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 reforms in the capital market to enhance stability, improve regulatory effectiveness, and promote high-quality development in 2026 [1][2][4]. Group 1: Market Stability and Reform - The CSRC aims to consolidate the market's positive momentum by deepening public fund reforms and expanding channels for long-term capital sources [1][4]. - The implementation of the entrepreneurship board reform and the promotion of the Sci-Tech Innovation Board reforms are prioritized to enhance refinancing convenience and flexibility [1][4][5]. - The CSRC plans to strengthen market monitoring and warning systems, ensuring timely counter-cyclical adjustments and maintaining trading fairness [1][4]. Group 2: Regulatory Effectiveness - The CSRC is committed to enhancing the effectiveness and deterrence of regulatory enforcement, focusing on combating financial fraud, price manipulation, and insider trading [5][7]. - In 2025, the CSRC handled 701 cases of securities and futures violations, imposing fines totaling 15.47 billion yuan, indicating a significant increase in regulatory enforcement quality [3][5]. - The establishment of a comprehensive punishment and prevention system for financial fraud is underway, alongside a special campaign against illegal activities in private equity funds [3][5]. Group 3: Capital Market Development - The total cash dividends and buybacks by listed companies reached 2.68 trillion yuan in 2025, reflecting a growing momentum for high-quality development [3][5]. - The total amount of IPOs and refinancing in the capital market was 1.26 trillion yuan, with bond issuances reaching 16.3 trillion yuan, showcasing the robust functionality of the multi-level capital market [3][5]. - The CSRC is also focused on enhancing the governance and operational standards of listed companies, with plans to introduce new regulations for corporate governance [5][6]. Group 4: Internationalization and Openness - The CSRC is pushing for deeper and higher-level openness in the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [6][7]. - Efforts are being made to improve the regulatory framework for overseas listings, enhancing transparency and standardization in the management of foreign investments [6][7].