证监会：及时做好逆周期调节，坚决防止市场大起大落
Zhong Guo Zheng Quan Bao·2026-01-16 08:04

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to maintain market stability, enhance regulatory effectiveness, and promote high-quality development in the capital market for 2026 [1][5]. Group 1: Market Stability and Reform - The CSRC aims to consolidate the market's positive momentum while preventing significant fluctuations through timely counter-cyclical adjustments [2][6]. - The implementation of reforms in the ChiNext board and the continued advancement of the Sci-Tech Innovation Board are intended to improve the convenience and flexibility of refinancing [2][3]. - The total cash dividends and buybacks by listed companies reached 2.68 trillion yuan in the previous year, indicating a focus on enhancing shareholder returns [2][3]. Group 2: Regulatory Enhancements - The CSRC plans to strengthen its regulatory framework by enhancing the effectiveness and deterrent power of enforcement actions, including a comprehensive system to combat financial fraud [3][7]. - In 2025, the CSRC handled 701 cases of securities and futures violations, imposing fines totaling 15.47 billion yuan, reflecting an increase in regulatory enforcement effectiveness [2][3]. Group 3: Investment and Financing Reforms - The CSRC is committed to deepening comprehensive reforms in capital market investment and financing, aiming to improve the inclusiveness and adaptability of the regulatory system [5][6]. - The total amount raised through IPOs and refinancing reached 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan, showcasing the robust functioning of the multi-tiered capital market [3][6]. Group 4: Governance and Compliance - The CSRC emphasizes the importance of enhancing corporate governance and operational standards among listed companies, including the introduction of new regulations on corporate governance [7][8]. - The focus on protecting the rights of minority investors has been strengthened, with new guidelines issued to enhance investor protection mechanisms [3][8].