证监会：讲好“股市叙事”，提升资本市场制度包容性吸引力

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key measures to enhance market stability and promote high-quality companies following the Central Economic Work Conference [1][2]. Group 1: Market Stability and Company Quality - The CSRC emphasizes the importance of strengthening the market's inherent stability and fostering a group of high-quality listed companies [1]. - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [1]. - The implementation of a long-term assessment mechanism for medium and long-term funds will be promoted, alongside the development of equity public funds and high-quality index investment [1]. Group 2: Risk Monitoring and Policy Guidance - The CSRC will enhance cross-market, cross-industry, and cross-border risk monitoring and control, while reinforcing counter-cyclical adjustments and establishing a long-term market stabilization mechanism [1]. - There will be a focus on policy interpretation and expectation management, ensuring timely responses to market concerns and reinforcing the reputation management responsibilities of industry institutions and listed companies [1]. Group 3: Reform and Development - The CSRC is committed to reforming the capital market to improve its inclusiveness and attractiveness, including the implementation of deepened reforms for the ChiNext board and accelerating the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board [1]. - The development of the private equity fund industry will be promoted, with plans to launch pilot projects for commercial real estate REITs and research new key futures products [1]. Group 4: Regulatory Enhancement - The CSRC will enhance regulatory enforcement effectiveness, leveraging technology to combat financial fraud, insider trading, market manipulation, and misappropriation of private fund assets [2]. - New regulations for listed companies will be introduced, and efforts will be made to revise laws and regulations in key areas such as securities companies and investment funds [2].