本报记者 吴晓璐 近日，上海金融法院发布《证券虚假陈述责任纠纷法律风险防范报告》（以下简称《报告》），在受理2.3万余件案件的基 础上，对证券虚假陈述案件审判情况进行了全面梳理，对各类被诉侵权行为主体涉及的纠纷以及法律风险进行提示，提出建 议。 针对资本市场的新情况以及证券纠纷案件中出现的新问题，《报告》的主要撰写者之一——上海金融法院立案庭副庭长周 欣接受了《证券日报》记者专访。 帮助造假者 被投资者索赔 谈及法院为什么会在此时发布《报告》，周欣表示，高质量的信息披露是资本市场健康发展的基石。当前，上市公司欺诈 发行以及上市后信息披露违法违规的情形仍时有发生，由此引发了大量的证券侵权群体性纠纷。上海金融法院建院7年以来， 共审理了2.3万余件证券虚假陈述责任纠纷案件。在对这些案件进行全面梳理总结的基础上发布《报告》，旨在为资本市场各参 与主体提供明确清晰的信披规范指引，提示权利义务边界，引导各主体合法经营依规履职，从而防范资本市场风险，服务保障 资本市场高质量发展。 建院7年来，上海金融法院受理了22件全国首例案件，其中11件为证券领域案件。据周欣介绍，从案件类型看，包括了证 券虚假陈述责任纠纷案；操纵证券 ...

Group 1 - The Ministry of Commerce urges the US to stop the 232 tariff measures, stating that such actions are unilateral and protectionist, harming the interests of other countries and disrupting the multilateral trade system [3] - The Ministry of Commerce responds to the US's export control measures against Huawei's Ascend chips, indicating that these actions severely damage the legitimate rights of Chinese companies and threaten the stability of the global semiconductor supply chain [3] - The Ministry of Commerce addresses the issue of rare earth export controls, stating that there is no further information available at this time, but will provide updates as necessary [4] Group 2 - The Supreme Court and the China Securities Regulatory Commission (CSRC) emphasize the need to combat false information and protect market order, stating that those who harm others' rights through false narratives will face legal consequences [9] - The CSRC announces new regulations requiring that funds raised by listed companies must be used specifically for their main business and not for permanent working capital or repaying bank loans [12] - The CSRC will strictly regulate changes in the use of raised funds and ensure that controlling shareholders do not occupy these funds, with penalties for unauthorized changes [13] Group 3 - The China Chemical Corporation's subsidiary is involved in a lawsuit regarding false statements related to securities, with claims for damages amounting to 5.147 billion yuan [14] - China Minmetals Corporation reports a 24.9% year-on-year decrease in new contract amounts for the first four months of 2025, with overseas contracts also declining by 7.7% [15] - The real estate industry is experiencing a contraction, with the top 30 real estate companies reporting a slight revenue decline of 0.083% year-on-year, with only 11 companies showing growth [27]

Core Viewpoint - The article discusses the release of the "Guiding Opinions on Strict and Fair Law Enforcement and Judicial Services to Ensure the High-Quality Development of the Capital Market" by the Supreme People's Court and the China Securities Regulatory Commission, which aims to enhance investor protection and improve the legal framework for capital markets [1][2]. Group 1: Investor Protection - The "Guiding Opinions" emphasize the need to strengthen investor protection awareness and legally safeguard investors' rights, including the right to information, participation in corporate governance, and fair market participation [3][4]. - The introduction of representative litigation for securities disputes aims to facilitate investors in protecting their legal rights and reduce the costs associated with investor rights protection [3]. - The document highlights the importance of high-quality information disclosure as a foundation for the registration system, with a commitment to strictly combat fraudulent issuance and financial disclosure violations [3]. Group 2: Market Participant Behavior - The "Guiding Opinions" call for the regulation of behavior among market participants, promoting stable operations of securities, futures, and fund management institutions [5]. - It outlines the need for judicial bodies to report any irregularities, such as circular financing or false capital contributions, to regulatory authorities during the handling of shareholder rights disputes [5]. - The document also emphasizes the need for proper adjudication of disputes between private fund managers and investors, ensuring the protection of investors' legitimate rights [5]. Group 3: Judicial and Administrative Coordination - The "Guiding Opinions" propose enhancing the mechanism for judicial and administrative coordination, promoting a multi-faceted dispute resolution mechanism [8]. - It encourages the use of non-litigation methods, such as mediation, to resolve securities disputes and improve the efficiency of judicial and regulatory processes [8]. - The establishment of a comprehensive information-sharing mechanism between judicial and regulatory bodies is highlighted to enhance cooperation and improve the quality of judicial execution and administrative penalties [8].

