Group 1 - The China Securities Regulatory Commission (CSRC) released a comprehensive policy document on October 27, focusing on the protection of small and medium-sized investors, outlining 23 specific measures across eight areas [1] - The document emphasizes the importance of collaboration among relevant parties to ensure the implementation of these measures, aiming to effectively safeguard the legal rights of investors, particularly small and medium-sized ones [1] Group 2 - The policy requires operating institutions to take responsibility for investor education and service, ensuring that they integrate investor education into their business processes and adequately inform investors about risks and important contract terms before selling financial products [2] - Institutions are urged to improve their mechanisms for handling investor complaints and disputes, enhancing service quality and ensuring that investor protection is embedded in their compliance management [2] Group 3 - Investor protection institutions are encouraged to play a more significant role in dispute resolution, including supporting litigation and representing investors in lawsuits, with data showing substantial compensation awarded to investors through these efforts [3] - The policy aims to enhance the capacity of investor protection institutions to meet the growing demand for legal rights protection among small and medium-sized investors [3] Group 4 - The document outlines measures to enrich the scenarios in which investor protection institutions can support small and medium-sized investors, including participation in bankruptcy proceedings and enhancing the visibility of typical cases to guide investors in exercising their rights [4] - It mandates that investor protection institutions publicly announce their actions regarding shareholder rights and civil lawsuits to keep investors informed [4] Group 5 - The policy establishes mechanisms for protecting small and medium-sized investors during the delisting process, emphasizing the need for continuous monitoring of companies at risk of delisting and ensuring transparency regarding such risks [5] - It also calls for proactive measures from controlling shareholders of companies facing mandatory delisting due to significant violations, including compensation for affected investors [6] - The policy highlights the necessity for comprehensive protection for investors throughout the delisting process, from risk warnings to monitoring abnormal trading and ensuring accountability [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a comprehensive policy document aimed at enhancing the protection of small and medium-sized investors in the capital market, outlining 23 specific measures across eight areas [1][2]. Group 1: Strengthening Responsibilities of Operating Institutions - Operating institutions are required to embed investor education into their business processes and ensure appropriate management of investor suitability [1]. - Institutions must thoroughly explain business rules and important contract terms to investors before selling financial products, enhancing the effectiveness of investor education [1]. - The document emphasizes the need for institutions to take responsibility for addressing investor complaints and improving service quality through better internal controls and compliance management [1]. Group 2: Enhancing the Role of Investor Protection Institutions - Investor protection institutions are tasked with playing a significant role in dispute resolution, including supporting litigation and representing investors in lawsuits [2]. - As of September 2025, the Investor Protection Center has supported 90 lawsuits, 19 representative lawsuits, and has helped over 60,000 investors recover approximately 2.895 billion yuan [2]. - The document highlights the necessity for these institutions to adapt to the growing legal awareness and rights consciousness of small and medium-sized investors [2]. Group 3: Mechanisms for Protecting Investors During Delisting - The document outlines measures to strengthen investor protection during the delisting process, including continuous monitoring of companies at risk of delisting [3]. - Companies facing delisting risks are required to fully disclose such risks to safeguard investors' right to information and prevent irrational stock trading [4]. - In cases of mandatory delisting due to major violations, companies are encouraged to take proactive measures to compensate investors for losses incurred due to illegal activities [4][5].

◎记者 汤立斌 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》（下称《若干意见》）。 该文件围绕强化发行上市、退市等过程中的投资者保护，营造有利于中小投资者公平交易的制度环境， 严厉打击侵害中小投资者利益的违法行为等中小投资者的重点关切，推出23项务实举措。 在压实经营机构中小投资者保护责任方面，《若干意见》提出，督促经营机构做实做细投资者教育工 作，落实投资者适当性管理责任，将投资者教育嵌入业务流程。经营机构向投资者销售金融产品、提供 服务前，应当向投资者深入讲解业务规则，阐明重要合同条款，充分提示相关风险，增强投资者教育的 针对性、有效性。 三是强化上市公司主动退市中的投资者保护。主动退市的上市公司应当提供现金选择权等保护措施。发 行B股的公司拟通过全面要约收购或者股东会决议主动终止B股上市交易的，支持收购人或者有关现金 选择权提供方开立B股临时账户。 为深入推进证券期货纠纷多元化解机制建设，《若干意见》提出进一步发挥调解的基础性作用。推动证 券监管部门与人民法院证券期货纠纷"总对总"诉调对接机制全面落地实施，推动人民法院加大立案后委 托调解力度。在充分发挥民事诉讼作用的同时，要 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," proposing 23 specific measures across eight areas to enhance the investor protection framework and boost market confidence [1][2][3]. Group 1: Key Measures - The opinions focus on strengthening the protection of small and medium investors during the issuance and listing process, creating a fair trading environment, and holding operating institutions accountable for investor protection [2][4]. - Emphasis is placed on the importance of the special representative litigation system in safeguarding investor rights, with support for courts to enhance its application [4][5]. - The opinions outline measures to protect investors during the delisting process, including continuous monitoring of companies at risk of delisting and ensuring compensation for investors affected by major violations [5][6]. Group 2: Implementation and Coordination - The CSRC aims to implement these measures in coordination with relevant parties to ensure effective protection of investors, particularly small and medium investors [3]. - The opinions stress the need for operating institutions to take responsibility for investor education and complaint handling, enhancing service quality and internal control systems [4][5]. - The establishment of a diversified dispute resolution mechanism for securities and futures is highlighted, focusing on mediation, civil litigation, and advance compensation systems [5][6].

