中国证监会研究部署2026年五方面工作

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key areas of focus for 2026, emphasizing stability, reform, strict law enforcement, enhancing corporate governance, and promoting deeper capital market openness [1] Group 1: Market Stability and Development - The CSRC aims to maintain a stable market environment, reinforcing the positive momentum observed in 2025, with significant breakthroughs in attracting medium- and long-term capital [2] - The total amount of cash dividends and buybacks by listed companies reached 2.68 trillion yuan in 2025, indicating a strong focus on high-quality development [2] - The IPO and refinancing activities totaled 1.26 trillion yuan, while the bond market saw the issuance of various bonds amounting to 16.3 trillion yuan [2] Group 2: Regulatory Enhancements - The CSRC has intensified its regulatory framework, addressing financial fraud and illegal activities, with 701 cases of securities and futures violations handled, resulting in fines totaling 15.47 billion yuan [2] - A comprehensive system for preventing and punishing financial fraud has been established, enhancing the effectiveness and deterrence of regulatory enforcement [2][6] Group 3: Reform Initiatives - The CSRC is committed to deepening investment and financing reforms, including the implementation of the "1+6" policy for the Sci-Tech Innovation Board and the introduction of a third set of standards for the Growth Enterprise Market [5] - The focus is on improving the adaptability and competitiveness of the multi-tiered equity market, promoting the integration of the Beijing Stock Exchange and the New Third Board [5] Group 4: Corporate Governance and Value Growth - The CSRC emphasizes the importance of enhancing the governance and operational standards of listed companies, with new regulations on corporate governance and shareholder rights being introduced [6] - Measures to stimulate the merger and acquisition market and improve the regulatory framework for restructuring are being prioritized to foster high-quality corporate development [6] Group 5: International Cooperation and Market Openness - The CSRC is working to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [6] - Efforts are being made to improve the regulatory framework for overseas listings, ensuring transparency and standardization in the management of foreign investments [6]