A fake research report on Zhongji Innolight, fabricated under the name of the foreign investment bank Nomura, has been circulating in investor communities, claiming that the A-share target price for Zhongji Innolight would be slashed to 330 yuan—a rumor that has disrupted trading in the stock. Nomura has clarified that the content is entirely untrue and that it actually maintains a Buy rating, with an A-share target price of 1,196 yuan and a Hong Kong stock target price of HK$1,387. Influenced by the fake news and other factors, Zhongji Innolight's A-shares plunged 12.69% on November 3, while its H-shares fell 10.92%. Fabricating fake research reports under the names of foreign investment banks is a common trick used in stock market gossip pieces, and several foreign institutions—including JPMorgan and Goldman Sachs—have previously had fake screenshots forged to spread rumors. Such fake news tends to amplify negative sentiment when market sentiment is sensitive and fragile, disturbing sector expectations and undermining market pricing efficiency. Zhongji Innolight has also previously been targeted by similar false gossip pieces falsely attributed to institutional names. Regulators have continued to crack down on the fabrication and dissemination of false information in the capital market. Parties involved are subject to penalties such as fines and market bans, and those in serious cases will also be held accountable, while related civil compensation claims may likewise be supported by the courts.