新华社北京12月18日电（记者刘慧）12月18日，中国资本市场学会学术委员会委员"集体亮相"。当天， 中国资本市场学会学术委员会成立会议暨第一届第一次全体委员会议在北京举行。 据介绍，此次成立的学术委员会是中国资本市场学会最高学术机构，由资本市场研究领域29名权威专 家、学者组成，设主任委员1名，副主任委员4名，每届任期4年。委员组成方面，包括政府部门研究机 构、高校专家学者、海外专家学者、市场机构专家等。 中国资本市场研究网信息显示，学术委员会致力于加强学术研究、促进学术交流、鼓励学术创新、崇尚 学术道德，深入开展学术评议、咨询、宣传、交流活动，充分发挥学术引领、认知引导、咨政建言作 用。 【纠错】 【责任编辑:谷玥】 "成立学术委员会是中国资本市场学会提升理论研究水平、发挥智库平台作用的重要安排。"中国证监会 主席、中国资本市场学会会长吴清在会上说。 他表示，扎根中国资本市场实践，聚焦资本市场包容性吸引力、定价效率、金融科技、法治建设等重点 问题，不断健全完善理论框架和方法论，为加快建设强大的资本市场提供坚实理论支撑。 ...

据了解，"宪法宣传周"期间，西部证券开展各类法治宣传活动220余场，覆盖社会群体超4.1万人次。西 部证券表示，公司将以国家级投教基地和陕西省省级法宣中心为依托，持续履行资本市场法治建设参与 者的责任，为进一步全面深化资本市场改革、防范化解金融风险、奋力推进中国特色现代资本市场高质 量发展贡献"西部力量"。 中证报中证网讯（记者 刘英杰）在2025年我国第八个"宪法宣传周"期间，西部证券（002673）紧密结 合证券行业实际组织开展了系列法治宣传教育活动，积极助力资本市场法治生态建设，进一步营造法治 社会的良好氛围，展现了西部证券在全面推进依法治国进程中的责任担当。 12月4日国家宪法日上午，公司在西安的投资者教育暨法治宣传教育实践中心举行了模拟宪法宣誓仪 式，员工代表通过宣誓、观看微视频、获赠《宪法》单行本等形式强化宪法意识。同日举办的读书分享 会上，业务骨干结合证券业务案例，深入探讨依法规范展业的具体路径。 西部证券相关负责人向记者介绍，公司构建了"线上+线下"立体网络。线上方面，公司通过自有平台推 出专题讲座，实现员工学习全覆盖。线下方面，公司投教志愿者深入西安、渭南、宝鸡等地的社区、广 场、街道以及高 ...

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system, focusing on legal reforms and investor protection mechanisms [1] Group 1: Legal Reforms - Strengthening the rule of law in the capital market by revising the Securities Law and the Securities Investment Fund Law [1] - Developing and revising regulations for the supervision of listed companies and securities firms to create a fair market environment [1] Group 2: Investor Protection - Promoting the establishment of special representative litigation mechanisms to protect investors [1] - Enhancing investor education and advocacy for rational, value, and long-term investment strategies [1] Group 3: Market Environment - Improving the management of expectations and fostering a societal atmosphere that encourages innovation and tolerates failure [1] - Building high-end think tank platforms and talent teams to address strategic and foundational issues in the capital market [1]

