整治证券投顾维权乱象，上海警方出手了。 8月1日，上海市公安局经侦总队披露，在湖北等地警方协助下，联合上海嘉定公安分局成功侦破一起敲诈勒索 证券投资咨询公司案件，抓获6名犯罪嫌疑人，查证非法获利600余万元。 据悉，上海一证券投资咨询公司收到大量客户"异常投诉"，接到报案后，警方全面调取了相关资料并开展走访 调查，发现了这些恶意投诉背后疑似有团伙代为操作。 此前，证券时报·券商中国对证券投顾维权乱象进行了专题报道，近年来资本市场反复活跃，A股新开户数持续 走高，给证券投顾行业带来大量客户和业绩增量，同时，打着"代理维权"旗号的机构也如影随形，而根治维权 乱象需要投顾机构自身和外界力量综合发力。 上海警方破获投顾维权乱象最新案例 8月1日，上海市公安局经侦总队公布一个证券投顾领域疑似团伙操作的最新案例。 具体而言，今年5月，上海市一证券投资咨询公司向上海嘉定警方报案称，近期集中收到了大量客户的"异常投 诉"，这些客户均声称该司在提供证券投资咨询服务期间存在"暗示预估收益、确保投资风险"等违规行为而要 求退还服务费用。 但经过该公司内部核查，这些发起投诉的客户均已结束服务项目至少一年以上，在合同约定的服务期间从未 ...

整治证券投顾维权乱象，上海警方出手了。 8月1日，上海市公安局经侦总队披露，在湖北等地警方协助下，联合上海嘉定公安分局成功侦破一起敲诈勒索 证券投资咨询公司案件，抓获6名犯罪嫌疑人，查证非法获利600余万元。 据悉，上海一证券投资咨询公司收到大量客户"异常投诉"，接到报案后，警方全面调取了相关资料并开展走访 调查，发现了这些恶意投诉背后疑似有团伙代为操作。 此前， 证券时报·券商中国 对证券投顾维权乱象进行了专题报道（ 证券投顾退款大增！揭秘恶意"代理维权"黑 灰产 ），近年来资本市场反复活跃，A股新开户数持续走高，给证券投顾行业带来大量客户和业绩增量，同 时，打着"代理维权"旗号的机构也如影随形，而根治维权乱象需要投顾机构自身和外界力量综合发力。 上海警方破获投顾维权乱象最新案例 警方详解非法维权手法 8月1日，上海公安局经侦总队公布一个证券投顾领域疑似团伙操作的最新案例。 具体而言，今年5月，上海市一证券投资咨询公司向上海嘉定警方报案称，近期集中收到了大量客户的"异常投 诉"，这些客户均声称该司在提供证券投资咨询服务期间存在"暗示预估收益、确保投资风险"等违规行为而要 求退还服务费用。 但经过该公司内部核 ...

Core Insights - The report predicts that overseas Chinese stocks will experience a concentrated disclosure period for mid-2025 earnings in late August, with an expected earnings growth rate of 13% for the first half of 2025, up from 8% in 2024 [1][2][4] - The materials sector is expected to see significant improvement in earnings growth, while technology and healthcare sectors are likely to maintain high growth. However, consumer discretionary and energy sectors may face downward pressure on earnings growth [1][3][4] - As of July 30, 2025, the earnings forecast disclosure rate for overseas Chinese stocks is approximately 17%, with a current overall positive forecast rate of 60%, particularly strong in utilities, finance, and healthcare sectors [1][5] Industry Analysis - The materials sector, particularly construction and chemicals, is showing signs of earnings recovery due to easing capacity pressures and cost optimization. The technology and healthcare sectors continue to exhibit high growth [3][4] - Consumer discretionary and energy sectors are under pressure, with intense competition in e-commerce and automotive sectors potentially dragging down short-term earnings. The energy sector, dominated by industry giants, shows resilience against short-term fluctuations [3][4] - The telecommunications, consumer staples, finance, and utilities sectors are maintaining stable earnings, with notable sub-sectors such as diversified finance and transportation expected to see earnings acceleration [3][4] Tactical Allocation Recommendations - The report suggests increasing allocations to high-growth and value stocks in the gaming and internet e-commerce sectors, as these sectors are expected to benefit from improving market conditions and valuations [7][8] - Despite high valuations, innovative pharmaceuticals and non-bank financials are highlighted for their high earnings forecast rates and potential for upward revisions [8]

