证监会召开2026年系统工作会议提出 及时做好逆周期调节 坚决防止市场大起大落

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for comprehensive market monitoring and regulation to maintain stability and promote high-quality development in the capital market, while also addressing risks and enhancing investor protection [1][2][4]. Group 1: Market Stability and Development - The CSRC aims to strengthen market monitoring and timely counter-cyclical adjustments to prevent significant market fluctuations and ensure fairness in trading [1][4]. - In 2025, the capital market demonstrated resilience and vitality despite multiple risks, with significant breakthroughs in attracting medium- and long-term funds [2][3]. - The total cash dividends and buybacks from listed companies reached 2.68 trillion yuan, indicating a focus on high-quality development [3]. Group 2: Regulatory Enhancements - The CSRC plans to deepen public fund reforms and expand channels for medium- and long-term capital sources, promoting a market environment conducive to long-term investments [5][6]. - A comprehensive system to combat financial fraud and enhance regulatory effectiveness has been established, with 701 cases of securities and futures violations handled, resulting in fines totaling 15.47 billion yuan [3][5]. - The CSRC is committed to improving the governance of listed companies and enhancing regulatory frameworks, including the introduction of new regulations on share buybacks and employee stock ownership plans [5][6]. Group 3: Capital Market Reforms - The CSRC is implementing reforms for the ChiNext board and continuing to promote the Science and Technology Innovation Board, aiming to improve refinancing convenience and flexibility [1][4][5]. - The bond market is being restructured to enhance quality, adjust structure, and expand total volume, with a total issuance of various bonds reaching 16.3 trillion yuan [3][5]. - The CSRC is also focusing on the integration and high-quality development of the Beijing Stock Exchange and the New Third Board [5]. Group 4: Internationalization and Openness - The CSRC is advancing the opening of the capital market to a deeper and higher level, optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of specific futures products [6]. - Efforts are being made to improve the regulatory framework for overseas listings, enhancing transparency and standardization in the process [6].