记者丨 崔文静 编辑丨包芳鸣 12月26日， *ST长药收跌3.92%，每股报1.47元，总市值5.1亿元。相较于历史市值最高点，已蒸发超90%。 * ST长药连续造假三年！走向退市终局 2014年上市、2020年起由光伏企业转向医药赛道的*ST长药，走向退市终局。根据其12月26日公告的《行政处罚事先告知书》，*ST长药因涉 嫌触及重大违法强制退市情形，将被深交所依法启动退市程序。 一场维持三年的财务造假，最终迎来的是一张"终身禁入"的罚单与不可避免的退市终局。 12月26日，*ST长药公告收到行政处罚事先告知书，因连续三年财务造假，深交所将对其启动重大违法强制退市程序。这家公司，成为年内第 15家触及此红线的上市公司，数量创下历史纪录。 这绝非孤立事件，而是当前资本市场"零容忍"严监管态势的缩影。根据最新退市规则，只要财务造假行为持续三年，即会触及重大违法强制退 市。*ST长药正是撞上了这条监管"高压线"：其子公司通过伪造单据、虚构交易，在2021至2023年间累计虚增收入7.33亿元、利润1.68亿元。 监管的雷霆手段随之而至。 处罚不仅针对公司（罚款1000万元），更重拳直击"首恶"：14名责任人员被 ...

虽然相关法律法规早已划定了涉股市言行的清晰边界，禁止任何单位和个人编造、传播虚假信息或误导 性信息，扰乱证券市场。但随着自媒体、直播等业态的快速发展，制造、传播股市"小作文"的现象屡见 不鲜，各类假新闻、假专家层出不穷：有散布监管政策谣言者，有炒作上市公司不实信息者，还有随意 预测股市涨跌者等，目的无非是博眼球、赚流量，操纵股价、低买高卖，严重污染信息环境，扰乱市场 秩序。 还投资者一个清朗的信息环境，在处置、关闭相关网络账号外，还有必要追根溯源。一篇篇股市"小作 文"的背后，往往埋伏着"引流—炒作—收割"的产业链条，要抽丝剥茧挖出幕后利益链，对涉嫌违法的 该查就查，对构成犯罪的该追究刑事责任得追究，对投资者因虚假信息造成损失的予以支持依法索赔， 构建起"不想传谣、不能传谣、不敢传谣"的常态化机制。 守护清朗的投资信息环境，功夫既在信息里，也在信息外，离不开多方参与的久久为功。网络平台要切 实担起主体责任，当好信息的过滤器和守门人，不能为了流量而对虚假信息睁一只眼闭一只眼。上市公 司要及时透明地披露信息，用权威真实声音击穿"小作文"。投资者则需擦亮双眼，对那些"稳赚不赔"的 诱惑多一分警惕，对所谓"独家爆料" ...

据不完全统计，截至2025年12月23日，处于诉讼时效期内、因存在明确违规行为或涉嫌违规，投资者可 依法提起索赔的证券标的达256家（含股票和债券）。 2025年年底前，将有6家公司的投资者索赔诉讼时效正式届满。投资者若未在此前通过提起诉讼、申请 仲裁等方式主张权利，将丧失依法维权的实体胜诉权，错失通过司法途径挽回损失的最后机会。 人民财讯12月24日电，近年来，资本市场监管部门持续聚焦违法违规行为，以"长牙带刺"的执法力度强 化监管震慑，释放出对财务造假、信息披露违法等行为"零容忍"的严管高压信号。 在"零容忍"监管大背景下，投资者权益保护工作已取得显著成效，但有证券维权律师指出，当前投资者 证券维权索赔过程中，仍有部分细节亟待优化完善。若能针对性解决相关问题，不仅可进一步健全投资 者权益保护体系，更能有效增强投资者对资本市场的信心，为市场健康发展注入更多动能。 ...

