岁序常易，华章日新。当农历丙午马年的灯火渐次点亮，我们驻足回望，与您共同走过的又一轮投资四 季。 回顾2025年，A股市场在复杂多变的环境中持续演进。投资者面对的市场图景日益丰富，这对自身的 认知能力提出了更高要求。在这一背景下，投资者教育不再只是知识的传递，更是应对不确定性、筑牢投 资根基的重要陪伴。作为深耕证券投资咨询领域的专业机构，汇正财经始终将投教工作视作与投资者共同 成长的过程，我们以专业解析市场，以陪伴传递温度，致力于在风云变幻的市场中，为每一位投资者的前 行之路点亮一盏灯。 汇正财经系统性打造"多元融合、全程相伴"的投教内容体系，通过文字、影像、动 画、访谈、广播等多种形式，构建了立体生动的投教矩阵。我们以多重视角解读市场，用深入浅出的方式 普及知识，全年持续输出覆盖入门到进阶的内容，旨在陪伴投资者走过不同投资阶段。 在此，我们回顾过 去一年的耕耘与沉淀，既是对2025年投教旅程的真诚记录，也为即将到来的丙午之年积蓄力量。知识的价 值，在于转化为决策的底气，我们愿持续做好这场"长期的陪伴"，与投资者一路同行。 步履不停：让投资 认知在行走中生根 我们始终秉持"以投资者为本"的使命，通过带领投资者 ...

Core Viewpoint - Strengthening investor education and implementing penetrating regulation in the gold market is urgent due to the recent difficulties faced by Shenzhen Jie Wo Rui Jewelry Co., which has triggered a chain reaction in the industry [1]. Group 1: Investor Education and Awareness - Ordinary investors, particularly those with low risk recognition abilities such as housewives and young workers, are being misled by high-yield marketing posts on social media, leading them to fall into "gold investment traps" [3][4]. - There is a need for precise publicity, case warnings, and the dissemination of basic knowledge about gold investment to enhance risk awareness among ordinary investors [3]. Group 2: Regulatory Challenges and Recommendations - The illegal gold trading activities are considered illegal financial activities, and the root cause of such incidents is the loopholes in the execution of relevant laws and regulations [9]. - Experts suggest that a comprehensive regulatory system should be established, focusing on entry thresholds, fund supervision, business norms, risk prevention, and accountability to curb the emergence of illegal gold trading platforms [9]. Group 3: Market Dynamics and Risks - The business model of platforms like Jie Wo Rui often includes various forms of transactions, such as pre-priced transactions, which may involve criminal risks like illegal operation and fraud [6][7]. - The Shenzhen Gold Jewelry Industry Association has previously issued warnings about companies engaging in illegal gambling activities disguised as gold trading, indicating a serious disruption to market order and industry reputation [7].

随着居民财富管理多元化需求的增长，投资者对专业投资建议与系统投教服务的需求日益迫切。第三方 持牌投顾行业的核心价值，正从单纯的"荐股服务"向"投资者教育+专业陪伴"转型。 在监管引导与市场需求的双重驱动下，合规经营、专业赋能、科技升级成为第三方持牌投顾行业高质量 发展的核心锚点。一批坚守持牌资质、深耕投研与投教的机构，正通过差异化竞争构建核心优势，为资 本市场生态优化注入新动能，头部机构的探索实践也为行业转型提供了有益参考。 合规经营的核心不仅在于坚守持牌展业的基本准则，更体现在服务全流程的规范化运作。在此趋势下， 头部机构率先构建起覆盖全业务链条的合规风控体系，例如上海九方云智能科技有限公司依托母公司九 方智投控股(股票代码：9636.HK)的"科技+投研"双轮驱动战略，搭建了涵盖业务质检、内容审核、风险 管控的智能合规风控平台，通过大数据与AI技术实现服务全流程留痕与动态监控，在适当性管理环节 精准匹配投资者风险承受能力与投资建议，为行业合规发展提供了可借鉴的实践样本。 业内人士表示，监管的常态化与精细化正在推动行业从"野蛮生长"向"规范提质"深度转型。未来，缺乏 合规体系支撑、依赖"擦边球"营销的中小机 ...

