前一阵子，温峥嵘、靳东等知名演员在直播间频频遇上"假我"的新闻刷遍朋友圈。原来是不法分子利用AI的换 脸技术造出了数字人，并安排其直播卖货，从形象到声音都是假的！ 技术的进步让我们的生活更加便利更加精彩，但同时也让各类骗子以假乱真的能力更上一层楼。更值得警惕的 是，类似的骗术也已经出现在证券投资领域，而且常常会被包装为馅饼的形式。这一期，我们整理了工作中遇 到过的一些 真实案例 ，希望能给大家提个醒， 凶狠的"以假乱真"和诈骗，比我们想象中更加猖狂。 骗术1：用真照片假冒公司员工 近期，有投资者告诉我们，自己收到了我司员工金*、杨*的微信邀约，并表示加好友后可 免费进行 股票推荐 。 和直播间的"温峥嵘" 、"靳东"类似，本案例中，金*、杨*的名字 、照片都是真的，但操作这账号的人，是骗 子。 说实话，集齐姓名、照片以及任职机构信息来 冒充证券基金行业的员工并不难。协会网站公布了每一位从业 者的姓名、照片、所在公司，再从公司官网下载logo图标，一键P图就"完美"复刻员工工牌或公司证件照。 但仔细琢磨一下，这样的骗术并非天衣无缝。比如， 作为一家公募基金管理人的员工，我们是不会也不可以 向投资者提供股票推荐服 ...

Core Viewpoint - The article highlights the significance of the "Capital Connectivity - New Silk Road of Financial Investment" conference held in Frankfurt, emphasizing the deepening financial cooperation between China and Europe, particularly in the context of the 50th anniversary of diplomatic relations between China and Germany [2][4]. Group 1 - The China Securities Investment Fund Industry Association participated in the conference, which was co-hosted by the German Federal Association of Investment and Asset Management (BVI) and the Bank of China, with nearly 200 representatives from the asset management industry, banks, exchanges, and regulatory bodies from both regions [2]. - The BVI President, Richter, expressed the importance of the conference as a timely opportunity to enhance communication and cooperation between Chinese and European financial sectors, aiming to build a solid bridge for dialogue and collaboration [2][6]. - The Association's leadership promoted the spirit of the 20th National Congress of the Communist Party of China, highlighting the long-term positive trend of the Chinese economy and the role of the fund industry in supporting the real economy and innovation [4]. Group 2 - Participants agreed on the solid foundation and immense potential for China-Europe financial cooperation, focusing on practical collaboration in capital market connectivity, green finance, and digital finance [6]. - There is a shared expectation among representatives to strengthen exchanges in cross-border product innovation, risk management, and investor services, exploring new growth points in asset management cooperation [6]. - During the visit, the Association engaged with Allianz Investment, Deutsche Börse Group, and DWS Group to discuss the development of the asset management industry in both countries, investment opportunities in China, and internationalization of asset management companies [8].

Core Points - The Shanghai Stock Exchange has revised and published the "Self-Regulatory Rules for Fund Management Applicable Guidelines No. 1 - Index Funds" which will take effect on November 19, 2025 [1] - The guidelines specify requirements for fund managers intending to develop index funds based on non-broad-based stock indices [3] Summary by Sections Introduction - The guidelines aim to standardize the activities related to publicly raised index securities investment funds and protect investors' legal rights [2] Applicability - The guidelines apply to fund managers developing index funds for listing on the Shanghai Stock Exchange, and any unregulated matters will refer to existing fund listing rules and related regulations [2] Requirements for Non-Broad-Based Stock Indices - The index must have at least 30 constituent securities [3] - No single constituent security can exceed 15% weight, and the top five constituents must not collectively exceed 60% [3] - The index must be published for no less than three months and approved by the China Securities Regulatory Commission, except for indices that align with national strategies and industrial policies [3] - Constituent securities that account for over 90% of the weight must have an average daily trading amount in the top 80% of all listed stocks on the exchange over the past year [3] Additional Provisions - Broad-based stock indices are not subject to the aforementioned restrictions, but single constituent weight should generally not exceed 30% [3] - Fund managers developing bond index funds must meet similar requirements as outlined for stock indices [3] Application Process - Fund managers must submit various materials to the exchange before launching the fund, including the fund sale application and documentation proving compliance with index requirements [4] Compliance and Enforcement - Fund managers must ensure that the investment portfolio complies with relevant laws and regulations before the fund is listed [6] - The exchange can impose self-regulatory measures or disciplinary actions against fund managers who violate the guidelines [8] Conclusion - The guidelines are effective immediately upon publication, replacing the previous version issued on August 10, 2023 [10]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of high-quality development and comprehensive reform in the capital market during the "14th Five-Year Plan" period, focusing on enhancing market attractiveness and competitiveness through specific reforms and initiatives [1][2]. Group 1: Key Points from the Meeting - The CSRC Chairman, Wu Qing, highlighted six principles for advancing the "14th Five-Year Plan" for the capital market, including adherence to the Party's leadership and promoting high-quality development [1]. - The meeting discussed the need to deepen reforms in areas such as issuance, refinancing, and mergers and acquisitions to enhance the capital market's appeal and inclusivity [1]. - There is a call for listed companies to improve their quality and investment value by increasing dividend payouts and buybacks, while also enhancing the role of institutional investors in corporate governance [1]. Group 2: Future Directions for the Capital Market - Participants agreed that during the "14th Five-Year Plan," China's capital market has seen both scale and quality improvements, particularly following the implementation of the new "National Nine Articles" and the "1+N" policy framework [2]. - The meeting proposed supporting high-quality securities and fund companies to develop into top-tier investment banks and institutions, while also promoting the high-quality development of intermediary institutions like accounting and law firms [1]. - There is an emphasis on enriching the A-share market product system, including indices, ETFs, and derivatives, to better serve the wealth preservation and appreciation needs of residents [1].

