证监会：推动上市公司提升价值创造能力

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the 14th Five-Year Plan in advancing China's modernization and building a strong financial nation, focusing on risk prevention, strong regulation, and promoting high-quality development [1][2]. Group 1: Capital Market Development - The CSRC aims to improve the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation and enhancing the product offerings for long-term investments [1][2]. - Since September 2024, the CSRC has implemented measures to promote long-term capital market participation, resulting in a 36% increase in the market value held by long-term funds, reaching approximately 23 trillion yuan [3]. - The CSRC is committed to enhancing the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Science and Technology Innovation Board and the Growth Enterprise Market [1][3]. Group 2: Corporate Value Enhancement - The CSRC is focused on improving the value creation capabilities of listed companies by promoting stricter regulations on information disclosure and encouraging stable and predictable dividend policies [1][4]. - In the past year, A-share listed companies achieved a record cash dividend of 2.55 trillion yuan, which is twice the scale of IPOs and refinancing during the same period [4]. - The CSRC has introduced policies to support mergers and acquisitions, with over 200 significant asset restructuring disclosures last year, indicating increased market activity [4]. Group 3: Regulatory and Investor Protection - The CSRC is enhancing regulatory enforcement effectiveness and investor protection, emphasizing strict legal compliance and addressing severe violations in the market [2][4]. - The CSRC has taken action against financial fraud, with 159 cases investigated in 2024, including significant accountability for major shareholders and actual controllers [4]. - The CSRC is committed to maintaining market fairness and transparency, responding to investor concerns, and improving mechanisms for share reduction and quantitative trading [4].