Core Insights - The securities investment consulting industry is facing a significant increase in refund requests and customer complaints, driven by malicious "proxy rights protection" activities that harm the reputation of consulting firms [1][2][3] Refund and Complaint Trends - Refund amounts in the securities consulting industry reached 1.348 billion yuan in 2021, 2.328 billion yuan in 2022, and 2.445 billion yuan in 2023, with a continuing upward trend into 2024 [1] - The number of complaints to the Shanghai Securities Regulatory Bureau increased from 88 in 2022 to 821 in 2024, marking an 833% rise [1] - The refund rate for leading consulting firm Jiufang Zhitu reached 30.3% and 31% for its flagship and Qilong series, respectively, due to the rise in malicious proxy rights protection activities [3] Proxy Rights Protection Activities - Many clients report receiving similar messages or calls from proxy rights protection agencies, often using scripted language to demand refunds based on fabricated claims of being defrauded [2] - Proxy rights protection agencies typically charge around 30% of the recovered amount as service fees, often misleading investors about their qualifications and the legitimacy of their services [4][5] Industry Impact and Challenges - The investment consulting industry is experiencing operational imbalances, with revenue growth at 28% contrasted by an 81% increase in refund amounts and a 290% rise in complaint volumes [3] - The rise of proxy rights protection has created a "black and gray" industrial chain that affects not only consulting firms but also banks, insurance companies, and other financial service providers [6] Recommendations for Governance - Experts suggest a comprehensive governance system to combat the proxy rights protection issue, including enhancing investor education, tightening market entry standards for proxy rights organizations, and improving the response mechanisms of financial institutions [7]

Core Viewpoint - The article highlights the significant penetration of financial "black and gray industries" across various sectors, emphasizing the need for a collaborative enforcement and judicial system, along with enhanced financial data sharing and risk control responsibilities to combat these issues effectively [33]. Group 1: Industry Dynamics - The securities advisory industry has seen a dramatic increase in refund requests, with total refunds reaching 24.45 billion in 2023, up from 13.48 billion in 2021, marking an over 80% increase [7][12]. - Approximately 30% to 40% of refund requests are attributed to malicious agency claims, which have created substantial challenges for the securities advisory sector [8][12]. - The number of agency firms in the securities advisory sector has surged to around 800, with many former agents from the banking and insurance sectors transitioning into this field [8][12]. Group 2: Financial Impact - The securities advisory industry generated a net income of 54.4 billion in 2024, despite facing a significant increase in refund requests [11]. - The total refund amount in the securities advisory industry for 2023 was 24.45 billion, with abnormal refunds estimated to exceed 9 billion, which nearly consumed the industry's average profit of 17.62 billion [21][23]. - The revenue generated by malicious agency claims in the securities advisory sector is estimated to be around 2.9 billion for 2023, based on the refund amounts and commission structures [21]. Group 3: Regulatory Challenges - The regulatory framework for addressing malicious agency claims in the securities advisory sector is less stringent compared to the banking and insurance sectors, where such actions are classified as extortion [28]. - The difficulty in prosecuting malicious agency claims is compounded by the evasive tactics employed by these organizations, such as using multiple company registrations and operating through external networks [29][31]. - The securities advisory industry is collaborating with law enforcement to enhance the crackdown on malicious agency claims, but challenges remain due to the complexity of evidence collection and jurisdictional issues [30][32].