证监会主席吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面，10月28日科创板科 创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、预先审阅等已经实施，改革效应 正加快显现，证监会还将启动实施深化创业板改革。除了关于深化创业板改革之外，吴清还在会上透露 将发布《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》），当晚，中小投资 者保护"23条"如期而至。 纵深推进创业板改革 10月27日，吴清重磅宣布将启动实施深化创业板改革。 吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面。将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 16年前，即2009年10月30日，创业板首批28只个股集体亮相，创业板开市。伴随着资本市场全面注册制 的推进，创业板也从核准制走向注册制。历经16年的发展，创业板也培育了不少龙头企业，包括宁德时 代、东方财富、新易盛、阳光电源等。 经统计，目前创业板市场共有1389只个股，合计总市值逼近18万亿元。 科创板改革效应正加快显现 北京商报 ...

证监会启动优化新股发行定价机制。 本文字数：2334，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 10月27日，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》（下称《若干意见》）， 按照"针对核心关切、力求务实管用、于法有据"的思路，聚焦中小投资者关注的重点问题，围绕八 个方面，提出了二十三项具体措施。 2025.10. 27 针对投资者反映的新股发行价格过高的问题，《若干意见》提出，强化网下投资者分类评价管理，从 严限制故意抬高、压低报价的询价机构参与首次公开发行证券网下询价配售，推动网下投资者合理报 价。 为引导培育"耐心资本"，《若干意见》明确，推动形成鼓励长期持有的新股发行网下配售机制，研 究试点对锁定比例更高、锁定期更长的网下投资者提高配售比例。 在这之前，科创板针对未盈利企业已有试点相关举措。今年3月，上交所修订发布《上海证券交易所 首次公开发行证券发行与承销业务实施细则》，明确科创板未盈利企业可以采用约定限售方式，公募 基金等8类配售对象可以自主申购不同限售档位的证券，锁定比例更高、锁定期限更长的网下投资者 配售比例相应更高，推动对未盈利企业的投资逻辑从"短期盈利"转向"长期价值"。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a document titled "Several Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market," which outlines eight key areas to enhance investor protection, serving as a guideline for future actions in this domain [1]. Group 1: Protection During Issuance and Listing - The document emphasizes optimizing the new stock issuance pricing mechanism and encourages a long-term holding approach for offline investors [3]. - It highlights the need to improve the quality of information disclosure in prospectuses, ensuring clarity and readability, and establishing a guiding system for disclosure [3]. - The document calls for stricter management of offline investors and enhanced monitoring of trading activities to maintain market fairness [3]. Group 2: Responsibilities of Operating Institutions - The document stresses the importance of operating institutions in providing suitable products and services for small and medium investors, enhancing their research and product development capabilities [4]. - It mandates that operating institutions establish effective complaint and dispute resolution mechanisms to address investor grievances promptly [4]. - The document outlines a commitment to severely punish illegal activities that harm small and medium investors, including fraud and financial misrepresentation [4][5]. Group 3: Market Regulation and Enforcement - The document calls for stringent measures against market irregularities such as insider trading and market manipulation, emphasizing collaboration with law enforcement agencies [5]. - It proposes a comprehensive approach to protect investors during the delisting process, including continuous monitoring of companies at risk of delisting [6]. - The document also suggests that companies facing mandatory delisting should take proactive measures to compensate affected investors [6]. Group 4: Legal Framework and Legislative Participation - The document emphasizes the need for a robust legal framework to protect small and medium investors, including mechanisms for their participation in capital market legislation [6]. - It highlights the importance of reviewing regulatory documents to ensure the protection of investor rights [6]. - The document indicates a holistic approach to integrating investor protection into the entire capital market reform process [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has strengthened the protection mechanisms for small and medium-sized investors in the capital market by issuing a set of 23 specific measures aimed at enhancing investor rights and market stability [2][3]. Group 1: Strengthening Investor Protection During Issuance and Listing - The measures include optimizing the new stock issuance pricing mechanism to encourage long-term holding and improving the quality of prospectus disclosures [5][6]. - It prohibits underwriters from charging fees based on the scale of issuance and mandates strict information disclosure responsibilities for listed companies [5][6]. Group 2: Creating a Fair Trading Environment - The CSRC aims to enhance the transparency and fairness of margin trading and strengthen the regulation of algorithmic trading [6][8]. - It emphasizes the need for securities firms to manage trading units uniformly and prohibits any special privileges for individual investors [6][8]. Group 3: Enhancing Product and Service Offerings - The measures encourage financial institutions to provide more products and services that align with the risk tolerance of small and medium-sized investors [8]. Group 4: Combating Fraudulent Activities - The CSRC has committed to intensifying the crackdown on fraudulent issuance and financial disclosure violations, holding responsible parties accountable [9]. - It also aims to address various market irregularities that harm investor interests, such as insider trading and market manipulation [9]. Group 5: Protecting Investors in Delisting Scenarios - The measures include enhanced monitoring of companies at risk of delisting and ensuring that investors are informed about potential risks [10]. - It also outlines protections for investors during mandatory delistings and voluntary delistings, including cash options [10]. Group 6: Promoting Timely Compensation for Investors - The CSRC is advancing a diversified dispute resolution mechanism for securities and futures disputes, emphasizing mediation and civil litigation [11][12]. - It encourages voluntary compensation commitments from issuers and their controlling shareholders to ensure timely and effective restitution for investors [12].

