Core Viewpoint - The A-share market has seen a surge in new investor accounts since January 2024, leading to increased demand for investment advisory services, which has also attracted malicious actors exploiting these new investors through fraudulent refund and complaint schemes [1][2][3]. Group 1: Rise of Malicious Activities - A significant number of institutions and individuals are targeting new investors under the guise of "protecting investor rights," inducing them to request refunds and file complaints against investment advisory firms, taking a commission of 30% to 50% from refunds [1][2]. - The emergence of a complete "proxy maintenance" black and gray industry chain has been noted, with some individuals engaging in extortion and malicious complaints against advisory firms [1][4]. Group 2: Methods of Exploitation - Various tactics are employed by these malicious entities, including creating fake success stories and using social media to lure investors into signing contracts for refund services [4][5]. - The industry has seen the rise of organized and professionalized "proxy maintenance" activities, with clear divisions of labor among teams focused on customer acquisition, complaints, and legal matters [5][6]. Group 3: Impact on the Industry - The refund and complaint rates have surged, with refund amounts rising from 1.348 billion in 2021 to 3.2 billion in 2024, and complaints increasing by 290% [6][7]. - Malicious complaints have become a significant contributor to the rising refund amounts, with their share increasing from 45.6% in 2022 to 51.4% in 2024 [7]. Group 4: Challenges in Governance - The industry faces challenges in addressing malicious maintenance activities due to the covert methods used by these entities to obtain customer information and the legal ambiguities surrounding their actions [8][11]. - Regulatory bodies and law enforcement have begun to take action against these fraudulent activities, with recent cases leading to arrests and the dismantling of extortion schemes [9][10]. Group 5: Recommendations for Improvement - To combat the rise of malicious activities, investment advisory firms are advised to enhance internal compliance, improve service quality, and collaborate with regulatory bodies to report illegal activities [11][12]. - There is a call for a coordinated regulatory approach involving multiple departments to effectively tackle the black and gray market of proxy maintenance [11].