国内市场综述 弱势整理 缩量回调 周四（5 月 15 日）大盘弱势整理，缩量回调。截至收 盘，上证综指收于 3380.82 点，下跌 0.68%；深成指 收于 10186.45 点，下跌 1.62%；科创 50 下跌 1.26%； 创业板指下跌 1.92%，万得全 A 成交额共 11904 亿元， 较前一日有所下降。 行业方面，30 个中信一级行业有 27 个行业收跌，其 中综合金融、计算机及通信跌幅居前，仅有煤炭、农 林牧渔、电力及公用事业小幅收涨。概念方面，动物 保健精选、医美及乳业等指数表现活跃。 海外市场综述 美国三大股指收盘涨跌不一，思科涨近 5% 周四（5 月 15 日），美国三大股指收盘涨跌不一，道 指涨 0.65%，标普 500 指数涨 0.41%，纳指跌 0.18%。 思科涨近 5%，可口可乐涨超 3%，领涨道指。万得美国 科技七巨头指数跌 0.86%，亚马逊、脸书跌超 2%。中 概股普遍下跌，老虎证券跌超 8%，阿里巴巴跌逾 7%。 新闻精要 1. 李强在做强国内大循环工作推进会上强调：把做强 国内大循环作为推动经济行稳致远的战略之举 2. 最高法、证监会联合发布《关于严格公正执法司法 服 ...

《意见》共23条，涉及总体要求、投资者保护、市场参与人规范、司法行政协同及组织实施保障等方 面，旨在严格公正执法司法，保障资本市场改革发展。 高质量信息披露是注册制的重要基础。为让投资者放心投资，《意见》明确，监管部门要进一步加大对 欺诈发行和持续信息披露造假的日常监管与稽查处罚力度，从严从快查处各类造假行为，强化与司法机 关在信息共享、案件办理等方面的协作，推动强化行政、民事、刑事立体追责。 对于引领净化资本市场生态，《意见》提出，依法打击编传虚假信息、"维权黑产"、发行上市环节不正 当竞争等干扰市场正常运行、扰乱资本市场秩序的违法行为，形成风清气正的市场生态。对于通过编 传"小作文"等虚假信息扰乱市场秩序、损害他人权益的行为，受害人提起民事诉讼要求损害赔偿的，人 民法院依法予以支持；构成犯罪的，依法追究刑事责任。 《意见》还称，研究制定资本市场法律域外适用司法文件，为审理跨境证券期货纠纷案件统一裁判尺 度，平等保护境内外投资者合法权益。 15日，中国最高人民法院、证监会联合发布《关于严格公正执法司法服务保障资本市场高质量发展的指 导意见》(下称《意见》)。 其中明确，聚焦投资者权益保护，优化市场生态。《意 ...

数据是个宝 数据宝 投资少烦恼 宏观新闻 央行：拟进一步丰富"互换通"产品类型 据中国人民银行消息，为进一步促进内地与香港金融衍生品市场协同发展，推动金融高水平对外开放， 中国人民银行、香港证券及期货事务监察委员会、香港金融管理局在充分总结"互换通"运行经验、认真 听取境内外投资者意见建议的基础上，拟进一步丰富"互换通"产品类型。一是延长合约期限，延长利率 互换合约期限至30年，满足市场机构多样化风险管理需求；二是扩充产品谱系，推出以贷款市场报价利 率（LPR）为参考利率的利率互换合约。两地金融市场基础设施机构将陆续上线以上优化措施。下一 步，内地与香港金融管理部门将继续指导两地金融市场基础设施机构，根据"互换通"的运行情况，持续 完善相关机制安排，稳步推动中国金融市场进一步对外开放，稳慎扎实推进人民币国际化，支持香港国 际金融中心繁荣发展。 最高法、证监会：对于"小作文"损害他人权益且构成犯罪的，依法追究刑事责任 最高人民法院、证监会联合发布的《关于严格公正执法司法 服务保障资本市场高质量发展的指导意 见》提到，依法打击编传虚假信息、"维权黑产"、发行上市环节不正当竞争等干扰市场正常运行、扰乱 资本市场秩序 ...