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of the capital market to better serve the development of new productive forces, promote equitable distribution of development outcomes, and support high-quality development of the capital market and financial power construction [1][2][3]. Group 1: Support for Innovation and Investor Needs - The capital market will provide greater support for technological innovation by implementing more inclusive systems for issuance, listing, and mergers and acquisitions, addressing the characteristics of tech companies such as high R&D investment and long profit cycles [1][2]. - There is a focus on meeting diverse wealth management needs of investors by creating a multi-layered market system and product service matrix, while continuously expanding channels for long-term capital to enter the market [1][2]. Group 2: Regulatory Efficiency and Risk Management - The regulatory framework will be enhanced to be more precise and efficient, keeping pace with domestic and international capital market innovations, and improving risk monitoring and early warning capabilities [2][3]. - Emphasis is placed on balancing investment and financing, optimizing the financing structure, and promoting coordinated development between primary and secondary markets [2][3]. Group 3: Market Structure and Corporate Governance - There will be efforts to optimize the structure of listed companies and enhance their investment value, including reforms in the mergers and acquisitions market and improving the flexibility of refinancing mechanisms [3][4]. - The article highlights the need for a robust incentive and constraint mechanism for listed companies to encourage cash dividends and share buybacks, while also ensuring a smooth exit mechanism for underperforming companies [3][4]. Group 4: Long-term Investment Environment - The creation of a more attractive environment for long-term investments is prioritized, with initiatives to improve the conditions for long-term capital to enter and thrive in the market [4][5]. - The article advocates for the development of public funds and private equity, promoting a healthy cycle of fundraising, investment, management, and exit [4][5]. Group 5: Legal and Regulatory Framework - Strengthening the legal framework for the capital market is essential, including revising relevant laws and regulations to create a fair and transparent market environment [4][5]. - The article calls for enhanced investor protection mechanisms and the promotion of rational, value-based, and long-term investment practices [4][5]. Group 6: Market Stability and International Cooperation - The importance of maintaining market stability is emphasized, with a focus on risk prevention and management, particularly in the context of cross-market and cross-border risks [5][6]. - The article supports the gradual opening of the capital market and enhancing international competitiveness, including improving the participation of foreign investors [5][6].

Group 1 - The core viewpoint emphasizes the importance of protecting investor rights in the capital market, highlighting the judicial victories in over a hundred cases of false statements by listed companies as a significant step in the legal construction of the capital market [1][3] - The new Securities Law implemented in 2020 has significantly increased the cost of illegal information disclosure and introduced representative litigation, addressing the challenges of collective rights protection [1][2] - The Supreme People's Court abolished the administrative penalty pre-procedure for civil compensation cases related to false statements in 2022, lowering the threshold for investors to file lawsuits [1][2] Group 2 - The effectiveness of the multi-dimensional accountability system is reflected in the coordinated efforts of regulatory and judicial bodies, which have intensified scrutiny and clarified judgment standards, transforming civil remedies from theoretical rights into tangible compensation [2] - The civil public interest litigation mechanism is crucial in addressing the challenges of "small and dispersed" rights protection, with investor protection organizations filling the gap in legal remedies [2] - The seamless connection between regulation and judiciary has reduced the burden of proof for investors and amplified the deterrent effect of legal penalties [2][3]

Core Viewpoint - The Guangdong High Court has released a white paper on securities false statement infringement cases, highlighting efforts to combat financial fraud and protect investor rights, thereby supporting the high-quality development of the capital market [1]. Group 1: Case Statistics and Trends - From 2022 to 2024, the Guangdong courts concluded 17,515 securities false statement liability disputes, with a 34.7% year-on-year decrease in new first-instance cases in 2024, totaling 111 companies involved [2]. - The majority of the companies sued were in manufacturing (64), followed by information technology (17) and construction (7) [2]. - Of the cases judged, 65 companies were involved, with 52 facing administrative penalties and 7 under criminal proceedings [2]. Group 2: Judicial Innovations and Mechanisms - The Guangdong courts have established a digital litigation service platform and introduced guidelines for a demonstration judgment mechanism in financial trials [2]. - A comprehensive dispute resolution scheme has been implemented, combining non-litigation methods, pre-trial mediation, and parallel case hearings [2][4]. Group 3: Investor Protection and Market Integrity - The white paper emphasizes the importance of protecting investors, particularly small and medium-sized investors, as essential for promoting high-quality capital market development [4]. - The courts have collaborated with regulatory bodies to strengthen accountability across administrative, civil, and criminal dimensions, aiming to deter illegal activities in the capital market [4]. Group 4: Case Example of Violation - A notable case involved a shareholder violating a lock-up commitment after a divorce, leading to a lawsuit where the company sought to recover approximately 51 million yuan from the shareholder for unauthorized stock sales [5]. - The Guangdong High Court ruled that the shareholder must pay 596.4 thousand yuan in profits from the illegal sale, establishing a precedent for calculating illegal gains based on stock price movements [6][8].

