证监会最新发声！

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of the system to promote qualitative and quantitative growth in the capital market [1]. Group 1: Reform Initiatives - Continuous improvement of the long-term investment environment is emphasized, aiming to increase the proportion of various long-term funds entering the market and to optimize institutional arrangements for qualified foreign investors [1]. - The CSRC is focused on enhancing the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, and improving the multi-tiered capital market system [2]. Group 2: Market Developments - By the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year. The scale of equity funds grew from 8.4 trillion yuan to about 11 trillion yuan [3]. - The support for new productive forces is being strengthened, with the market's technological content increasing. By 2025, the total market value of the electronics industry is expected to surpass that of the banking sector, making it the largest industry in A-shares [3]. Group 3: Enhancing Company Value - The CSRC is pushing for listed companies to enhance their investment value by strengthening policy guidance and institutional constraints, encouraging companies to increase dividend payouts, with cash dividends expected to reach 2.55 trillion yuan by 2025 [3][4]. - The implementation of the "merger and acquisition six guidelines" and supporting systems is aimed at helping listed companies improve and strengthen their operations, with over 200 major asset restructuring disclosures last year indicating increased market activity [3]. Group 4: Regulatory Effectiveness - The CSRC is committed to enhancing the effectiveness of regulatory enforcement, focusing on investor education, service, and protection systems, and strictly regulating to combat severe violations [4].