Core Viewpoint - The stock price of Tonghuashun has experienced fluctuations, with a recent decline of 2.00% on February 6, 2025, while the company shows a year-to-date increase of 7.42% [1][2]. Group 1: Stock Performance - As of February 6, 2025, Tonghuashun's stock price is reported at 346.10 yuan per share, with a trading volume of 18.17 billion yuan and a turnover rate of 1.66%, resulting in a total market capitalization of 186.06 billion yuan [1]. - Year-to-date, the stock has increased by 7.42%, but has seen a decline of 0.77% over the last five trading days and a decrease of 2.67% over the last 20 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Tonghuashun achieved operating revenue of 3.261 billion yuan, representing a year-on-year growth of 39.67%, and a net profit attributable to shareholders of 1.206 billion yuan, reflecting an increase of 85.29% [2]. - The company has distributed a total of 7.991 billion yuan in dividends since its A-share listing, with 4.193 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tonghuashun is reported at 82,600, a decrease of 4.81% from the previous period, while the average circulating shares per person increased by 5.05% to 3,336 shares [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.6293 million shares, an increase of 2.3322 million shares from the previous period [3].

Core Viewpoint - The recent regulatory crackdown on the "real-time valuation" feature of mutual funds across major platforms aims to address industry chaos and promote long-term investment principles [5][13]. Regulatory Actions - Major platforms have removed features like "real-time valuation," "live rankings," and "increased holdings rankings" in response to regulatory requirements [1][15]. - The China Securities Regulatory Commission (CSRC) issued a notice mandating the removal of these features by January 30, 2026, highlighting two main violations: collaboration with unqualified internet influencers and the reintroduction of previously banned features [15][16]. Reasons for Regulation - The core reasons for the removal of the "real-time valuation" feature include: 1. **Inherent Data Errors**: The data provided by third-party platforms is based on outdated reports, leading to discrepancies with actual net values, which can mislead investors and cause disputes [5][13]. 2. **Encouragement of Short-term Trading**: The feature promotes a short-term trading mentality, contrary to the fundamental principle of long-term investment, resulting in lower returns for frequent traders compared to long-term holders [5][13]. 3. **Marketing Malpractices**: Some fund companies have exploited the feature in collaboration with unqualified influencers, leading to misleading promotions and significant losses for investors [6][14]. 4. **Industry Ecosystem Upgrade**: The regulation aims to shift the focus from stimulating transactions to providing professional services, thereby enhancing investor protection [6][14]. Impact on Investors - Investors are advised to adjust their strategies post-removal of real-time valuation by focusing on: 1. **Understanding Actual Holdings**: Analyzing periodic reports for insights into the fund's top holdings and management strategies rather than relying on real-time estimates [8][16]. 2. **Evaluating Long-term Risk and Return**: Establishing performance evaluation mechanisms over longer periods to assess the fund's ability to generate excess returns and manage risks [9][16]. 3. **Implementing Dollar-Cost Averaging**: Adopting a disciplined investment approach to mitigate emotional trading and benefit from market fluctuations over time [9][17].

Core Viewpoint - The stock price of Tonghuashun has experienced fluctuations, with a recent decline of 2.08% on February 5, 2025, while the company shows a year-to-date increase of 9.26% [1][2]. Group 1: Stock Performance - As of February 5, 2025, Tonghuashun's stock price is reported at 352.01 yuan per share, with a trading volume of 1.368 billion yuan and a turnover rate of 1.23%, leading to a total market capitalization of 189.241 billion yuan [1]. - Year-to-date, the stock has increased by 9.26%, with a decline of 1.59% over the last five trading days, a rise of 1.35% over the last 20 days, and an increase of 1.53% over the last 60 days [2]. Group 2: Company Overview - Tonghuashun, established on August 24, 2001, and listed on December 25, 2009, is based in Hangzhou, Zhejiang Province. The company provides software products, system maintenance services, financial data services, and investment analysis tools for individual investors [2]. - The revenue composition of Tonghuashun includes 48.33% from value-added telecommunications services, 36.01% from advertising and internet promotion services, 9.43% from fund sales and other businesses, and 6.22% from software sales and maintenance [2]. Group 3: Financial Performance - For the period from January to September 2025, Tonghuashun achieved a revenue of 3.261 billion yuan, representing a year-on-year growth of 39.67%. The net profit attributable to shareholders reached 1.206 billion yuan, marking an increase of 85.29% year-on-year [2]. - Since its A-share listing, Tonghuashun has distributed a total of 7.991 billion yuan in dividends, with 4.193 billion yuan distributed over the past three years [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of shareholders for Tonghuashun is reported at 82,600, a decrease of 4.81% from the previous period, with an average of 3,336 circulating shares per person, an increase of 5.05% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 14.6293 million shares, an increase of 2.3322 million shares from the previous period [3].