Core Viewpoint - The recent policies and regulations aim to enhance the legal framework and regulatory environment of China's capital market, focusing on risk prevention, strong supervision, and promoting high-quality development [1][2][3]. Group 1: Legal and Regulatory Framework - The 20th National Congress emphasized the need for a coordinated investment and financing capital market, highlighting the importance of risk prevention and regulatory strength [1]. - The new "National Nine Articles" require a focus on strong regulation and risk prevention to promote high-quality development in the capital market [1][2]. - Recent measures have been introduced to support the long-term development of technology companies, with over 90% of companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market being tech firms [2]. Group 2: Market Stability and Investor Confidence - The introduction of guidelines to encourage long-term capital investment aims to create a stable market environment, addressing the historical volatility of the capital market [3]. - The implementation of policies such as the "Guidance on Promoting Long-term Capital Investment" and the "Action Plan for High-Quality Development of Index Investment" is designed to enhance market stability [3]. - Regulatory measures are being strengthened to support investor returns through dividends and share buybacks, fostering confidence among retail investors [3]. Group 3: Corporate Governance and Compliance - The new regulations focus on improving the share reduction rules for major shareholders to enhance corporate governance and protect investor interests [4]. - Stricter entry requirements for public offerings and enhanced responsibilities for intermediaries are being enforced to ensure market integrity [4]. - The introduction of a comprehensive system for monitoring and penalizing misconduct, including insider trading and market manipulation, is crucial for maintaining market fairness [5]. Group 4: Legal Enforcement and Investor Protection - The new "National Nine Articles" propose a multi-faceted approach to increase accountability for securities violations, including administrative, civil, and criminal penalties [5]. - Collaborative efforts between judicial and regulatory bodies aim to improve the efficiency of legal processes related to securities violations [5][9]. - Innovative dispute resolution mechanisms, such as judicial mediation and arbitration, are being promoted to enhance investor protection and resolve conflicts effectively [9]. Group 5: Future Directions and Challenges - The upcoming "14th Five-Year Plan" period will focus on addressing persistent issues in the capital market, such as shareholder misconduct and regulatory enforcement [7]. - There is a need for continuous improvement of laws and regulations, particularly in the areas of derivative trading and cross-market supervision [8]. - The promotion of a culture of compliance and investor education is essential to mitigate risks associated with market manipulation and fraud [8].

Core Viewpoint - The release of the "Guiding Opinions" by the Supreme People's Court and the China Securities Regulatory Commission marks a significant step in enhancing the legal framework supporting the high-quality development of the capital market, focusing on investor protection and regulatory compliance [1][4]. Summary by Relevant Sections Investor Protection - The "Guiding Opinions" emphasize the importance of investor protection by combating fraudulent issuance and financial information disclosure violations, and improving the civil compensation system for false statements. It also promotes regular representative litigation for securities disputes to facilitate investors in safeguarding their legal rights and reduce the costs of such actions [1][4]. Regulation of Market Participants - The document outlines the need to standardize the behavior of securities, futures, and fund management institutions, urging them to return to their core functions and operate prudently. It includes provisions for addressing improper related-party transactions and prioritizing customer interests in disputes with these institutions [2][4]. Judicial and Regulatory Coordination - The "Guiding Opinions" propose enhancing the coordination between judicial and administrative functions, promoting a multi-faceted dispute resolution mechanism, and improving the efficiency of judicial and regulatory processes through better information sharing and collaboration [3][4]. Organizational Support and Capacity Building - There is a focus on strengthening the financial trial team and optimizing the jurisdiction and trial mechanisms for financial cases. This aims to enhance the standardization and rule of law in regulatory enforcement [3][4]. Overall Impact on the Capital Market - The introduction of the "Guiding Opinions" is expected to reshape the market ecosystem comprehensively, enhancing investor confidence and attracting long-term capital into the market. It aims to facilitate a virtuous cycle of investment and financing, particularly benefiting the futures and derivatives markets by clarifying judicial protections for trading rules [5].

