Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" to lower investor costs and enhance market order, effective from January 1, 2026 [2][3]. Summary by Sections Key Changes in Regulations - The regulations will reduce subscription fees and sales service fee rates for publicly offered funds to lower investor costs [2]. - Redemption fee arrangements will be simplified, with all redemption fees being included in the fund's assets [2]. - No sales service fees will be charged for fund shares held for over one year (excluding money market funds), encouraging long-term holding [2]. - A cap on the payment ratio of customer maintenance fees will be established to promote the development of equity funds [2]. - The regulations will strengthen the norms around sales fees, ensuring that interest from fund sales settlement funds belongs to investors and prohibiting double charging in fund advisory services [2]. - A direct sales service platform for institutional investors in the fund industry will be established to facilitate efficient and secure direct sales by fund managers [2]. Implementation and Feedback - The CSRC has solicited public opinions on the regulations and has made modifications based on feedback, indicating broad support for the direction and content of the revisions [2]. - The CSRC will prioritize investor interests in the implementation of the regulations and will steadily work to reduce costs for fund investors [3].

Core Viewpoint - The article emphasizes the achievements and progress made during the "14th Five-Year Plan" period, highlighting China's economic growth, technological advancements, and cultural developments as the nation prepares for the "15th Five-Year Plan" [2][3][5]. Economic Growth - China's GDP is projected to reach 140 trillion yuan in 2025, marking a significant milestone in economic strength and comprehensive national power [2][3]. - The country has successfully navigated challenges and completed its goals, showcasing resilience and determination in its economic journey [2][3]. Technological Advancements - There has been a notable integration of technology and industry, with rapid advancements in artificial intelligence and breakthroughs in chip development, positioning China as one of the fastest-growing economies in terms of innovation [3][4]. - Major projects such as the Tianwen-2 Mars mission and the construction of the first electromagnetic aircraft carrier are highlighted as examples of China's technological progress [3][4]. Cultural Development - The article notes a growing interest in cultural heritage and tourism, with traditional Chinese culture gaining popularity among younger generations, contributing to a vibrant cultural landscape [3][4]. - Events celebrating historical milestones, such as the 80th anniversary of the victory in the Anti-Japanese War, have fostered national pride and unity [3][4]. Social Welfare - The government has implemented measures to enhance the rights of new employment groups and provide financial support to families, reflecting a commitment to improving the quality of life for citizens [4][5]. - Initiatives such as subsidies for childcare and elderly care are aimed at addressing the needs of various demographics, ensuring a more inclusive society [4][5]. Global Engagement - China continues to engage with the international community through initiatives like the Shanghai Cooperation Organization summit and the Hainan Free Trade Port, promoting global cooperation and governance [4][5]. - The country expresses a commitment to peace and development, advocating for a shared future and collaboration with other nations [4][5]. Future Outlook - The article sets a forward-looking tone for 2026, emphasizing the need for high-quality development and comprehensive reforms as China embarks on the "15th Five-Year Plan" [5]. - There is a call for collective effort and determination to turn ambitious visions into reality, encouraging a spirit of perseverance and hard work among the populace [5].

下一步，中国证监会将做好行政执法当事人承诺制度实施工作，进一步发挥行政 执法当事人承诺制度在保护投资者合法权益、维护市场秩序、提高行政执法效能等方 面的积极作用。 为贯彻落实中央金融工作会议精神和新"国九条"关于完善行政执法当事人承诺制 度的要求，进一步明确行政执法当事人承诺受理条件，规范办理程序，中国证监会对 《证券期货行政执法当事人承诺制度实施规定》进行修改完善，发布了《关于修改 〈证券期货行政执法当事人承诺制度实施规定〉的决定》（以下简称《决定》），自 2026年2月1日起施行。 《决定》的主要内容包括：一是完善受理条件。根据国务院《证券期货行政执法 当事人承诺制度实施办法》（以下简称《实施办法》）第七条第六项规定，《决定》 规定，有下列情形之一的，中国证监会对适用行政执法当事人承诺的申请不予受理： 当事人拒绝、阻碍中国证监会或其派出机构依法对其涉嫌违法行为进行调查；当事人 缺乏交纳承诺金的能力；当事人被列入证券期货市场严重失信主体名单且未修复；当 事人曾因涉嫌证券期货违法行为适用行政执法当事人承诺制度，自承诺认可协议履行 完毕之日起未逾1年；中国证监会基于审慎监管原则认为不适用行政执法当事人承诺制 度 ...

