证监会：将持续深化投融资综合改革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of the system to promote qualitative and quantitative growth in the capital market [1] Group 1: Reform Initiatives - Continuous improvement of the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation and develop suitable investment products [2] - Enhancing the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [2] - Promoting the value creation capability of listed companies through deeper mergers and acquisitions reforms and encouraging stable and predictable dividend distributions [2] Group 2: Market Developments - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [3] - The scale of equity funds grew from 8.4 trillion yuan at the beginning of last year to about 11 trillion yuan, indicating significant acceleration [3] - By 2025, the total market value of the electronic industry is expected to surpass that of the banking sector, becoming the largest industry in A-shares [3] Group 3: Investor Protection - The CSRC has handled 159 financial fraud cases since the beginning of 2024, with 43 cases involving major shareholders and actual controllers facing serious accountability [3][4] - The establishment of a robust investor education, service, and protection system is emphasized, with a focus on strict law enforcement against severe violations [4]