Core Insights - The A-share market is experiencing a volatile upward trend, with the Shanghai Composite Index surpassing 4000 points in 2025, leading to significant inflows into ETFs, which are becoming essential tools for asset allocation and capturing structural opportunities [2] - The ETF market in China saw a net inflow of approximately 1.18 trillion yuan in 2025, with the number of ETFs listed on domestic exchanges increasing to 1402 and total market size growing from 3.7 trillion yuan to 6.0 trillion yuan, representing over 60% growth since the beginning of the year [2] Group 1: ETF Market Growth - The ETF product line is diversifying, offering investors a multi-layered toolbox to capture market opportunities, ranging from broad indices to niche sectors and cross-border allocations [3] - The "Zhaocai Cup" ETF competition, held annually since 2023, has attracted nearly 270,000 participants, enhancing investor education and engagement, and fostering a positive ETF investment ecosystem [4] Group 2: Competition and Participation - The 2025 "Zhaocai Cup" ETF competition commenced on April 28, with participation from ten major fund companies, creating a platform for learning, exchange, and growth for investors [4] - The competition saw over 8.8 million views, with engagement increasing by over 60% compared to the previous year, indicating a significant rise in interest [5] Group 3: Market Trends and Performance - The A-share market showed strong performance in 2025, with major indices experiencing expanded gains, particularly in the technology growth sector, including AI, semiconductors, robotics, aerospace, and innovative pharmaceuticals [6] - Participants in the competition demonstrated strong performance by focusing on broad-based ETFs and sector-specific themes such as biomedicine, communication equipment, and semiconductor ETFs, reflecting their attention to market hotspots [6] Group 4: Investor Education and Support - The competition upgraded its educational offerings, providing comprehensive ETF knowledge through the "ETF Classroom," which attracted over 1.41 million participants, showcasing effective educational outreach [8] - Collaborative efforts with ten fund companies resulted in the launch of "Hot Topics" and "Sector Topics," offering insights into market dynamics and investment opportunities, with 45 live sessions attracting nearly 4.6 million views [9][10] Group 5: Professional Guidance - Wealth advisors from the organizing company actively participated in the competition, providing professional support and insights, with a dedicated leaderboard for advisors to track performance [11] - Advisors shared diverse investment strategies, emphasizing the importance of liquidity management and balanced portfolio approaches, which provided participants with varied perspectives for decision-making [11] Group 6: Conclusion and Future Outlook - The successful conclusion of the "Zhaocai Cup" ETF competition marks a new starting point for investors in ETF practices, with the organizing company committed to ongoing investor education and service [12]

（文章来源：经济日报） 表面上"带你赚钱"，实则是"赚你的钱"。部分投资者，尤其是新入场的投资"小白"，盲目崇拜网络大 V，投资理财不看基本面、不理风险点，跟风炒作，最终成了接盘侠。根据监管部门披露，2024年9月2 日至2025年4月16日期间，金某在其账号公开发文评价、推荐32只股票，并控制账户组进行大量反向卖 出交易，交易金额合计达6.3亿元，违法所得逾4162万元。这数千万元的获利，正是来自一众相信、追 随他的粉丝高位接盘。 扭曲价格信号，扰乱市场秩序，损害普通投资者利益……财经大V非法荐股的危害有目共睹。虽然事后 不少大V辩称"单纯分享投资心得""未诱导粉丝接盘股票"等，但法律对这种行为的态度非常明确。证券 法规定禁止任何人操纵证券市场，包括对证券、发行人公开作出评价、预测或者投资建议，并进行反向 证券交易等。近段时间，监管部门更是持续加大对涉资本市场的自媒体大V违法违规行为的打击力度， 依法处置一批炮制谣言、非法荐股的账号，释放出对非法荐股严管重罚的坚决态度。 股市不是财经大V们的生意场。一个平稳健康运行的资本市场，需要公开、公平、公正的投资环境，需 要每一名参与者共同维护。对网络大V、财经博主们 ...

