稳步推进期货市场提质发展

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for a stable and improving capital market while addressing complex challenges from both internal and external risks, aiming for high-quality development and effective risk management in 2026 [1] Group 1: Market Stability and Regulation - The CSRC aims to consolidate the market's stable upward trend by enhancing market monitoring and timely counter-cyclical adjustments, reinforcing trading and information disclosure regulations, and preventing market manipulation [2] - Continued reforms in public funds are planned to broaden long-term funding sources and promote products suitable for long-term investment, fostering a market ecosystem that encourages "long money" investments [2] Group 2: Reform and Development - The focus will be on improving the inclusiveness and adaptability of the multi-tiered equity market, implementing reforms in the Growth Enterprise Market (GEM), and enhancing the convenience and flexibility of refinancing [3] - The bond market will undergo quality improvements, structural adjustments, and total volume expansions, while the pilot of Real Estate Investment Trusts (REITs) will be smoothly advanced [3] Group 3: Regulatory Enforcement - The CSRC will intensify market discipline and crack down on financial fraud, price manipulation, and insider trading, while improving the connection between administrative and criminal mechanisms [4] - There will be a focus on enhancing the regulatory framework for private equity funds and leveraging technology to improve regulatory capabilities [4] Group 4: Corporate Governance and Value Growth - The CSRC plans to enhance the operational standards of listed companies and implement new regulations on corporate governance, focusing on the behavior of controlling shareholders and improving systems for dividends, buybacks, and employee stock ownership [3] - Efforts will be made to invigorate the mergers and acquisitions market and ensure comprehensive supervision throughout the restructuring process [3] Group 5: Internationalization and Market Openness - The CSRC aims to deepen the two-way opening of the capital market, optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [3] - Enhancements in the regulatory framework for overseas listings will be pursued to improve transparency and standardization [3] Group 6: Futures Market Development - The futures market is transitioning from scale expansion to functional deepening and quality enhancement, aligning with China's economic strength and improving its capacity to serve the real economy [5] - The focus will be on developing products and risk management tools suitable for long-term investments, which are crucial for attracting stable long-term capital [6]