Venture(US:VEMLY) Zheng Quan Shi Bao·2026-01-11 16:55Core 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][3]. Group 1: Investment and Financing Reforms - The CSRC has introduced a series of reform measures to improve the functions of the capital market, focusing on enhancing the quality of listed companies and protecting the legitimate rights of small and medium investors [1][3]. - By the end of 2025, various types of medium- and long-term funds are expected to hold approximately 23 trillion yuan of A-share circulating market value, representing a 36% increase from the beginning of the year [2]. - The scale of equity funds has grown from 8.4 trillion yuan at the beginning of last year to about 11 trillion yuan, indicating significant acceleration in development [2]. Group 2: Support for Technology and Innovation - The CSRC is enhancing support for new productive forces and deepening reforms in the Science and Technology Innovation Board (STAR Market) to improve the capital market's technological content [2][3]. - By 2025, the total market value of the electronics industry is projected to exceed that of the banking sector, making it the largest industry in A-shares [2]. Group 3: Enhancing Company Value and Governance - The CSRC emphasizes the importance of policy guidance and institutional constraints to encourage listed companies to increase dividend payouts, with cash dividends expected to reach 2.55 trillion yuan in 2025, double the scale of IPOs and refinancing during the same period [2]. - The implementation of the "Merger and Acquisition Six Guidelines" and supporting systems aims to assist listed companies in becoming stronger and better [2]. Group 4: Regulatory Effectiveness and Investor Protection - The CSRC is committed to improving the effectiveness of regulatory enforcement, focusing on strict law enforcement against various malicious violations and enhancing investor trust and confidence [4]. - Since 2024, the CSRC has handled 159 financial fraud cases, with 43 cases involving major shareholders and actual controllers facing serious accountability [2][4].