12月20日，贵州百灵（002424.SZ）披露《行政处罚告知书》，因2019年至2023年间持续财务造假，公 司及相关责任人遭贵州监管局重罚。 四年调控利润11.14亿元，被罚2560万元 根据处罚决定，贵州百灵被处以1000万元罚款；实控人、董事长姜伟罚款500万元并被采取10年证券市 场禁入措施；时任董事、总经理、董秘牛民，时任董事、副总经理姜勇分别被罚350万元、200万元；另 有封基贤等7名相关责任人分别被处以50万至150万元不等罚款，合计罚没金额达2560万元。 《经济参考报》在此前报道中也统计，贵州百灵在2021年5—6月、2022年3月及12月曾出现多笔不合常 理的股价异动。公司副总经理陈培怀疑，华创证券涉嫌通过"融券做空"操纵股价，而股价下跌直接导致 大股东姜伟需不断补充质押物，自身利益受损。不过上述举报均未获得监管部门的违规认定。 截至2025年三季度末，华创证券旗下两只纾困基金仍持有贵州百灵11.54%的股份，为公司第二大股 东，双方的诉讼纠纷尚未有明确结果。 纾困变博弈：与华创证券股权纠纷愈演愈烈 就在财务造假处罚落地之际，贵州百灵与华创证券之间持续数年的矛盾进一步浮出水面。这场纠纷 ...

Group 1 - The core issue of the long-term stagnation of the Chinese stock market is attributed to regulatory deficiencies and institutional flaws, with calls for stricter laws to combat fraud and establish an investor protection fund [1][4][5] - Huang Qifan suggests that the Shanghai Composite Index should reasonably be around 5000 points, reflecting China's economic scale and GDP growth, yet it has been hovering around 3000 points due to ineffective regulation and market manipulation [2][3][4] - The lack of effective oversight on poorly performing companies and the prevalence of quantitative trading have led to a distorted market where potentially strong companies are undervalued while underperforming stocks are artificially inflated [4][6][7] Group 2 - There is a strong public demand for appointing capable professionals in social management and financial markets to enhance the quality of economic development and invigorate the stock market [4][5] - The relationship between government, capital markets, companies, and investors needs clarification, with a focus on enforcing strict regulations on companies that rely on market manipulation rather than innovation [5][6] - The establishment of a small and medium investor protection fund is necessary, with a recommendation to retain penalty funds within the securities market for compensating investors [6][7] Group 3 - The current market structure is criticized for allowing large shareholders to exploit loopholes, leading to significant capital outflows and persistent market declines [7][8] - Recommendations include limiting short-selling practices and enhancing corporate governance by empowering independent directors to oversee management effectively [8][9] - A call for the government to implement measures to stabilize the market at 4000 points before aiming for 5000 points, emphasizing the need for a comprehensive approach to market recovery [9][10]

Core Viewpoint - The article reflects on the past ten years since the significant stock market crash in July 2015, highlighting the volatility and the lessons learned from trading experiences during that period [1]. Group 1: Market Performance and Personal Experiences - The Shanghai Composite Index has fluctuated around 3400 points a decade after the crash from 5178 points in 2015 [1]. - Many traders experienced significant losses during the market downturn, with some recalling their mistakes and missed opportunities, emphasizing the importance of learning from past experiences [2][3]. - The article mentions specific trading strategies, such as short selling and arbitrage, which some traders employed during the market's volatility [2][9]. Group 2: Investment Strategies and Reflections - Some traders successfully capitalized on market conditions, such as engaging in arbitrage with split funds, achieving returns of up to 40% [5]. - The narrative includes reflections on the emotional toll of trading, with traders expressing feelings of fear and regret during downturns, yet also highlighting eventual recovery and learning [3][4]. - The importance of maintaining a long-term perspective and a positive mindset is emphasized, with references to historical wisdom about the transient nature of market conditions [3].