Core Insights - The report highlights a cautious approach among tenants in the Chinese office market, with a focus on stability in real estate planning and a shift towards cost control and efficient space utilization [10][12][16] - There is a notable increase in intentions to renew leases and restructure agreements, with 66% of tenants planning to renew and 59% considering lease restructuring, indicating a preference for optimizing existing agreements rather than expanding [9][19] - Tenants are increasingly prioritizing flexibility in office space to enhance both space efficiency and employee experience, with 39% planning to optimize office layouts and 46% focusing on smart upgrades [9][29] Demand Dynamics - 29% of surveyed companies plan to increase office space over the next three years, the lowest in five years, while 36% intend to maintain current space, reflecting a stable mindset amid uncertainties [12][16] - The manufacturing sector shows the highest uncertainty regarding office space planning, with 67% of tenants opting for uncertain or unchanged space due to trade war impacts [16][24] - The technology and consumer sectors exhibit the strongest growth intentions, with retail and consumer services showing a significant increase in net growth willingness [16][24] Leasing Strategies - The preference for lease renewals has risen, with 63% of tenants considering renewal and 37% opting for lease restructuring, indicating a cautious approach to real estate decisions [19][24] - 86% of tenants prioritize lower rental costs, while 70% emphasize location and amenities in their site selection [20][24] - The trend of shared office space is on the rise, with 33% of respondents considering its inclusion in their real estate strategy over the next three years [30][31] Office Space Preferences - Tenants are focusing on flexible office layouts to meet diverse needs, with 39% planning to enhance collaborative and private workspaces [9][29] - There is a strong emphasis on smart building upgrades, with 46% of tenants prioritizing technology integration for better space management [9][29] - Sustainability remains a long-term trend, with 29% of companies having set zero-carbon goals, although some are reconsidering these targets [35][41] Future Outlook and Recommendations - The report suggests that the office market will increasingly focus on adaptability and functionality, with 30% of tenants recommending developers enhance supporting facilities [9][29] - Companies are advised to dynamically adjust office space planning in line with business development, prioritizing properties with flexible lease terms and diverse space configurations [9][29] - Enhanced communication and collaboration with property managers, along with the use of digital tools for real-time space monitoring, are recommended to optimize resource allocation [9][29]

Group 1 - The Shanghai Stock Exchange (SSE) has launched a campaign to educate investors about the risks of illegal stock recommendations, featuring actor Hu Ge to promote rational investment and awareness of scams [1] - Hu Ge emphasizes the importance of recognizing fraudulent schemes and warns against believing in guaranteed profits and high returns [1] - Regulatory bodies and financial institutions are increasing efforts to prevent illegal securities activities, particularly in light of advancements in AI technology that facilitate the creation of deceptive content [1] Group 2 - Shenzhen Dongfang Hongwan Investment announced that it has identified numerous new accounts on internet platforms using AI-generated images and videos of its representative, Dan Bin, for illegal stock recommendation activities [2] - The company clarifies that neither it nor Dan Bin has ever recommended stocks or authorized anyone to do so in their name [2][7] - The China Securities Regulatory Commission (CSRC) has repeatedly issued warnings about the risks associated with illegal stock recommendations, urging investors to enhance their discernment skills [7][9] Group 3 - The rise of illegal stock recommendation activities has prompted regulatory authorities and social platforms to take significant action against such financial misconduct, resulting in the removal of numerous violating accounts [9] - The accessibility of AI technology has led to an increase in accounts claiming to offer high returns through AI tools, which has raised concerns about potential scams [9] - The CSRC has emphasized the need to combat misleading practices that endanger investors' financial security [9]

Core Points - The China Securities Regulatory Commission (CSRC) has issued a notice to simplify the inheritance process for small estates of deceased investors, specifically for amounts under 50,000 RMB [1][2] - The new procedure eliminates the requirement for notarization, allowing first-order heirs or designated beneficiaries to directly handle the inheritance with necessary documentation [1][2] - The notice aims to reduce the time and costs associated with the inheritance process, which previously required notarized documents, thus benefiting small investors [1][2] Summary by Sections Inheritance Process - The notice allows first-order heirs (spouses, children, parents) and beneficiaries named in a notarized will to apply for the simplified inheritance process for estates not exceeding 50,000 RMB [1] - All net assets under the same securities account or managed by the same public fund management company can be included in this simplified process [1] Application Materials - Applicants can use the deceased's death certificate, proof of relationship, identification documents, and a commitment letter to apply, without needing a notarized inheritance certificate [1][2] Industry Impact - The notice aligns with current banking practices and aims to protect small investors by setting the inheritance limit at 50,000 RMB, thus maximizing benefits for this demographic [2] - The high liquidity of securities allows for a straightforward process where applicants can reset account passwords, sell or redeem assets, and directly inherit the funds [2]

