证监会，最新发声

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the institutional environment for long-term investments and increase the participation of various long-term funds in the market [1][2]. Group 1: Promoting Long-term Investment - The CSRC will continue to improve the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation [2]. - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market capitalization, a 36% increase from the beginning of the year [2]. - The scale of equity funds grew from 8.4 trillion yuan at the beginning of last year to around 11 trillion yuan [2]. Group 2: Strengthening Regulatory Enforcement - The CSRC will enhance the effectiveness of regulatory enforcement and continue to improve investor education and protection systems [3]. - There will be a focus on strict regulation, targeting major violations and enhancing investor trust and confidence through initiatives like representative litigation for compensation [3]. Group 3: Coordinating Investment and Financing Functions - The CSRC emphasizes the need for a balanced relationship between investment and financing functions in the capital market, as both are essential for serving the real economy [4]. - A lack of financing function would hinder the capital market's ability to support the real economy, while inadequate investment function could jeopardize sustainable market development [4]. - The coordination of investment and financing is a dynamic process that requires continuous adjustment [4]. Group 4: Improving the Quality of Listed Companies - Enhancing the quality of listed companies is crucial for promoting the coordination of investment and financing functions [5][6]. - High-quality listed companies attract more long-term stable investments, creating a virtuous cycle of high-quality companies, investment returns, and improved financing efficiency [6]. - Poor quality of listed companies can lead to unsustainable stock price increases and ultimately damage investor confidence [6]. Group 5: Supporting Technological Innovation Enterprises - The CSRC will enhance its services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [7]. - There will be a focus on deepening refinancing reforms and improving the multi-tiered capital market system to better support the entire lifecycle of technology innovation enterprises [7].