Group 1 - The core issue is the rise of false information in the capital market, particularly through social media, which undermines market integrity and investor trust [1][2] - Regulatory bodies, including the National Internet Information Office and the China Securities Regulatory Commission, are actively addressing the spread of false information by taking action against specific accounts [1][3] - The proliferation of misleading "small essays" has led to significant market distortions, causing sudden stock price fluctuations and impacting investor decision-making [2] Group 2 - Some false information is generated using AI technology, making it more deceptive and harder for ordinary investors to discern the truth [2] - The motivations behind creating false narratives include seeking fame and profit, with some individuals manipulating stock prices for illegal gains [2] - The ongoing regulatory efforts aim to reduce the prevalence of false information and protect the interests of investors and the overall market [3]

近期，国家网信办会同证监会深入整治涉资本市场网上不实信息，依法处置一批炮制谣言、非法荐股的 账号。这些账号有的散布涉资本市场监管政策谣言；有的炒作股市走势，随意预测涨跌，博取流量；有 的非法推荐股票，谋取利益，被监管部门关闭或者禁言。 严查抹黑金融机构 和上市公司账号 一些自媒体针对上市公司和证券基金经营机构，捏造传播谣言，给相关主体带来经营、股价、声誉等方 面的损失，也对整个行业形象造成了不良影响。 国家网信办开展"清朗·优化营商网络环境—整治涉企网络黑嘴专项行动"，积极处置涉企网络侵权不法 行为，督促重点网站平台强化涉企信息内容管理，从严从快处置一批涉企违法违规账号。比如，微信公 众号"财报风云""伟海精英"恶意集纳上市公司、金融机构负面信息，歪曲解读企业股权结构、财务报表 等涉企公开信息，诋毁企业形象声誉，唱衰企业发展前景。微信公众号"大力如山""中证金镕"长期 以"爆料"等方式散布金融机构小道消息，发布无事实依据的内容。 国家网信办和证监会表示，资本市场具有很强的信息敏感性，编造、传播资本市场虚假信息以及其他违 法违规言论，扰乱信息传播秩序，影响市场稳定运行，将受到法律惩处。网信部门和证券监管部门提醒 ...

Group 1 - The China Securities Regulatory Commission (CSRC) and the National Internet Information Office are actively addressing false information related to the capital market, shutting down accounts that spread rumors and provide illegal stock recommendations [1][2] - Certain accounts, such as "Eight Sister Invincible" and "Financial Report Wind and Cloud," have been identified for disseminating false information regarding regulatory policies and stock market trends, which disrupts market stability [1][2] - The use of AI technology by some accounts to fabricate and spread false information has been noted, leading to significant disruptions in information dissemination and public perception [2] Group 2 - The internet regulatory authorities are conducting a special action to clean up online infringement behaviors related to enterprises, urging major platforms to strengthen content management and swiftly deal with illegal accounts [3] - Negative commentary about financial institutions and listed companies from certain accounts has been identified as harmful to the healthy development of the industry [3] - Since 2021, the China Listed Companies Association has collaborated with various departments to establish a reporting mechanism for false news, resulting in the removal of numerous false information and the closure of several accounts [3]

这些账号涉及的情况包括：散布涉资本市场监管政策谣言；集纳炒作上市公司和金融机构不实信息；利 用AI编造资本市场虚假信息；炒作股市走势，随意预测涨跌，博取流量；非法推荐股票，谋取利益。 【纠错】 【责任编辑:谷玥】 记者12月19日获悉，近期，国家网信办会同中国证监会深入整治涉资本市场网上不实信息，依法处置一 批炮制谣言、非法荐股的账号。 网信部门和证券监管部门提醒广大网民，树立正确投资理念，增强风险防范意识，加强金融信息辨别， 不造谣、不传谣、不信谣，共同营造清朗的网络空间。（记者刘羽佳、王思北） ...

