Core Viewpoint - The securities advisory industry is experiencing growth due to increasing demand for professional investment advice, but it faces challenges from malicious refund requests and complaints linked to "black and gray industries" [1][2]. Group 1: Industry Challenges - The rise of "black and gray industries" has created a complete industrial chain, making it difficult for the securities advisory industry to combat these issues alone [2]. - Malicious refund requests and complaints have surged, leading to a need for stronger internal compliance and external governance within securities advisory firms [1][2]. Group 2: Regulatory Environment - The China Securities Regulatory Commission has intensified oversight, resulting in numerous penalties for securities advisory firms due to issues like inadequate internal controls and misleading marketing [1]. - A specific case highlighted an employee colluding with external parties to exploit client information, emphasizing the need for improved employee compliance and loyalty within advisory firms [1]. Group 3: Collaborative Solutions - The establishment of a shared blacklist mechanism for "agent rights protection" is essential for identifying malicious complaints and forming a collaborative defense against these issues [2]. - Securities advisory firms are encouraged to collaborate with law enforcement and regulatory bodies to dismantle the operational chains of "black and gray industries" [2]. - Recent actions by firms, such as reporting illegal activities to police, demonstrate a proactive approach to combating malicious entities within the industry [2].