Group 1 - The core point of the articles highlights a significant increase in new A-share accounts, with January 2026 seeing 4.9158 million new accounts, marking a 213% year-on-year growth and the second-highest monthly figure since the "924" market rally [1][2] - The total number of new A-share accounts reached 27.4369 million in 2025, a 9.75% increase from 2024, indicating a strong recovery in market activity [1][2] - Third-party platforms like Tonghuashun have benefited significantly from this surge, with the company reporting a 30% increase in net profit to 1.8 billion yuan in 2024 and projecting a further 50% to 80% growth in 2025 [2][3] Group 2 - Despite the influx of new accounts, brokerage firms are heavily reliant on third-party platforms for client acquisition, leading to high customer acquisition costs [1][3] - Major social media platforms such as Douyin, Xiaohongshu, and WeChat are becoming new channels for brokerages to attract clients, with many firms investing in advertising on these platforms [1][3] - However, the effectiveness of client acquisition through these social media platforms remains limited, as evidenced by the low conversion rates from followers to account openings [3][4] Group 3 - Brokerages are increasingly using Douyin for content marketing, but the actual account opening numbers do not correlate well with follower counts, indicating a gap in conversion effectiveness [4][5] - Some brokerages have developed a matrix of accounts on Douyin, which has shown better results in terms of account openings compared to single accounts with high follower counts [5][6] - The overall impact of Douyin and similar platforms on account opening remains relatively small, with most new accounts still coming from traditional advertising methods [6]

Group 1 - Major distribution channels such as Ant Wealth, Tonghuashun Fund, and JD Finance have removed real-time valuation and related short-term ranking features [2][5] - Regulatory authorities have mandated that fund sales institutions and third-party platforms conduct self-inspections and remove features that may mislead investors, such as "real-time valuation" and "ranking lists" [4][6] - The removal of these features is part of a broader regulatory effort to discourage short-term trading behaviors and promote the core purpose of mutual funds as long-term investment tools [9] Group 2 - Some platforms have attempted to disguise the removal of real-time valuation by presenting similar information under different names, such as "net value reference" and "sector fluctuations" [4][9] - The industry is currently undergoing a compliance review, with companies assessing the qualifications of their partners and ensuring adherence to regulatory requirements [7] - The regulatory push aims to stabilize the market by preventing behaviors that could lead to increased volatility, such as frequent redemptions triggered by real-time valuation changes [9]

Group 1 - The A-share market saw a rise in stock trading software companies, with Tonghuashun and Zhinanzhen increasing by over 2% [1] - Other companies such as Dazhihui and Dongfang Caifu also experienced gains, rising nearly 2% [1]

Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun have already complied by suspending these features, with specific timelines for adjustments announced [2][3]. Group 2: Industry Response - Many platforms have taken steps to comply with regulatory requirements, including the removal of various ranking features that could mislead investors [3][4]. - Some platforms continue to display real-time valuations under different formats, indicating a need for further compliance and adjustment within the industry [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with regulations, with companies actively checking the qualifications of their promotional partners [3][5]. Group 3: Market Implications - The removal of misleading features is part of a broader effort to guide fund sales away from transactional behaviors and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for fostering short-term trading behaviors, which contradicts the fundamental purpose of mutual funds aimed at ordinary investors [5]. - Regulatory actions are intended to stabilize the market and mitigate risks associated with investor behavior during periods of market volatility [5].

Group 1 - The core issue revolves around a fund company's violation of sales regulations, leading to major distribution channels like Ant Wealth and Tonghuashun removing real-time valuation and related short-term ranking features [1][3] - Regulatory authorities have mandated that fund sales institutions and third-party platforms conduct self-inspections and remove misleading features that could confuse investors, such as "real-time valuation" and "ranking lists" [3][4] - Many institutions have already begun to comply with these regulations by suspending features that could mislead investors, including real-time valuation and various ranking lists [4][5] Group 2 - The industry is undergoing a self-check process regarding the qualifications of influencers (referred to as "DVs") collaborating with fund companies, ensuring they possess the necessary qualifications for fund sales [2][5] - Despite regulatory actions, some platforms continue to display modified versions of real-time valuation, using alternative methods to indicate fund performance, which could still mislead investors [6][7] - The regulatory push aims to discourage short-term trading behaviors and promote the fundamental purpose of mutual funds as long-term investment tools, thereby stabilizing the market [6][7]

本交易周开始不少基民进入"盯盘空窗期"，总体来看反馈不一。在多个互动平台上，记者注意到不少网友连夜自制了实时估值工具。 应监管要求，多家第三方理财平台纷纷下架基金实时估值相关功能。 监管部门发布的最新一期《机构监管通报》直指基金销售领域存在的违规乱象，强调基金销售机构及第三方网络平台需针对其他违规销售问题加强自查自 纠，如"基金实时估值"、按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等功能。监管认为，上述功能可能误导投资者，摊薄 基金产品收益，引发投诉纠纷，应当予以规制。 这并非监管部门首次整治估值乱象。早在2023年6月初，就有基金公司与第三方平台收到监管机构发出的口头或文字通知，明确要求于该月内下线直销和 代销平台基金净值估算功能。有通知显示："日常监管关注到，受市场波动等因素影响，盘中估值会严重偏离实际净值，存在投资者投诉风险，要求6月16 日前完成相关系统改造并下架盘中估值服务"。不过，之后有部分小程序、APP推出"实时估值"功能。投资者只要开通会员，即可查询实时估值，还能查 看早盘内参、涨跌信号等信息。从社交平台讨论度看，不少投资者均有使用类似小程序，以查看实时估值。 早盘 ...

Group 1 - The software development sector increased by 2.26% on February 3, with Guoneng Rixin leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] - Notable stock performances included Guoneng Rixin with a closing price of 74.64, up 10.61%, and Xinghuan Technology at 198.50, up 8.82% [1] Group 2 - The software development sector experienced a net outflow of 507 million yuan from institutional investors, while retail investors saw a net inflow of 751 million yuan [2] - Key stocks with significant net inflows from retail investors included Weining Health with 52.54 million yuan and Jinxian Modern with 45.04 million yuan [3] - Major stocks like Keda Xunfei and Tonghuashun faced net outflows from institutional and retail investors, indicating mixed investor sentiment [3]