证监会，最新发声

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the "14th Five-Year Plan" period for advancing China's modernization and building a strong financial nation, focusing on risk prevention, strong regulation, and promoting high-quality development [2] Group 1: Capital Market Development - The CSRC aims to promote the entry of various types of medium- and long-term funds into the market, increasing their scale and enriching products suitable for long-term investment and risk management tools [3] - As of the end of last year, various medium- and long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [4] - The CSRC is committed to deepening reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, as well as enhancing refinancing reforms [5][6] Group 2: Investor Protection and Market Integrity - The coordination of investment and financing functions must prioritize the protection of the legitimate rights and interests of small and medium-sized investors [7] - The CSRC has implemented measures to enhance the stability, sustainability, and predictability of dividends, while also reinforcing the delisting mechanism [9] - The CSRC has been actively addressing various illegal activities, focusing on severe penalties for serious violations, and promoting more representative litigation and advance compensation cases [9] Group 3: Enhancing Company Value and Market Functionality - The CSRC has made significant progress in promoting the entry of medium- and long-term funds into the market, with a focus on supporting new productive forces [12] - The number of technology companies in the top 50 A-share market has increased from 18 to 24 over the past five years, indicating a rise in the technological content of the capital market [12] - In the past year, A-share listed companies distributed a record cash dividend of 2.55 trillion yuan, which is twice the scale of IPOs and refinancing during the same period [13] Group 4: Future Directions for Reform - The CSRC will continue to deepen comprehensive reforms in investment and financing, enhancing the institutional environment for long-term investments [20] - There will be a focus on improving the precision and effectiveness of services for technology innovation enterprises, as well as advancing the multi-tiered capital market system [20] - The CSRC aims to cultivate first-class investment banks and institutions, enhancing their professional capabilities in value discovery and wealth management [21]