Core Viewpoint - The joint release of the "Guiding Opinions" by the Supreme People's Court and the China Securities Regulatory Commission aims to enhance judicial policies and rules, innovate working mechanisms, and strengthen investor protection in the capital market [1][2]. Group 1: Judicial and Regulatory Framework - The "Guiding Opinions" serve as a comprehensive document to improve judicial policies and adjudication rules, enhancing the quality and efficiency of judicial and regulatory oversight in the capital market [1]. - It summarizes the actual work of court enforcement and capital market regulatory enforcement, proposing 23 specific opinions across five areas: overall requirements, investor protection, market participant norms, judicial-administrative collaboration, and organizational implementation [1][2]. Group 2: Investor Protection Measures - Key measures include legally combating fraudulent issuance and financial information disclosure fraud, and improving the civil compensation system for false statements [2]. - The initiative promotes regular representative litigation for securities disputes, facilitating investors in protecting their legal rights and reducing the costs of investor rights protection [2]. Group 3: Collaborative Mechanisms - The "Guiding Opinions" emphasize the need for enhanced collaboration and information sharing between judicial and administrative processes, aiming to improve the effectiveness of judicial execution and administrative regulatory penalties [2]. - Future efforts will focus on implementing the "Guiding Opinions," solidifying the institutional foundation for judicial protection in the capital market, and optimizing the collaborative mechanisms between judicial and regulatory bodies [2].

Core Viewpoint - In 2024, the China Securities Regulatory Commission (CSRC) aims to enhance the rule of law in the capital market, guided by Xi Jinping's thoughts and the spirit of the 20th National Congress of the Communist Party of China, focusing on high-quality development and risk prevention in the capital market [1][16]. Group 1: Legal Framework and Regulatory Improvements - The establishment of a "1+N" policy system to improve legislative quality, including the issuance of supporting documents to enhance the regulatory framework for securities companies and public funds [2][3]. - The CSRC plans to implement a comprehensive legislative work plan for 2024, focusing on revising and improving securities and futures regulations [3]. - Continuous enhancement of the basic legal system for the capital market, including the promotion of new administrative regulations and the revision of existing laws [2]. Group 2: Economic Support and Market Functionality - The CSRC aims to improve the capital market's ability to support high-quality economic development, particularly in technology innovation and new production capabilities [4]. - A total of 2,609 administrative license applications were received in 2024, with 1,359 approvals issued, indicating a robust administrative process [5]. Group 3: Market Environment and Enforcement - The establishment of a comprehensive mechanism to prevent and punish financial fraud, including collaboration with various departments to enhance regulatory enforcement [6]. - In 2024, 739 cases were handled, with administrative penalties amounting to 15.342 billion yuan, a significant increase from the previous year [7]. - Continuous strengthening of daily supervision and regulatory measures to ensure compliance and maintain market integrity [7]. Group 4: Risk Prevention and Investor Protection - The CSRC emphasizes the importance of risk prevention in the futures market and aims to enhance the quality of listed companies through stricter regulations [9]. - A total of 8,000 cases were successfully mediated in 2024, recovering over 650 million yuan for investors, showcasing the effectiveness of dispute resolution mechanisms [13]. - The implementation of investor protection measures, including educational initiatives and legal support for investors, is a priority for the CSRC [14]. Group 5: Transparency and Accountability - The CSRC is committed to enhancing transparency in governance and regulatory processes, with 650 government information requests processed in 2024 [11]. - Continuous legal review and public engagement are prioritized to ensure regulatory actions are transparent and accountable [11][12].