。 为贯彻党的二十大和二十届二中、三中、四中全会及中央金融工作会议、中央全 面依法治国工作会议精神，落实法治政府建设相关要求，进一步规范证券期货市场监 督管理措施（以下简称监管措施）的实施程序，中国证监会制定了《证券期货市场监 督管理措施实施办法》（以下简称《实施办法》），自2026年6月30日起施行。 《实施办法》共二十五条，主要包括以下内容：一是明确监管措施的种类。列出 责令改正、监管谈话、出具警示函、责令定期报告等十四类比较常用的措施，并将"法 律、行政法规、中国证监会规章规定的其他监督管理措施"作为兜底规定。二是明确监 管措施的实施原则。实施监管措施，应当遵循依法、效率、公正原则，应当符合法 律、行政法规、中国证监会规章规定的程序，应当及时矫正违法行为，防范风险蔓延 与危害后果扩散，坚持风险防控与教育相结合，应当以事实为依据，与行为的性质、 情节、危害程度以及风险大小相当。三是明确实施监管措施的程序要求。包括监管措 施的取证、决定、送达、现场执法、回避、法制审核等一般程序要求，事先告知等特 别程序要求，以及紧急情况下的快速处置机制。四是明确监管措施决定的作出及执行 要求。包括监管措施决定书应当载明的事 ...

新华社北京12月31日电 在全国政协新年茶话会上的讲话 （ 2025年12月31日 ） 习近平 同志们，朋友们： 大家好！很高兴与大家欢聚一堂，畅叙友情、共商国是，共同迎接新的一年。 同志们、朋友们！ 一年来，人民政协认真贯彻落实中共中央决策部署，着力巩固团结奋斗的共同思想政治基础，紧紧 围绕进一步全面深化改革、推动高质量发展等议政建言，为党和国家事业发展作出了新贡献。 同志们、朋友们！ 2026年是"十五五"开局之年，中共中央已经对全年经济社会发展和其他各项工作作出部署。我们要 完整准确全面贯彻新发展理念，加快构建新发展格局，着力推动高质量发展，坚持稳中求进工作总基 调，实施更加积极有为的宏观政策，推动经济实现质的有效提升和量的合理增长，保持社会和谐稳定， 努力实现"十五五"良好开局。 人民政协要紧扣党和国家中心任务，聚焦"十五五"规划制定和实施深入协商议政、积极建言献策、 开展民主监督，为推进中国式现代化广泛凝聚人心、凝聚共识、凝聚智慧、凝聚力量。 同志们、朋友们！ 蓝图已经绘就，奋进正当其时。全党全国各族人民要更加紧密地团结起来，万众一心、奋发进取， 以实干成就伟业，以创新赢得未来，不断开创中国式现代化 ...

中国证监会就《上市公司董事会秘书监管规则（征求意见稿）》公开征求意见全文可点击 "阅读原文" 。 《规则》共三十八条，主要内容如下：一是明确职责范围。细化董事会秘书在信息披露、公司治理、内外部沟通等方面的具 体职责。二是健全履职保障。从信息获取、履职平台、履职救济等多方面提供保障，促进董事会秘书充分依法履职。三是完善任 职管理。提升董事会秘书任职的专业素养及合规要求，禁止可能有职责冲突的兼任。要求提名委员会对董事会秘书任职资格进行 审查。四是强化责任追究。要求上市公司内部定期开展履职评价和内部追责；对上市公司出现违法违规但董事会秘书未勤勉尽责 的，严格采取监管措施或者实施处罚。 欢迎社会各界提出宝贵意见，中国证监会将根据公开征求意见情况，进一步完善后按程序发布实施。 为进一步规范上市公司董事会秘书履职行为，推动提升上市公司治理水平，中国证监会起草了《上市公司董事会秘书监管规 则（征求意见稿）》（以下简称《规则》），现向社会公开征求意见。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has announced the implementation of a pilot program for commercial real estate investment trusts (REITs) to enhance the quality of the REITs market and support the development of a new model for real estate investment, effective from December 31, 2025 [2][3]. Summary by Sections Product Definition - Commercial real estate REITs are defined as closed-end publicly raised securities investment funds that acquire commercial real estate to generate stable cash flows and distribute profits to fund shareholders [2]. Fund Registration and Management Requirements - The announcement outlines requirements for fund registration and operational management, including the roles of fund managers and custodians, due diligence, application materials, and responsibilities for proactive management by fund managers [2]. Role of Fund Managers and Professional Institutions - Emphasis is placed on the responsibilities of fund managers and professional institutions, requiring strict adherence to professional standards and regulatory requirements [2]. Strengthening Regulatory Responsibilities - The announcement clarifies the responsibilities of regulatory bodies in overseeing commercial real estate REITs, including risk monitoring and management [2]. Reference to Existing Guidelines - Other matters related to commercial real estate REITs will follow the guidelines set forth in the "Guidelines for Publicly Raised Infrastructure Securities Investment Funds (Trial)" [2].

