中证报头版：2026年资本市场关键制度将持续升级

Group 1 - The core viewpoint of the article emphasizes the ongoing reforms in the capital market, which are expected to deepen in 2026, focusing on enhancing the support for new quality productivity and long-term investments [1][8] - A series of key regulations, including the management of sales expenses for publicly raised securities investment funds and the implementation of the administrative enforcement commitment system, are set to take effect in early 2026, signaling a strong commitment to reform [1][8] Group 2 - The capital market reform will focus on enhancing inclusivity and support for technology innovation enterprises, improving the ecosystem of investment and financing markets to better facilitate the interaction between technology, industry, and capital [2][9] - Recommendations include improving the identification mechanism for technology enterprises and creating a green channel for IPOs for hard technology companies, leveraging the pilot role of the Sci-Tech Innovation Board [2][9] - There is a call to develop regional equity markets and establish dedicated segments for specialized and innovative enterprises, facilitating a tiered direct financing path for companies at various stages of development [3][10] Group 3 - The deepening of comprehensive investment and financing reforms is expected to achieve dynamic balance and stable development in the market, with a focus on enhancing the identification and pricing mechanisms for technology innovation enterprises [4][11] - Regulatory bodies are anticipated to introduce measures to increase the scale and proportion of long-term funds entering the A-share market, thereby providing more "source water" for the market [4][11] - The capital market's institutional environment is expected to continue improving, with efforts to enhance return mechanisms for listed companies and encourage regular dividends and share buybacks [4][11] Group 4 - Recent cases indicate a comprehensive increase in the protection of investors' legal rights, which is essential for ensuring market fairness and boosting long-term confidence among market participants [5][12] - The China Securities Regulatory Commission has proposed measures to protect investors during active delisting processes, aiming to prevent companies from evading delisting and harming investor interests [6][12] - Suggestions include utilizing various investor relief methods and enhancing the mechanisms to support investor litigation, thereby lowering the costs of rights protection [6][12]