证监会，最新发声

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the 14th Five-Year Plan period for advancing capital market reforms, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Group 1: Capital Market Development - The CSRC aims to enhance the institutional environment for long-term investments, increasing the scale and variety of products suitable for long-term investment [2][16] - 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][10] - The CSRC is committed to deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, as well as reforming refinancing processes [4][17] Group 2: Investor Protection and Market Integrity - The coordination of investment and financing functions is dynamic and requires ongoing adjustments, with a strong emphasis on protecting the legitimate rights of small and medium investors [5][6][14] - The CSRC has taken measures to maintain market integrity, including strict penalties for various illegal activities, particularly financial fraud [12][8] Group 3: Enhancing Company Value and Governance - The CSRC is focused on improving the investment value of listed companies by encouraging higher dividend payouts and supporting mergers and acquisitions [11][17] - The number of major asset restructurings exceeded 200 last year, indicating increased market activity [11] Group 4: Future Opportunities and Strategic Directions - The CSRC recognizes the need to leverage current global technological revolutions and domestic production capabilities to enhance capital market functions [15] - Continuous reforms are planned to improve the adaptability and inclusiveness of the capital market, aiming for qualitative and quantitative growth [16][17]