Core Viewpoint - The financial industry has introduced a significant convenience measure following the simplification of small deposit withdrawals, specifically aimed at enhancing the process of small estate inheritance in the securities and fund sector [2][3]. Group 1: Simplification of Small Estate Inheritance - The China Securities Regulatory Commission (CSRC) has implemented a notification to simplify the inheritance process for small estates valued at 50,000 RMB or less, eliminating the need for notarization [2][3]. - Heirs can now directly process inheritance with necessary documents such as death certificates and proof of kinship, streamlining the previous requirement for notarized inheritance certificates [2][3]. - The new rules also address situations where securities are suspended or financial products are not yet due, providing clear guidelines for non-trading transfer applications [2][3]. Group 2: Industry Research and Feedback - Prior research by the CSRC and China Securities Depository and Clearing Corporation indicated a growing number of investors seeking to process small estate inheritances, with many reporting difficulties in convenience [3]. - Industry self-regulatory organizations in regions like Shanghai have explored simplification measures, but inconsistencies in practices highlighted the need for standardized regulations [3]. Group 3: Coverage and Efficiency - The new notification expands the scope of small estate inheritance to include all net assets under the same securities company or managed by the same public fund manager, as long as the total does not exceed 50,000 RMB [3][4]. - The regulations aim to ensure that the process is efficient and secure, balancing convenience with the protection of heirs' interests [3][4]. - The asset range now includes funds, securities, and public fund products, ensuring that the process is handled in a single instance, benefiting small and medium investors [4].

Core Points - The China Securities Regulatory Commission (CSRC) has issued a notice to simplify the inheritance process for small estates of deceased investors, specifically for amounts under 50,000 yuan [1][2] - The new procedure eliminates the need for notarization, allowing first-order heirs or designated inheritors to directly process the inheritance with necessary documents [1][2] - The notice applies to both on-market securities and off-market asset management products, including public funds, thereby standardizing the inheritance process across the securities and fund industries [1][2] Summary by Sections - **Eligibility for Inheritance**: The notice specifies that the first-order heirs (spouse, children, parents) and those designated in a notarized will can apply for the inheritance of small estates [2] - **Asset Limitations**: The total net assets under a single securities account or public fund managed by the same fund manager must not exceed 50,000 yuan to qualify for the simplified process [2] - **Required Documentation**: Applicants need to provide the deceased's death certificate, proof of relationship, identification, and a commitment letter, without needing a notarized inheritance certificate [2] - **Application Process**: Applicants must visit the deceased's securities company for on-site processing or follow the relevant procedures at public fund management or sales institutions [2] - **China Securities Settlement Corporation (CSSC) Updates**: CSSC will revise and publish supporting business notifications and guidelines regarding the handling of inheritance cases, especially in situations where securities are suspended or financial products are not yet due [2]

Core Viewpoint - The recent issuance of the "Notice" by the Ministry of Finance aims to enhance the long-term assessment of state-owned insurance companies, promoting stable and sustainable investment of insurance funds in the capital market [1][4][8]. Group 1: Long-term Assessment Mechanism - The "Notice" adjusts the evaluation of net asset return rates from "annual indicator + three-year indicator" to include a five-year indicator, with respective weights of 30%, 50%, and 20% [5][9]. - The capital preservation and appreciation rate will also be evaluated similarly, aiming to reduce the impact of market volatility on annual performance evaluations [5][9]. - The long-term assessment mechanism is expected to encourage insurance companies to focus on long-term returns and mitigate short-term behaviors, thus facilitating high-quality development [5][8]. Group 2: Investment Management and Operational Improvement - The "Notice" requires state-owned insurance companies to enhance asset-liability management, ensuring better matching in terms of structure, cost, and cash flow [7][10]. - It emphasizes the importance of prudent operations and the need for improved investment management capabilities, including strict adherence to internal investment management systems and risk assessment processes [7][10]. - The focus on long-term investment is anticipated to strengthen the role of insurance funds as stable capital in the market, supporting the high-quality development of the real economy [10][11]. Group 3: Market Impact and Future Outlook - As of the end of 2024, the total investment balance of commercial insurance funds is projected to reach approximately 33 trillion yuan, with only about 11% allocated to A-shares, indicating significant room for growth [3][9]. - The adjustment in the assessment mechanism is expected to enhance the willingness of insurance funds to enter the market, potentially bringing in an additional 350 billion yuan if a 1% increase in stock allocation occurs [9]. - The long-term assessment is likely to improve the efficiency of market price discovery and resource allocation, as evidenced by the successful practices of social security funds [9].