disclosures [9]. - For trading, it calls for enhanced supervision of margin trading and program trading to ensure a fair trading environment for small and medium investors [9][11]. Group 4: Strengthening Exit Mechanisms - The "Several Opinions" address the need for a robust investor compensation mechanism during the delisting process, particularly for companies at risk of delisting due to governance failures [14][15]. - It encourages companies facing significant legal violations to take proactive measures to compensate investors for losses incurred due to their actions [16]. Group 5: Legal and Regulatory Framework - The document emphasizes the importance of legal protections for small and medium investors, including stricter penalties for fraudulent activities and improved mechanisms for dispute resolution [18][19]. - It highlights the role of investor protection agencies in facilitating dispute resolution and supporting investors in legal actions [19].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," which outlines 23 specific measures across eight areas to enhance investor protection mechanisms, stabilize the capital market, and boost investor confidence [1][2]. Group 1: Enhancing Investor Protection During Issuance - Optimize the new stock issuance pricing mechanism to encourage long-term holding and improve the allocation ratio for investors with higher lock-up ratios and longer lock-up periods [3][7]. - Improve the quality and readability of prospectuses, ensuring that companies and related parties fulfill their disclosure responsibilities [3][9]. - Encourage listed companies to enhance investor returns through methods like "cancellation-style buybacks" and promote regular dividends [3][9]. Group 2: Creating a Fair Trading Environment - Optimize the regulation of margin trading and securities lending to increase transparency and fairness in these operations [10][11]. - Strengthen the regulation of algorithmic trading to maintain market fairness and monitor abnormal trading activities [10][11]. Group 3: Responsibilities of Operating Institutions - Guide operating institutions to provide more products and services suitable for small and medium investors, enhancing market vitality [11][12]. - Ensure that operating institutions fulfill their responsibilities in investor education and appropriate management, clearly explaining business rules and risks [11][12]. - Establish mechanisms for handling investor complaints and disputes, ensuring timely responses and resolutions [11][12]. Group 4: Combating Illegal Activities - Increase efforts to combat fraudulent issuance and financial disclosure violations that harm investor rights [4][13]. - Strictly address market irregularities such as insider trading and market manipulation, enhancing collaboration with law enforcement [4][13]. Group 5: Dispute Resolution Mechanisms - Strengthen mediation roles in resolving securities and futures disputes, promoting efficient resolution of collective disputes [14][15]. - Encourage the use of civil litigation to address securities and futures conflicts, supporting representative litigation mechanisms [14][15]. Group 6: Protecting Investors During Delisting - Enhance supervision of companies at risk of delisting, ensuring they disclose risks adequately [17][18]. - Implement protective measures for investors during both mandatory and voluntary delisting processes [17][18]. Group 7: Legal Framework for Investor Protection - Establish mechanisms for small and medium investors to participate in capital market legislation, ensuring their interests are considered [18]. - Strengthen the legal foundation for investor protection by supporting the development of relevant laws and regulations [18].