人民财讯10月27日电，证监会公布《关于加强资本市场中小投资者保护的若干意见》，自公布之日起施 行。其中提到，强化发行上市过程中的中小投资者保护，优化新股发行定价机制。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。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。加大对投资价值研究报告事后回溯自律监管力度，对承销机构报备的发 行方案从严监管。督促承销机构出具投资价值研究报告时审慎作出盈利预测，充分进行风险提示，审慎 确定估值结论。禁止承销机构按照发行规模递增收取费用的比例，禁止保荐机构、会计师事务所以股票 公开发行上市结果或者审计结果作为收费条件。 ...

10月27日，中国证监会主席吴清在2025金融街论坛上表示，今日将发布加强资本市场中小投资者保护的 若干意见，围绕强化发行上市、退市等过程中的投资者保护，营造更加公平的交易环境，提升行业机构 的客户服务水平，推进证券期货纠纷多元化解机制建设等中小投资者重点关切，推出23项务实举措，不 断扎牢织密投资者保护"安全网"。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 中经记者 郭婧婷 北京报道 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the importance of strengthening risk prevention and regulatory measures to enhance investor protection during the 2025 Financial Street Forum [1] Group 1: Risk Prevention - The CSRC aims to enhance the capability for early risk detection and management, focusing on cross-market, cross-industry, and cross-border risk monitoring [1] - A long-term mechanism for stabilizing the market will be established to prevent significant market fluctuations [1] Group 2: Regulatory Strengthening - The CSRC will adopt a "zero tolerance" approach to law enforcement, targeting financial fraud, market manipulation, and insider trading with strict legal actions [1] - Continuous efforts will be made to boost investor trust and confidence through rigorous enforcement [1] Group 3: Investor Protection Initiatives - The CSRC plans to release several opinions aimed at enhancing the protection of small and medium investors, focusing on the processes of issuance, listing, and delisting [1] - A total of 23 practical measures will be introduced to create a fairer trading environment and improve customer service levels in the industry [1] - The establishment of a diversified dispute resolution mechanism for securities and futures will be promoted to address key concerns of small and medium investors [1]

Core Viewpoint - The opening of the 2025 Financial Street Forum emphasizes the importance of risk prevention and regulatory strength in enhancing investor protection in the capital market [1] Group 1: Risk Prevention - The China Securities Regulatory Commission (CSRC) aims to strengthen risk prevention capabilities, focusing on early detection and handling of risks across markets, industries, and borders [1] - A long-term mechanism for stabilizing the market will be established to prevent significant market fluctuations [1] Group 2: Regulatory Strength - The CSRC will adopt a "zero tolerance" approach to law enforcement, targeting financial fraud, market manipulation, and insider trading with strict legal actions [1] - Continuous efforts will be made to enhance investor trust and confidence through rigorous enforcement [1] Group 3: Investor Protection Initiatives - The CSRC plans to release several opinions aimed at strengthening the protection of small and medium investors, focusing on the processes of issuance, listing, and delisting [1] - A total of 23 practical measures will be introduced to create a fair trading environment and improve customer service levels in the industry [1] - The establishment of a diversified dispute resolution mechanism for securities and futures will be promoted to address key concerns of small and medium investors [1]

Macro Insights - The People's Bank of China will conduct a 10 billion yuan buyout reverse repurchase operation with a term of 3 months to maintain ample liquidity in the banking system [4] - The Ministry of Commerce responded to the "involution" competition in the automotive industry, stating that it will strengthen comprehensive rectification and compliance guidance [31] Company and Industry Alerts - The China Securities Regulatory Commission is working on a comprehensive policy document to enhance the protection of small and medium investors in the capital market [12] - The China Weapon Equipment Group is undergoing a split, with its automotive business becoming an independent central enterprise [13] - The price of Feitian Moutai has dropped below 2000 yuan per bottle in some regions, with retail prices around 2100 yuan [14] - The National Medical Products Administration announced a reward system for internal whistleblowers reporting quality and safety violations in pharmaceuticals and medical devices [32] Legal and Financial Issues - Guizhou Hongcai Investment Group is involved in two major lawsuits with a total execution amount exceeding 600 million yuan [6] - Zhangzhou Economic Development Group was ordered to pay 297.8 million yuan plus interest due to a construction contract dispute [7] - Sichuan Liangshan Development Group must pay 21.1151 million yuan plus interest following a final judgment in a construction contract dispute [8] - Huai'an Hongxin State-owned Assets Investment Management Company is facing an arbitration ruling for failing to pay construction fees, with a total amount of approximately 261 million yuan [10] International Developments - The U.S. announced visa restrictions for international students at Harvard University due to non-compliance with federal information requests [20] - Alaska Airlines plans to reduce flight numbers due to increased tariffs affecting new aircraft purchases [21] - The U.S. has raised steel and aluminum tariffs from 25% to 50%, which may lead to significant price increases for various goods [22]

Group 1 - The Chinese government will establish 10 national data element comprehensive pilot zones in Beijing, Zhejiang, and Anhui to support the cultivation of business entities and the expansion of the data market [3] - The Ministry of Commerce will actively cooperate with relevant departments to strengthen comprehensive rectification and compliance guidance in the automotive industry to maintain fair competition and promote healthy industry development [4] - The China Securities Regulatory Commission's chief lawyer stated that efforts are being made to formulate a comprehensive policy document on investor protection for small and medium-sized investors in the capital market [5] Group 2 - The company Co-Creation Turf, which has seen a four-day stock increase, stated that the hosting of domestic football sports events will not have a significant impact on its business activities and performance [6] - Sanofi's new drug application for a humanized monoclonal antibody injection targeting IL-1β has been accepted for restructuring [6] - Lianhua Technology, which has seen a six-day stock increase, reported stable gross margins for its K-amine products and has not received any notifications of increased customer demand [6] - Wentech Technology's shareholder, Wuxi Guolian Integrated Circuit Investment Center, plans to reduce its holdings by no more than 3% of the company's shares [6]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of investor protection in the capital market, particularly for small and medium investors, as a foundation for supporting technological innovation [1] Group 1: Investor Protection Policies - The CSRC is working on a comprehensive policy document titled "Several Opinions on Further Strengthening the Protection of Small and Medium Investors in the Capital Market" [1] - There is a commitment to enhance information disclosure regarding the technological innovation attributes and investment risks of sci-tech enterprises [1] - The CSRC aims to improve the investor suitability system and mechanisms [1] Group 2: Support for Enterprises and Investors - The CSRC encourages issuers and their controlling shareholders to voluntarily commit to compensating investors in advance [1] - There is a focus on improving the management level of the 12386 service platform for investor services [1] - The CSRC supports the establishment of a normalized mechanism for representative litigation and the trial of arbitration in the securities and futures industry [1]