证监会研究部署2026年五方面任务 深化改革强监管巩固市场稳中向好势头

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the overall stability and positive trend of the capital market, while acknowledging the complex challenges posed by intertwined internal and external risks. The focus for 2026 will be on enhancing market stability and supporting employment, enterprises, and market expectations [1][3]. Group 1: Market Performance and Developments - In 2025, the total cash dividends and buybacks by Chinese listed companies reached 2.68 trillion yuan, indicating a further accumulation of high-quality development momentum [1][2]. - The CSRC reported that despite multiple risks, the capital market showed resilience and vitality, with significant breakthroughs in attracting medium- and long-term funds, leading to a warming market trend [1][3]. - The total amount raised through IPOs and refinancing in 2025 was 1.26 trillion yuan, while the bond market saw the issuance of various bonds totaling 16.3 trillion yuan [2]. Group 2: Regulatory Reforms and Initiatives - The CSRC plans to deepen comprehensive reforms in investment and financing in 2026, focusing on improving the inclusiveness, adaptability, competitiveness, and attractiveness of the regulatory framework [3]. - Five key areas of work for 2026 were outlined, including maintaining market stability, enhancing service quality for high-quality development, strict law enforcement, promoting corporate governance, and advancing capital market openness [3][4]. - The CSRC will implement reforms in the Sci-Tech Innovation Board, including the introduction of a growth tier and the resumption of listing standards for unprofitable companies, aimed at better serving high-quality tech enterprises [2][4]. Group 3: Market Monitoring and Compliance - The CSRC will strengthen market monitoring and early warning systems, ensuring timely counter-cyclical adjustments and enhancing transaction and information disclosure supervision [3]. - There will be a focus on maintaining fairness in trading and strictly addressing market manipulation and excessive speculation [3][4]. - The CSRC aims to improve the operational standards of listed companies and will expedite the introduction of new regulations to enhance governance and compliance [4].