2026年资本市场改革“施工图”明确

Group 1: Capital Market Reform Directions - The China Securities Regulatory Commission (CSRC) has outlined five major directions for capital market reform and development in the new year, emphasizing the need to enhance service quality for high-quality development [1] - A key focus is on the reform of the ChiNext board, with plans to deepen reforms and improve the inclusiveness and adaptability of the multi-tiered equity market [2] Group 2: ChiNext and Sci-Tech Innovation Board Reforms - The ChiNext board will implement deeper reforms, building on previous practices since 2025, including the introduction of a third listing standard to support high-quality, unprofitable innovative companies [2] - The Sci-Tech Innovation Board (STAR Market) will continue to advance its "1+6" policy measures, aimed at enhancing its role in supporting technological innovation [3] Group 3: North Exchange and New Third Board Development - The North Exchange has focused on serving innovative small and medium-sized enterprises, with nearly 80% of its listed companies being small enterprises and over 90% being high-tech companies [4] - The integration and high-quality development of the North Exchange and the New Third Board are also highlighted as key areas for 2026 [3] Group 4: Bond Market and REITs Expansion - The bond market is set for innovation, with goals to improve quality, adjust structure, and expand total volume, alongside the smooth rollout of commercial real estate REITs [5][6] - In 2025, the bond market issued various bonds totaling 16.3 trillion yuan, underscoring its significant role in the capital market [6] Group 5: Futures Market Development - The futures market will focus on quality improvement and risk prevention, with an emphasis on enhancing the linkage between spot and futures markets [7] - The CSRC plans to strengthen cross-market risk monitoring and establish long-term mechanisms to stabilize the market [7]