Group 1 - The core viewpoint emphasizes the importance of developing commercial real estate REITs as a significant measure to support the new model of real estate development and enhance the quality of capital market services for the real economy [3][4] - The initiative aims to stimulate market participants' vitality by clarifying market access arrangements for commercial real estate REITs and encouraging the issuance of assets that align with policy guidance [3][4] - Regulatory bodies are tasked with enhancing policy promotion, addressing challenges in the development of commercial real estate REITs, and ensuring compliance with disclosure and risk management requirements [4][5] Group 2 - The plan includes expanding the REITs market by increasing the supply of quality REITs and improving the market structure through diverse fundraising mechanisms [5][6] - There is a focus on strengthening the secondary market by developing relevant index systems and encouraging long-term funds to invest in REITs, thereby enhancing market stability [5][6] - The initiative aims to create a comprehensive market ecosystem by optimizing the issuance and trading mechanisms of REITs and ensuring effective communication with relevant departments [6][7] Group 3 - The proposal includes optimizing the REITs registration and review process to enhance efficiency and transparency, ensuring a clear division of responsibilities [8][9] - A market-oriented standard system will be established to address various asset types, promoting stable expectations and improving the quality of information disclosure [8][9] - The regulatory framework will be strengthened to cover all aspects of REITs, including due diligence, pricing, and asset management, to ensure compliance and risk management [9][10] Group 4 - The initiative emphasizes the importance of maintaining market stability through improved information disclosure and monitoring mechanisms to prevent significant risks [10] - There is a call for collaboration among various regulatory bodies to enhance the effectiveness of supervision and promote the implementation of REITs initiatives [10][11]

Core Viewpoint - The article emphasizes the importance of studying and implementing the spirit of the Fourth Plenary Session of the 20th Central Committee, which is a significant political task for the entire party and society in the current and future periods [2][3]. Group 1: Understanding the Spirit of the Fourth Plenary Session - The "14th Five-Year Plan" period is crucial for achieving socialist modernization, serving as a bridge between past and future developments [3]. - The Central Committee's analysis indicates that the country faces a complex environment with both strategic opportunities and risks, necessitating a unified approach to the Central Committee's decisions [3]. - The guiding principles and major tasks outlined in the "14th Five-Year Plan" are based on a scientific summary of experiences since the reform and opening up, providing essential guidelines for economic and social development [3]. - The article stresses the importance of the Party's leadership as a fundamental guarantee for economic and social development, especially in complex and challenging situations [3]. Group 2: Implementation of the Fourth Plenary Session's Spirit - The focus should be on promoting high-quality development, emphasizing the importance of the real economy and deepening reforms [4]. - Accelerating the construction of a new development pattern is essential, with a focus on expanding domestic demand and enhancing the interaction between consumption and investment [4]. - Advancing common prosperity for all people is a priority, with efforts to improve living standards and promote regional coordinated development [4]. - A comprehensive approach to development and security is necessary, ensuring that safety is integrated into the development process [4]. - Coordination across various fields is crucial, requiring a systematic perspective and consistent macro policy orientation [4]. Group 3: Party Governance and Economic Development - Effective party governance strengthens the foundation for economic and social development, necessitating a persistent commitment to strict party governance [5]. - The article highlights the need for the Party's self-revolution to be closely linked with economic and social development, ensuring that the Party's construction principles are fully implemented [5]. - Continuous efforts in improving party conduct and combating corruption are essential for maintaining focus on grassroots implementation and ensuring the Party's mission is upheld [5].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the registration of coking coal options on the Dalian Commodity Exchange [2] - The CSRC will supervise the Dalian Commodity Exchange to ensure the smooth launch and stable operation of the coking coal options [2]