在投教产品开发方面，北交所注重适应投资者信息获取习惯的变化，强调"分层分类、形式创新"。内容 设计上，北交所既推出《一图读懂北交所规则》《北证知识一站通》等入门指南类产品，也针对交易活 跃投资者制作《卸下"交易"的伪装》《"投"之有理》等风险提示类内容。产品形式涵盖图文、短视频、 动画、互动漫画、广播剧等多种媒介，显著提升了投教材料的可读性与传播力。据统计，北交所已累计 发布投教产品1200余件，并通过官网、官方新媒体平台、媒体等合作渠道进行广泛传播，总点击量已超 过1亿人次。 自成立以来，北交所始终将投资者服务与投资者教育作为市场建设的重要任务，逐步构建起覆盖广泛、 形式多样、内容精准的服务体系。市场人士表示，投资者规模的壮大既是北交所制度优势与创新定位的 体现，也与其持续优化的服务机制和贴近市场的投教实践密不可分。 北交所投资者总规模突破千万户，不仅反映出市场建设的阶段性成果，也对后续服务的深度与精度提出 了更高要求。据介绍，北交所将继续整合市场各方投教资源，强化品牌活动影响力，提升投教产品渗透 率，并进一步优化对机构投资者的服务对接机制，推动形成更加健康、理性、互信的市场投资生态。 据悉，在服务体系构建 ...

Core Viewpoint - Investor education in the futures market is crucial for maintaining market stability, protecting investor rights, and promoting healthy industry development. Dongwu Futures actively engages in this educational effort through diverse services and interactions to create a transparent and trustworthy market environment [1]. Group 1: Educational Activities - Dongwu Futures plans to leverage the advantages of the investor education base to conduct multi-dimensional and in-depth investor education activities in 2025, focusing on three core initiatives [1]. - The company will organize dozens of online and offline educational activities throughout the year, covering various financial futures and commodities, with participation from nearly ten thousand individuals, thereby expanding the reach and impact of these activities [1][2]. - In 2025, Dongwu Futures will host 40 themed meetings, including 10 online salons and 30 offline events, addressing topics such as fundamental analysis, market trends, and current events, which have been well-received by investors of different levels [2]. Group 2: Information Services - Dongwu Futures utilizes a multi-channel approach through its official website, app, and social media platforms to deliver timely market dynamics, trading information, and professional market analysis, ensuring that key information reaches investors accurately and promptly [2]. - The company emphasizes risk education for small and medium investors, focusing on matching capital scale with trading risks and providing practical risk management techniques such as position management and stop-loss settings [2]. Group 3: Innovative Content Delivery - Dongwu Futures has innovated in content presentation, balancing professionalism, engagement, and practicality through educational short videos that explain complex market principles and risk management tools in an accessible manner [3]. - The company’s short video "The New Guarantee for Fruit Farmers" won recognition for its relatable content and emotional resonance, showcasing the effectiveness of engaging educational materials [3]. Group 4: Future Plans - Dongwu Futures aims to establish a systematic and standardized investor education training content library, developing standardized courses and materials to enhance the quality and efficiency of educational efforts [4]. - The company plans to introduce interactive and experiential activities such as "futures simulation trading competitions" and "live Q&A sessions" to foster deeper understanding and skill acquisition among investors [4]. - Dongwu Futures is committed to becoming a trusted partner and enabler for investors, contributing to the stable development of the futures market and the cultivation of a mature investor community through its proactive educational initiatives [4].

熊锦秋 近来市场围绕龙虎榜制度出现诸多讨论。龙虎榜的制度基础是沪深交易所规则。比如深交所规定，对于 有涨跌幅限制的股票、封基，主板涨跌幅偏离±7%、振幅15%、换手率20%以上，创业板涨跌幅±15%、 振幅30%、换手率30%以上，各取前五只，交易所公布其买卖金额最大的五家营业部或交易单元名称及 对应买卖金额。 追溯龙虎榜制度的建立初衷，其核心价值在于提升市场透明度，是对市场微观结构信息的一种补充性揭 示。这些信息为中小投资者提供了直观的资金流向参考，打破资金交易的信息壁垒，帮助其更好地判断 市场动向，同时公开信息有利于发挥市场监督作用，本身就是一种威慑。监管部门根据这些信息也可快 速锁定异动交易背后的资金主体，为后续监控、核查提供明确线索，提升对违法违规交易的查处效率。 目前龙虎榜仅披露买卖金额最大的前五家营业部或交易单元，并未披露背后的实际资金主体、账户数 量，部分主力通过分仓操作，少量资金在知名营业部席位买入，同时可通过其他隐蔽席位大量卖出，通 过反向交易获取利益。 完善龙虎榜制度，可以更好地为中小投资者提供有价值的补充性投资信息参考，也能更好地发挥对涉嫌 违法、违规炒作行为的辅助监管作用。笔者认为，具 ...