5月15日，最高人民法院与中国证监会联合发布《关于严格公正执法司法服务保障资本市场高质量发展 的指导意见》，全方位助推资本市场高质量发展。 法治是资本市场的根基，是投资者合法权益保护的重要支撑。证监会副主席陈华平表示，在中央金融委 领导下，证监会积极参与金融法起草工作，大力推动证券投资基金法修订，推进上市公司监管条例和证 券公司监管条例制定修订，积极配合司法机关研究制定内幕交易和操纵市场民事赔偿司法解释、内幕交 易刑事司法解释等司法文件，不断完善资本市场法律制度，织密投资者合法权益保护的"安全网"。 进一步完善资本市场司法规则，《指导意见》全面总结人民法院审判执行工作以及资本市场监管执法工 作实际，从总体要求、投资者保护、市场参与人规范、司法行政协同及组织实施保障等5个方面，提出 了严格公正执法司法、保障资本市场改革发展的23条意见。 具体而言，《指导意见》聚焦投资者保护，站稳人民立场。依法打击欺诈发行和财务信息披露造假，完 善虚假陈述民事赔偿责任制度。常态化开展证券纠纷代表人诉讼，便利投资者依法维护自身合法权益， 降低投资者维权成本。同时，规范市场参与人行为，塑造良好市场生态。推动证券期货基金经营机构回 归 ...

Core Viewpoint - The release of the "Guiding Opinions" by the Supreme People's Court and the China Securities Regulatory Commission marks a significant step in enhancing the legal framework supporting the high-quality development of the capital market, focusing on investor protection and regulatory compliance [1][4]. Summary by Relevant Sections Investor Protection - The "Guiding Opinions" emphasize the importance of investor protection by combating fraudulent issuance and financial information disclosure violations, and improving the civil compensation system for false statements. It also promotes regular representative litigation for securities disputes to facilitate investors in safeguarding their legal rights and reduce the costs of such actions [1][4]. Regulation of Market Participants - The document outlines the need to standardize the behavior of securities, futures, and fund management institutions, urging them to return to their core functions and operate prudently. It includes provisions for addressing improper related-party transactions and prioritizing customer interests in disputes with these institutions [2][4]. Judicial and Regulatory Coordination - The "Guiding Opinions" propose enhancing the coordination between judicial and administrative functions, promoting a multi-faceted dispute resolution mechanism, and improving the efficiency of judicial and regulatory processes through better information sharing and collaboration [3][4]. Organizational Support and Capacity Building - There is a focus on strengthening the financial trial team and optimizing the jurisdiction and trial mechanisms for financial cases. This aims to enhance the standardization and rule of law in regulatory enforcement [3][4]. Overall Impact on the Capital Market - The introduction of the "Guiding Opinions" is expected to reshape the market ecosystem comprehensively, enhancing investor confidence and attracting long-term capital into the market. It aims to facilitate a virtuous cycle of investment and financing, particularly benefiting the futures and derivatives markets by clarifying judicial protections for trading rules [5].

依法规范私募基金市场发展 5月15日，最高人民法院、中国证监会联合发布《指导意见》并指出，《指导意见》是司法保障资本市场改革发展的一部纲领性文件，有针对性地完善司法 政策和裁判规则，创新工作机制，全面提升审判监管质效，是资本市场法治建设的一项重要成果，有助于充分发挥人民法院职能作用，强化司法与行政协 同，全方位助推资本市场高质量发展。 司法保障资本市场改革发展迎来纲领性文件。5月15日，最高人民法院、中国证监会联合发布《关于严格公正执法司法 服务保障资本市场高质量发展的指导 意见》（以下简称《指导意见》），其中多项内容提及私募基金。例如，研究制定私募基金犯罪指导意见；综合运用民事、行政和刑事手段依法打击管理人 背信失范行为；依法稳慎办理与私募基金风险化解有关的案件。有业内人士指出，保护投资者，需要从立法到执行全方位落地，当前资本市场处于高速度发 展向高质量发展的转型，提升合法合规性和监管针对性，是未来资本市场的发展方向。 在中国企业资本联盟中国区首席经济学家柏文喜看来，当前私募机构和投资者的主要纠纷包括刚性兑付纠纷、投资者适当性纠纷、清算退出纠纷，这些纠纷 产生主要由于法律规范不完善、行业合规意识薄弱、投资者 ...

智通财经5月15日晚间新闻精选 1、国务院召开做强国内大循环工作推进会。国务院总理李强强调，要围绕加快构建新发展格局，把做 强国内大循环摆到更加突出的位置。 7、中方决定扩大免签国家范围，自2025年6月1日起至2026年5月31日，对巴西、阿根廷、智利、秘鲁、 乌拉圭持普通护照人员试行免签政策。 2、央行等四部门联合召开科技金融工作交流推进会。会议强调，全方位支持科技创新，大力投早、投 小、投长期、投硬科技。 8、小米集团创始人雷军发布微博称，小米自主研发设计的手机SoC芯片名字叫"玄戒O1"，将在5月下旬 发布。 3、证监会发布《上市公司募集资金监管规则》强调，上市公司募集资金应坚持专款专用，用于主营业 务，不得用于永久补充流动资金和偿还银行借款。 9、中航西飞：公司C919部件交付数量相比2024年度有大幅增加。2连板新华锦：公司、公司关联方可 能存在被中国证监会行政处罚或被证券交易所实施纪律处分的风险。2连板中远海发：日常经营情况未 发生重大变化。3连板连云港：股价短期涨幅较大 存在一定风险。 4、中办、国办印发《关于持续推进城市更新行动的意见》。推进城镇老旧小区整治改造；加强城市基 础设施建设改造； ...