吴清表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖面。将启动实施深化创业板改革， 设置更加契合新兴领域和未来产业创新创业企业特征的上市标准，为新产业、新业态、新技术企业提供 更加精准、包容的金融服务。 "将启动实施深化创业板改革"，短短12个字，证监会主席吴清在2025金融街论坛年会开幕式上的发言成 为最大亮点。10月27日，吴清在会上表示，纵深推进板块改革，增强多层次市场体系的包容性和覆盖 面，明天科创板科创成长层将迎来首批新注册企业上市，试点引入资深专业机构投资者、预先审阅等已 经实施，改革效应正加快显现，证监会还将启动实施深化创业板改革。 除了关于深化创业板改革之外，吴清还在会上透露将发布《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》），当晚，中小投资者保护"23条"如期而至。此外，吴清还提到，将择机 推出再融资储架发行制度，进一步拓宽并购重组支持渠道，促进上市公司产业整合、做优做强。与此同 时，着力发挥中长期资金"压舱石"和"稳定器"作用，努力完善"长钱长投"市场生态。 将启动实施深化创业板改革 10月27日，吴清重磅宣布将启动实施深化创业板改革。 前券商首席经济学家李 ...

Group 1 - The core announcement is the initiation of deep reforms for the ChiNext board, aimed at enhancing the inclusiveness and coverage of the multi-tiered market system [1][4] - The reforms will establish listing standards that better align with the characteristics of emerging industries and innovative enterprises, providing more precise and inclusive financial services [4] - The ChiNext market currently has 1,389 stocks with a total market capitalization approaching 18 trillion yuan [5] Group 2 - The first batch of new registered companies will be listed on the Sci-Tech Innovation Board (STAR Market) on October 28, indicating the accelerating effects of recent reforms [6][8] - The STAR Market has seen significant growth, with a total market capitalization nearing 10 trillion yuan and notable companies like SMIC and Cambrian leading in market value [7][8] Group 3 - The North Exchange (北交所) aims to continuously promote high-quality development, focusing on serving innovative small and medium-sized enterprises [9][10] - The multi-tiered capital market system in China includes the main board, STAR Market, ChiNext, North Exchange, New Third Board, and regional equity trading markets, showcasing a clear hierarchical structure [9][10] Group 4 - The release of the "23 Opinions" on strengthening the protection of small and medium investors aims to create a fairer trading environment and enhance investor protection throughout the capital market reform process [12][13] - Key measures include optimizing the new stock issuance pricing mechanism and enhancing the regulation of margin trading [12][13] Group 5 - The value of Chinese assets is becoming more apparent, with international funds flowing into emerging markets exceeding 150 billion USD in the first nine months of the year [14] - The new industries and business models, such as artificial intelligence and biomedicine, are driving significant changes in production methods and resource allocation [14]