证监会副主席陈华平：A股投资者已经超过2.5亿，95%以上的都是中小投资者

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the "15th Five-Year Plan" for advancing China's modernization and building a strong financial nation, focusing on risk prevention, strong regulation, and promoting high-quality development [1][20]. Group 1: Capital Market Development - The CSRC aims to enhance the institutional environment for long-term investments, encouraging various types of long-term funds to enter the market and increasing the proportion of market entry [2][21]. - 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][22]. - 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][23]. Group 2: Investor Protection and Market Integrity - The coordination of investment and financing functions is a dynamic process that requires continuous adjustment, with a strong emphasis on protecting the legitimate rights and interests of small and medium investors [5][6][28]. - The CSRC has implemented measures to enhance the stability, sustainability, and predictability of dividends while reinforcing a normalized delisting mechanism [7][8]. - The CSRC is focused on strictly punishing various types of malicious illegal activities, promoting more representative lawsuits and advance compensation cases [8][27]. Group 3: Enhancing Company Value and Market Functionality - The CSRC has made significant progress in promoting long-term funds entering the market, with a notable increase in equity fund size from 8.4 trillion yuan to approximately 11 trillion yuan [10][25]. - The CSRC is enhancing support for new productive forces and has introduced various reforms in the Sci-Tech Innovation Board, leading to an increase in the technology sector's market capitalization [10][26]. - In the past year, A-share listed companies distributed a record cash dividend of 2.55 trillion yuan, which is twice the scale of IPOs and refinancing during the same period [11][26]. Group 4: Future Opportunities and Strategic Directions - The CSRC highlights the need to seize current development opportunities, driven by a new round of technological revolution and industrial transformation [16][31]. - The focus is on improving the quality of listed companies, which is essential for attracting long-term stable investments and enhancing financing efficiency [14][30]. - The CSRC aims to continuously deepen comprehensive reforms in investment and financing, enhancing the adaptability and inclusiveness of the system to better promote qualitative and quantitative growth in the capital market [17][32].