中国证监会部署2026年工作：坚决防止市场大起大落

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to prevent significant market fluctuations while enhancing the capital market's investment and financing reforms for a strong start to the 14th Five-Year Plan [1][2]. Group 1: Market Stability - The CSRC aims to consolidate the market's stable upward trend by strengthening market monitoring and timely counter-cyclical adjustments [1]. - There will be a focus on enhancing trading supervision and information disclosure, with strict actions against market manipulation and excessive speculation [1]. - Reforms in public funds will be deepened to broaden channels for long-term capital, promoting a market ecosystem conducive to long-term investments [1]. Group 2: Reform and Development - The CSRC plans to implement reforms in the ChiNext board and ensure the effective execution of the Sci-Tech Innovation Board reforms, improving refinancing convenience and flexibility [2]. - Efforts will be made to enhance the quality and structure of the bond market, as well as to ensure the smooth launch of commercial real estate REITs [2]. Group 3: Regulatory Effectiveness - The CSRC is committed to strictly enforcing laws against financial fraud, price manipulation, and insider trading, while improving the administrative and criminal connection mechanisms [2]. - There will be an emphasis on enhancing the regulatory framework for private equity funds and leveraging technology to improve regulatory capabilities [2]. Group 4: Corporate Governance - The CSRC will expedite the introduction of regulations for listed companies and enforce new corporate governance standards, focusing on the behavior of controlling shareholders [2]. - Measures will be taken to stimulate the merger and acquisition market and improve the regulatory framework for the entire restructuring process [2]. Group 5: Market Openness - The CSRC aims to deepen and elevate the capital market's two-way opening, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [2]. - There will be improvements in the regulations for overseas listings to enhance the standardization and transparency of filing management [2].