Core Viewpoint - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to combat false and misleading information related to the capital market, taking legal action against accounts that fabricate rumors and illegally recommend stocks [1][2][3] Group 1: Actions Taken Against Misinformation - Several accounts, including "八姐无敌" and "投行小兵," have been reported for spreading false rumors about capital market regulatory policies, including fabricated IPO policies and insider information [1] - Accounts such as "财报风云" and "伟海精英" have been identified for maliciously aggregating negative information about listed companies and financial institutions, distorting public information and harming corporate reputations [1] - Accounts like "财经周末老师" and "小宋老师说财经" have utilized AI technology to generate false information about the capital market, inciting negative sentiment and disrupting investor decision-making [2] Group 2: Types of Misinformation - Accounts such as "爱在深秋-郑老师" have been noted for making arbitrary predictions about stock market trends to gain traffic, while others like "热点牛股王" have illegally recommended stocks, misleading investors into believing they could predict stock movements [2] - The use of sensationalist tactics, including "clickbait" headlines and emotional manipulation, has been prevalent among various accounts aiming to exploit market volatility for personal gain [2] Group 3: Regulatory Reminder - The capital market is highly sensitive to misinformation, and the dissemination of false information can disrupt market stability, leading to legal consequences [3] - Regulatory bodies are urging the public to adopt correct investment philosophies, enhance risk awareness, and improve financial information discernment to foster a clearer online environment [3]

Core Viewpoint - The National Internet Information Office and the China Securities Regulatory Commission are intensifying efforts to address false information related to the capital market, leading to the closure of accounts that spread rumors and illegally recommend stocks [1][2][3] Group 1: Regulatory Actions - Regulatory bodies emphasize the sensitivity of capital market information and the legal consequences of spreading false information that disrupts market stability [1][2] - A number of self-media accounts have been identified for fabricating false IPO policies and misleading the public, which has negatively impacted investor decision-making [2][3] - The National Internet Information Office has initiated a special action to clean up online misinformation about enterprises, leading to the closure of accounts that spread harmful content [3][4] Group 2: Impact on Financial Institutions - Self-media accounts have been found to spread rumors about listed companies and financial institutions, causing reputational damage and affecting their operations [3][4] - The dissemination of negative information about financial institutions undermines the overall image of the industry and disrupts normal business operations [3][4] Group 3: Use of Technology in Misinformation - Some accounts have utilized AI technology to generate and spread false information, significantly disrupting the order of information dissemination [5] - The use of AI to produce misleading content has led to the closure of multiple accounts that misinform the public and confuse perceptions [5] Group 4: Market Manipulation and Illegal Recommendations - Certain self-media accounts have been found to manipulate stock market trends and make baseless predictions to attract attention and traffic [6] - Accounts that illegally recommend stocks and mislead investors into making poor decisions have been shut down [6] Group 5: Industry Responsibility and Public Awareness - Industry insiders stress the importance of accurate information dissemination for the stable operation of the capital market and the need for all parties to act responsibly [7] - There is a call for the public to develop a correct investment philosophy and enhance their ability to discern financial information [7]

Core Viewpoint - The article emphasizes the crackdown on false information related to the capital market, highlighting the legal consequences for accounts spreading rumors and illegal stock recommendations [1][3]. Group 1: Regulation and Enforcement - The National Internet Information Office and the China Securities Regulatory Commission are actively addressing false information in the capital market, closing accounts that spread rumors or illegally recommend stocks [1][3]. - Accounts that fabricate regulatory policies or misinterpret market information have been identified and subjected to legal action, disrupting public perception and investor expectations [3][4]. - A special action named "Clear and Optimize the Business Network Environment" has been initiated to manage and rectify illegal online behaviors related to enterprises [5][6]. Group 2: Impact of False Information - Self-media accounts have been found to spread rumors about listed companies and financial institutions, causing reputational damage and affecting stock prices [5][6]. - The dissemination of false information has led to negative impacts on the financial industry’s image and has disrupted normal business operations [5][6]. - The use of AI technology to generate and spread false information has been noted, with several accounts being closed for creating misleading content [8][9]. Group 3: Market Behavior and Investor Awareness - Some self-media accounts have been accused of manipulating stock market discussions to gain attention, making unfounded predictions about market trends [9][10]. - Accounts that illegally recommend stocks or create hype around market movements have been identified, leading to potential harm to investors [10][11]. - Industry experts stress the importance of accurate information dissemination for the healthy operation of the capital market, urging all parties to act responsibly [11].