Group 1 - The core viewpoint of the news is the release of the "Guiding Opinions" by the Supreme People's Court and the China Securities Regulatory Commission to enhance the legal framework supporting the high-quality development of the capital market [1][2] - The "Guiding Opinions" consist of 23 points aimed at reducing the cost of investor rights protection and increasing the enforcement against various illegal activities [1][2] - The document emphasizes the importance of judicial and administrative collaboration to address existing issues in civil, administrative, criminal, and judicial processes [1][2] Group 2 - The "Guiding Opinions" aim to strengthen investor protection by ensuring their rights to information, participation in corporate governance, and fair market participation are upheld [2][3] - It introduces the concept of representative litigation for securities disputes to facilitate investors in protecting their legal rights and reduce the costs associated with such actions [2][3] - The document highlights the need for high-quality information disclosure as a foundation for the registration system, with a focus on combating fraudulent issuance and financial misconduct [2][3] Group 3 - The "Guiding Opinions" call for improved quality of listed companies by ensuring accurate and complete disclosure of information regarding shareholders and actual controllers [3] - It specifies that illegal agreements related to shareholding and profit transfer should be deemed invalid by the courts, indicating a stricter enforcement approach [3] Group 4 - The document outlines measures to regulate the behavior of market participants, emphasizing the need for securities, futures, and fund management institutions to operate prudently [4] - It proposes a framework for handling disputes between private fund managers and investors, ensuring the responsibilities of trustees are clearly defined and upheld [4] Group 5 - The "Guiding Opinions" address the issue of false information dissemination and "black market" activities that disrupt market order, emphasizing legal consequences for such actions [5][6] - It supports victims in pursuing civil claims for damages caused by these illegal activities, with criminal liability for those who commit offenses [6] Group 6 - The document promotes the establishment of a multi-faceted dispute resolution mechanism, enhancing cooperation between judicial and administrative bodies [7] - It encourages the use of mediation and non-litigation methods to resolve securities disputes, aiming to alleviate litigation pressures and improve social outcomes [7] - The "Guiding Opinions" advocate for a comprehensive information-sharing mechanism between judicial and regulatory authorities to enhance the efficiency of legal and regulatory processes [7]

Regulatory Developments - The Supreme Court and the China Securities Regulatory Commission (CSRC) have jointly issued guidelines to conduct representative litigation for securities disputes, aiming to lower the cost of investor rights protection [1] - The China Securities Association has revised its mediation rules for securities disputes, enhancing the credibility of the mediation process and establishing a mechanism for punishing dishonest behavior [2] Market Trends - The ChiNext Index fell by 1.91%, with over 3,800 stocks declining across the market, indicating a broad market downturn [4] - The trading volume in the Shanghai and Shenzhen markets was 1.15 trillion yuan, a decrease of 164.3 billion yuan from the previous trading day [4] Trade and Economic Relations - Following mutual tariff reductions, container shipping bookings from China to the U.S. surged by nearly 300%, with average bookings increasing from 5,709 to 21,530 standard containers within a week [5] - China has urged the U.S. to cease its Section 232 tariffs on imports, emphasizing the negative impact of unilateralism and protectionism on global trade [1] Technological Advancements - OpenAI has launched the GPT-4.1 model for ChatGPT users, focusing on coding tasks and instruction adherence, with access expanding to various user tiers [7] - Google DeepMind introduced AlphaEvolve, an AI agent designed for advanced algorithm development, which has made significant breakthroughs in solving complex mathematical problems [7]

Core Viewpoint - The Supreme Court and the China Securities Regulatory Commission (CSRC) have issued guidelines to enhance the enforcement of securities disputes through representative litigation, which is crucial for increasing the cost of violations, protecting investors' rights, and ensuring the stable and healthy development of the capital market [1] Group 1 - The guidelines emphasize the importance of regularizing representative litigation for securities disputes to improve the legal environment for investors [1] - There is a focus on strengthening communication and collaboration to establish a mechanism for the normalization of special representative litigation [1] - Courts are encouraged to promptly accept and adjudicate cases that meet legal criteria for special representative litigation [1] Group 2 - Investor protection agencies can initiate ordinary representative litigation on behalf of over 50 investors and participate as representatives in special representative litigation, which may streamline court processes and enhance litigation efficiency [1] - A mechanism for case assessment will be improved to address the challenges posed by numerous parties involved in representative litigation [1] - Various channels such as consultation hotlines, live court sessions, and online inquiries will be established to facilitate investor feedback and safeguard their rights [1]

Group 1 - The Supreme People's Court and the China Securities Regulatory Commission are focusing on investor protection and standing firm on the people's position [1] - There will be a legal crackdown on fraudulent issuance and financial information disclosure violations, along with improvements to the civil compensation responsibility system for false statements [1] - Regular representative litigation for securities disputes will be conducted to facilitate investors in legally safeguarding their rights and reduce the costs of investor rights protection [1]

Group 1 - The Supreme People's Court and the China Securities Regulatory Commission will regularly conduct representative litigation for securities disputes, facilitating investors in legally safeguarding their rights and reducing the cost of investor protection [1] - The initiative aims to encourage securities, futures, and fund management institutions to return to their core functions and operate in a stable manner [1]

Core Viewpoint - The Supreme People's Court and the China Securities Regulatory Commission have jointly issued guidelines aimed at enhancing investor protection and reducing the costs associated with investor rights protection in the capital market [1] Group 1: Investor Protection - The guidelines focus on protecting investors and emphasize the importance of a people-centered approach [1] - There is a commitment to legally combat fraudulent issuance and financial information disclosure violations, as well as to improve the civil compensation responsibility system for false statements [1] - The implementation of representative litigation for securities disputes will be normalized to facilitate investors in safeguarding their legal rights [1] Group 2: Market Regulation - The guidelines aim to standardize market participant behavior and foster a healthy market ecosystem [1] - There is a push for securities, futures, and fund management institutions to return to their core functions and operate in a stable manner [1] - The guidelines also seek to enhance the judicial rules of the multi-tiered capital market and support industry self-regulatory organizations in fulfilling their legal responsibilities [1] Group 3: Capital Market Stability - The initiative is designed to ensure a high-level institutional opening of the capital market and to purify the market ecology [1] - It aims to prevent and mitigate risks within the capital market [1]