证监会：合力推动中长期资金进一步提高入市规模比例

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 improvements and reasonable quantitative growth in the capital market [1][4]. 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][2]. - 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 [3]. Group 2: Support for Technology and Innovation - The CSRC is committed to enhancing support for new productive forces, with a focus on deepening reforms in the Science and Technology Innovation Board (STAR Market) and increasing the technological content of the capital market [3][4]. - The number of technology companies among the top 50 A-share companies has increased from 18 to 24 over the past five years, indicating a significant shift towards technology-driven growth [3]. Group 3: Enhancing Corporate Value and Governance - The CSRC emphasizes the importance of improving the investment value of listed companies by encouraging higher 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 [3]. - The implementation of the "merger and acquisition six articles" and supporting systems aims to enhance the quality and strength of listed companies, with over 200 major asset restructuring disclosures expected in the market by 2025 [3]. Group 4: Regulatory Effectiveness and Investor Protection - The CSRC is focused on strengthening the regulatory environment, enhancing investor education, and protecting investor rights, with 159 financial fraud cases investigated since 2024, leading to accountability for major shareholders and actual controllers in 43 cases [3][5]. - The CSRC aims to improve the effectiveness of regulatory enforcement by strictly punishing various types of malicious violations and promoting more representative litigation cases for investor compensation [5].