Core Insights - The fund industry is progressing steadily in 2025, driven by deepening reforms and innovation, enhancing market resilience and vitality [2] - The company is committed to improving investor financial literacy through diverse educational content and innovative communication methods [2] Group 1: Understanding Funds - The company has developed a comprehensive fund investment knowledge system to help investors understand funds, rules, risks, and investment philosophies [3] - Various educational materials have been created to meet the learning needs of different groups, including strategies for regular investment and asset allocation [4] Group 2: Legal Awareness - The company actively promotes capital market laws and regulations to help investors understand their rights and how to exercise them [6] - Educational initiatives include explaining fund trading rules and dispute resolution mechanisms [6] Group 3: Risk Awareness - The company emphasizes risk management by providing warnings and guidance on suitable investment choices for investors [7] - Specialized videos have been produced to explain the principles of investor suitability [7] Group 4: Investment Philosophy - The company promotes rational, value, and long-term investment philosophies through various media, including podcasts and educational programs [9] Group 5: Capital Market Policy Promotion - The company has focused on promoting capital market policies, including modern capital market construction and public fund industry reforms [11][12] - Initiatives include timely updates on policy measures and explanations of the delisting mechanisms for listed companies [12] Group 6: Pension Education - The company has developed a systematic approach to pension education, enhancing residents' investment capabilities for retirement [15] - A tiered content system has been established to cover essential pension investment knowledge [16] Group 7: Anti-Fraud Education - The company has implemented a comprehensive anti-fraud education mechanism, conducting various activities to raise public awareness of investment risks [19][20] - Efforts include community outreach and collaboration with educational institutions to disseminate anti-fraud knowledge [21] Group 8: Expansion of Educational Outreach - The company has expanded its educational outreach to regions such as Macau and various provinces, promoting financial literacy across different demographics [23][24] - Activities have been tailored to various educational levels, from primary schools to universities, to foster financial intelligence [25] Group 9: Recognition and Awards - The company has received multiple awards for its educational products and activities, highlighting its commitment to investor education and community engagement [27]

Core Viewpoint - The ongoing geopolitical conflicts and commodity price fluctuations since 2025 have put significant operational pressure on small and medium-sized enterprises (SMEs), making the futures market a crucial platform for risk management and stabilizing market expectations [1][2]. Group 1: Current Challenges for Enterprises - The complex international situation, including the ongoing Russia-Ukraine conflict and regional tensions, has led to significant volatility in commodity prices, impacting the operational stability of SMEs [2]. - Enterprises are facing dual pressures from raw material price fluctuations and logistics uncertainties, which are exacerbated for SMEs due to limited financial resources and expertise [2]. Group 2: Role of the Futures Market - The futures market serves as a "risk firewall" for enterprises, allowing producers and traders to lock in sales prices through short-selling futures contracts, thus stabilizing expectations and restoring confidence in investment and production [3]. - The dual attributes of the futures market—commodity trading and financial investment—are essential for helping enterprises manage price volatility and operational risks [3]. Group 3: Customized Services for SMEs - The futures industry is innovating through customized services like "insurance + futures" and basis trading to address the specific risk management needs of SMEs [4][5]. - In 2024, the "insurance + futures" model provided 2.8 billion yuan in price risk protection for agricultural products across multiple provinces, demonstrating its effectiveness in mitigating price volatility [4]. - The basis trading model allows enterprises to lock in prices for livestock while managing cash flow, thus alleviating financial pressure and enabling a focus on operational improvements [5][6]. Group 4: Enhancing Futures Market Integration - Despite the successes, challenges remain in terms of awareness, tool adaptation, and policy implementation, which need to be addressed to fully integrate futures services into the real economy [7][8]. - The industry faces a shortage of skilled professionals who understand both the industry and financial aspects, which hinders SMEs' ability to effectively utilize futures for risk management [7]. - There is a need for more comprehensive policies and support mechanisms to facilitate the adoption of futures tools by enterprises, including the introduction of more commodity futures contracts [8].