Securities Times headline commentary: Promote the high-quality development of the "Dragon and Tiger List" through differentiated disclosure.

The discussion on the Longhu Bang system in the market is becoming increasingly heated. The original intention of the Longhu Bang system is to enhance market transparency, provide reference for the fund flow for small and medium investors, and assist market regulation. However, the current disclosure is limited to the top five brokerage firms with the largest trading volume, and does not reveal the actual fund providers. To enhance its functionality, it is suggested to adopt a differentiated disclosure strategy, such as adjusting the disclosure level to securities companies, increasing fund classification, and allowing regulatory authorities to conduct penetrative monitoring. In addition, a "disclosure is supervision" mechanism should be established to promptly verify abnormal transactions, strengthen the collaborative supervision of securities companies, and enhance investor education to guide rational investment. These measures will enhance the market transparency and regulatory efficiency of the Longhu Bang system.