巩固市场稳中向好势头，坚决防止市场大起大落！证监会，最新部署→

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a meeting to summarize the work of 2025 and plan for 2026, emphasizing the need for risk prevention, strong regulation, and promoting high-quality development in the capital market [1][2]. Group 1: Achievements in 2025 - The CSRC successfully implemented a risk prevention mechanism, leading to significant breakthroughs in attracting medium- and long-term capital into the market, resulting in a warming trend [2]. - A total of 701 cases of securities and futures violations were investigated, with fines totaling 15.47 billion yuan, indicating enhanced regulatory enforcement [2]. - The total cash dividends and buybacks from listed companies reached 2.68 trillion yuan, reflecting a gathering momentum for high-quality development [2]. - The total amount of IPOs and refinancing reached 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan [2]. Group 2: Regulatory Focus for 2026 - The CSRC aims to strengthen market monitoring and ensure fair trading by addressing market manipulation and excessive speculation [4]. - The focus will be on enhancing the quality and structure of the bond market, promoting the stable launch of REITs, and improving the flexibility of refinancing [4]. - The CSRC plans to intensify the crackdown on financial fraud, price manipulation, and insider trading, while improving the regulatory framework for private equity funds [4]. Group 3: Governance and Party Leadership - The CSRC emphasizes the importance of high-quality party building to support high-quality development, with a focus on strict governance and anti-corruption measures [3][7]. - The meeting highlighted the need for a clear performance evaluation system and the importance of practical results over formalism [7]. - Strengthening the leadership and capabilities of the regulatory team is a priority to enhance the effectiveness of supervision and accountability [7].