证监会：持续深化投融资综合改革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, aiming for qualitative improvement and reasonable quantitative growth [1]. Group 1: Capital Market Development - The CSRC is focused on enhancing the coordination of investment and financing functions, which is crucial for the high-quality development of the capital market [2]. - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share circulating market value, representing a 36% increase from the beginning of the year [2]. - The scale of equity funds grew from 8.4 trillion yuan at the beginning of last year to around 11 trillion yuan [2]. - The total cash dividends distributed by A-share listed companies reached a historical high of 2.55 trillion yuan, which is twice the scale of IPOs and refinancing during the same period [2]. Group 2: Regulatory Reforms - The CSRC plans to continuously deepen comprehensive reforms in investment and financing, improving the inclusiveness and adaptability of the system [2]. - There will be a focus on enhancing the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation [3]. - The CSRC aims to enhance the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [3]. Group 3: Corporate Governance and Investor Protection - The CSRC will promote the enhancement of value creation capabilities among listed companies, emphasizing stricter compliance with information disclosure and improving shareholder return awareness [3]. - There will be a continued effort to strengthen the effectiveness of regulatory enforcement, focusing on severe penalties for malicious violations and enhancing investor trust and confidence [3].