Group 1 - The Supreme People's Procuratorate emphasizes its role in combating securities crimes and protecting investors' rights, highlighting collaboration with the China Securities Regulatory Commission (CSRC) [1] - The focus will be on increasing the punishment for key areas of securities crimes to maintain market order and enhance the responsibilities of major stakeholders, including controlling shareholders and financial institutions [1] - The procuratorial authority aims to create a law-based market environment through effective case handling and comprehensive accountability [1] Group 2 - Efforts will be made to recover losses for investors through various means, including pursuing criminal proceeds and supporting representative litigation for securities disputes [2] - The implementation of a dual investigation approach will be adopted to uncover money laundering and other related crimes, encouraging involved parties to return stolen assets [2] - The procuratorial authority will enhance investor education and promote industry governance by analyzing new issues in securities issuance and trading, and by issuing legal recommendations [2]

Core Viewpoint - The article discusses the "Guiding Opinions on Strictly and Fairly Enforcing Justice to Serve and Guarantee the High-Quality Development of the Capital Market," which aims to enhance investor protection, regulate market participants, and improve the judicial and administrative collaboration in the capital market [1][2][5]. Group 1: Investor Protection - The guiding opinions emphasize the need to protect the legitimate rights and interests of all investors, particularly long-term and patient capital, to ensure their participation in corporate governance and return on investment [1][6][10]. - It advocates for the establishment of a judicial environment that supports early, small, long-term, and hard technology investments, promoting a virtuous cycle of capital preservation and appreciation [1][6]. - The document outlines measures to combat fraudulent issuance and continuous information disclosure fraud, increasing the legal costs for violators and ensuring accountability for controlling shareholders and related parties [2][12]. Group 2: Market Participant Regulation - The opinions call for the regulation of behaviors of securities, futures, and fund management institutions to ensure stable operations and prevent regulatory arbitrage [6][17]. - It highlights the importance of a multi-tiered capital market and the need for judicial rules that support industry self-regulation, aiming to purify the market ecology and mitigate risks [6][18]. - The document stresses the necessity of judicial support for mergers and acquisitions, declaring invalid any anti-takeover clauses in company charters that violate laws and regulations [10][11]. Group 3: Judicial and Administrative Collaboration - The guiding opinions propose enhancing the collaboration between judicial and administrative bodies to improve the efficiency of dispute resolution mechanisms and ensure timely and effective enforcement of laws [9][22]. - It emphasizes the establishment of a multi-faceted dispute resolution mechanism, encouraging non-litigation methods to resolve securities disputes [22][23]. - The document outlines the need for improved information sharing and communication between courts and regulatory bodies to enhance risk prevention and early warning capabilities [24][25]. Group 4: Enhancing Judicial Capacity - The opinions call for strengthening the financial trial and regulatory enforcement teams to ensure a politically correct direction in capital market enforcement [27]. - It advocates for the optimization of financial case jurisdiction and trial mechanisms to enhance the professionalism of financial trials [27]. - The document highlights the importance of continuous training and communication between judicial and regulatory personnel to improve their understanding of financial innovations and market operations [27].

Core Viewpoint - The article emphasizes the need to legally protect patient capital and long-term investments in corporate governance and returns, while continuously improving the judicial environment for early, small, long-term, and hard technology investments [1]. Summary by Sections - Legal actions will be taken against capital violations, including hidden shareholding and illegal wealth creation behaviors [2]. - There will be increased regulatory scrutiny and penalties for fraudulent issuance and continuous information disclosure fraud, with strict accountability for issuers, controlling shareholders, and third-party suppliers involved in financial disclosure fraud [3]. - Support will be provided for investor protection agencies to fulfill their representative duties in shareholder rights disputes, ensuring thorough examination of company ownership structures and reporting any irregularities to regulatory authorities [4]. - The Supreme People's Court and the China Securities Regulatory Commission jointly issued guidelines to ensure strict and fair law enforcement to support the high-quality development of the capital market [5]. - Recent judicial interpretations and comprehensive judicial documents have been established to adapt to the needs of capital market reform, focusing on investor protection, market participant regulation, and judicial-administrative collaboration [6]. - The guidelines propose 23 opinions aimed at enhancing investor protection, regulating market participant behavior, and improving judicial and regulatory collaboration to foster a better market environment [7].