从投资者角度来看，即便参与合规的配资业务，配资公司严格按照契约精神遵循双方合同运作，投 资者的胜算也并不高。投资者高杠杆配资，一般参与的是高波动率个股，但这类投机性强的个股走势不 确定性更大，往往是上下翻滚，投资者其实很难把握。如果真能把握好，一些配资公司从业人员的投资 水平或许远高于普通投资者，为什么他们自己不去市场博弈，而非要借钱给投资者，只赚点小利息呢？ 而且，相当多投资者的心理素质并不过关。投资者利用自有资金投资股票，只要股票基本面过得 去，时间就在投资者这一边，因为上市公司每天都在为投资者创造财富；而若借钱炒股，时间就到了投 资者的对立面，因为需要承担融资利息负担。对于使用十倍杠杆的情况，只要有一个跌停板，投资者资 产就可能在单日内归零。这些心理负担直接影响投资者的交易心理，导致操作失误的几率更高。 应尽快让场外配资退出历史舞台 近日，公安部公布5起非法经营证券、期货业务犯罪典型案例，其中有两起案例涉及非法经营场外 配资业务，还有一起案例中违法主体被法院以犯非法经营罪作出有罪判决。笔者认为，应尽快让场外配 资退出历史舞台。 2019年11月发布的《全国法院民商事审判工作会议纪要》指出，融资融券依法属 ...

Core Viewpoint - The article emphasizes the risks associated with illegal activities in the stock market, such as "stock market black mouths," "illegal stock recommendations," and "off-market financing," which can lead to significant financial losses for investors and disrupt market order [1][3]. Group 1: Stock Market Black Mouths - "Stock market black mouths" refer to individuals or institutions that fabricate and disseminate false or misleading information to manipulate stock prices or trading volumes for illegal profit [3]. - The behaviors associated with "stock market black mouths" include spreading false information, inducing trading based on misleading data, and manipulating market conditions [4][7]. - Investors are advised to be vigilant against "stock market black mouths" and to choose legitimate institutions while enhancing their risk awareness and self-protection capabilities [4][8]. Group 2: Illegal Recommendations - "Illegal stock recommendations" involve unqualified individuals or institutions providing investment advice on public funds and other investment products, often for economic gain [6]. - The methods of illegal recommendations include using online platforms for live broadcasts or short videos to promote stocks, funds, or futures under various aliases [6][12]. - Investors should be cautious of illegal recommendations and prioritize engaging with legitimate institutions to safeguard their investments [8]. Group 3: Off-Market Financing - "Off-market financing" refers to lending funds to investors at a multiple of the margin they provide, allowing them to trade stocks or futures while charging interest or fees [10]. - This activity is considered illegal under securities and futures regulations, and it can involve fraudulent practices such as virtual trading [10][13]. - Investors are encouraged to remain alert to off-market financing schemes and to select legitimate institutions for their trading activities [10].