1. Forms and policy boundaries of "illegal recommendation of stocks, funds, and futures"

"Illegal recommendation of funds" refers to business activities where unqualified institutions and individuals provide investment advice on public funds and other investment products recognized by the China Securities Regulatory Commission to investors or clients, and directly or indirectly obtain economic benefits. "Illegal recommendation of stocks and futures" refers to activities where unqualified institutions and individuals provide directly or indirectly compensated consulting services such as securities and futures investment analysis, forecasts, or recommendations to investors or clients. The main behavioral patterns of "illegal recommendation of stocks, funds, and futures" include:

(1) Online live streaming and short video recommendations of stocks, funds, and futures. This primarily refers to creating or utilizing internet platforms to set up live broadcast rooms or publish short videos, directly or indirectly recommending stocks, funds, and futures under names such as "anchor," "broadcaster," "blogger," or "group owner."

(2) Weibo and WeChat recommendations of stocks, funds, and futures. This primarily refers to directly or indirectly recommending stocks, funds, and futures through online social tools like Weibo and WeChat, under names such as "stock god," "influencer," or "teacher."

(3) Software recommendations of stocks, funds, and futures. This primarily refers to providing investment analysis opinions, selection suggestions, buy/sell timing suggestions, and price trend forecasts for stocks, funds, and futures through the sale or provision of stock, fund, and futures recommendation software.

(4) Training recommendations of stocks, funds, and futures. This primarily refers to directly or indirectly recommending stocks, funds, and futures by promoting courses such as "wealth management," "investor education," "financial intelligence education," "stock trading," and "fund buying," and by organizing investment lectures, seminars, and analysis meetings.

According to relevant provisions of the "Fund Law," the act of "illegal recommendation of funds (public offering)" is suspected of unauthorized engagement in fund service business. According to relevant provisions of the "Securities Law," the act of "illegal recommendation of stocks" is suspected of illegal operation of securities business. According to relevant provisions of the "Futures Trading Management Regulations," the act of "illegal recommendation of futures" is suspected of illegal operation of futures business.

2. Forms and policy boundaries of "stock market shill"

"Stock market shill" refers to institutions and individuals who fabricate and disseminate false or misleading information, influencing stock prices or trading volumes, and even manipulating the market to gain illegal profits. The main behavioral patterns include:

(1) Fabricating and disseminating false securities information. This primarily refers to disrupting the securities market by fabricating and disseminating false or misleading information.

(2) Inciting trading. This primarily refers to disseminating false or uncertain material information to induce investors to make investment decisions, influencing securities trading prices or volumes, and conducting related transactions or seeking related interests.

(3) Scalping. This primarily refers to publicly making evaluations, predictions, or investment recommendations regarding securities, their issuers, or listed companies, misleading investors into making investment decisions, influencing securities trading prices or volumes, and conducting securities transactions contrary to the direction of their evaluation, prediction, or investment recommendation.

(4) Manipulation using information advantage. Controlling the generation of issuer or listed company information, or controlling the content, timing, and rhythm of information disclosure, misleading investors into making investment decisions, influencing securities trading prices or volumes, and conducting related transactions or seeking related interests.

According to relevant provisions of the "Securities Law," the above acts are suspected of fabricating and disseminating false or misleading information (behavior pattern 1), and manipulating the securities market (behavior patterns 2-4), among others.

3. Forms and policy boundaries of "off-exchange margin financing"

"Off-exchange margin financing" refers to activities where funds are lent to investors at a multiple of their paid margin, organizing investors to use borrowed funds and margin for stock and futures trading in specific securities and futures accounts, and collecting interest, fees, or profit sharing. The main behavioral patterns include:

(1) System sub-account mode. This primarily refers to margin financing intermediary institutions using an account sub-division system to split securities and futures accounts into several virtual trading sub-accounts, which are then provided to investors for stock and futures margin trading.

(2) Account lending mode. This primarily refers to margin financing intermediary institutions providing their own or controlled securities and futures accounts to investors for stock and futures margin trading.

(3) Virtual trading margin financing mode. This primarily refers to margin financing intermediary institutions organizing investors for stock and futures margin trading using virtual stock and futures trading systems, where investors' trading instructions and funds do not actually enter the securities and futures trading market.

(4) Point-buy margin financing mode. This primarily refers to the "point buyer" (i.e., the capital demander) providing stock and futures trading strategies, and the "investor" (i.e., the capital provider) providing margin financing funds and securities/futures accounts. After being matched by a margin financing intermediary, both parties engage in stock and futures margin trading and share investment returns as agreed.

According to relevant provisions of the "Securities Law" and "Futures Trading Management Regulations," engaging in "off-exchange margin financing" is suspected of illegal operation of securities and futures business (behavior patterns 1, 2, 4). Engaging in virtual trading margin financing is suspected of illegal and criminal activities such as fraud (behavior pattern 3).