熊锦秋 近日，三花智控个股上演了由"特斯拉50亿元订单"小作文引发股价脉冲的闹剧。笔者认为，应加大对此类小作文 整治力度。 根据报道，这篇小作文的传播路径极具迷惑性：先在国内投资圈小范围酝酿，继而"出口"至海外社交平台X进 行"精致包装"，伪装成援引国内媒体或特斯拉相关资讯，再经由其他海外账号二次传播赋予其"国际认证"假象，最 后"内销"回国内股票交流平台，利用信息差和时间差，在A股市场精准引爆。此事件或将当前利用小作文操控股价 的灰色产业链条暴露无遗，影响市场正常秩序，应依法严查整治。 应该说，"出口转内销"式小作文的本质或属新型市场操纵。三花智控在"关于市场不实传言的澄清公告"中披露，关 于三花智控获得机器人大额订单的传言不属实。小作文"出口转内销"手法，增加了信息的"可信度"，但其实是一种 更为隐蔽、危害更大的违法行为组合。其核心目的或在于通过编造、传播虚假信息，影响证券交易价格，并从中 牟利，或符合《证券法》第五十五条第五款"利用虚假或者不确定的重大信息，诱导投资者进行证券交易"操纵手 段的定义。这种操纵手段不排除有二级市场低买高卖操作行为相配合。 另外，《证券法》第五十六条明确禁止任何单位和个人编造 ...

Core Viewpoint - The article highlights the manipulation of stock prices through misleading information, particularly focusing on the case of Sanhua Intelligent Control, which experienced a stock price surge due to a fabricated narrative about a large order from Tesla. This incident underscores the need for stricter regulation and enforcement against such deceptive practices in the market [1][2]. Group 1: Nature of the Incident - The misleading narrative about Sanhua Intelligent Control was initially circulated within a small domestic investment circle before being "exported" to overseas social media, where it was presented as credible information, creating a false sense of legitimacy [1]. - The manipulation technique, described as "exporting and then importing" misleading information, is seen as a new form of market manipulation that can significantly disrupt market order [1][2]. Group 2: Legal Framework and Consequences - The Securities Law prohibits the fabrication and dissemination of false or misleading information that disrupts the securities market, with potential penalties including confiscation of illegal gains and fines ranging from one to ten times the illegal gains [2]. - Regulatory authorities are encouraged to investigate the connections between the sources of misleading information and market traders, with the possibility of imposing penalties for violations of multiple legal provisions [2][3]. Group 3: Recommendations for Improvement - Strengthening cross-border regulatory cooperation and tracing the origins of misleading information is essential to combat the "export-import" manipulation tactics [2][3]. - Social media platforms and financial media should be held accountable for monitoring and identifying suspicious information, implementing measures to flag or remove confirmed false information [3]. - Companies should respond promptly to market rumors that could significantly impact their stock prices, including issuing clarifications and potentially requesting temporary trading halts [3]. - Investor education is crucial to encourage informed decision-making based on verified information, reducing the likelihood of falling victim to misleading narratives [3].