证监会：切实增强市场内在稳定性

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for a stable and improving capital market while addressing complex challenges from both internal and external risks, aiming for quality development and effective risk management in 2026 [1] Group 1: Market Stability - The CSRC aims to consolidate the market's stable upward trend by enhancing market monitoring and timely counter-cyclical adjustments, reinforcing trading and information disclosure regulations, and preventing market volatility through strict enforcement against market manipulation [2] - Continued reforms in public funds are planned to broaden long-term funding sources and promote a market environment conducive to long-term, rational, and value-based investments [2] Group 2: Reform and Development - The focus is on improving the inclusivity and adaptability of the multi-tiered equity market, implementing reforms in the Growth Enterprise Market (GEM), and enhancing the convenience and flexibility of refinancing [3] - The bond market will undergo quality improvements, structural adjustments, and total volume expansions, alongside the stable rollout of commercial real estate REITs [3] Group 3: Regulatory Effectiveness - The CSRC will intensify market discipline and combat severe violations such as financial fraud and insider trading, while enhancing the connection between administrative and criminal proceedings [2] - There will be a push for more representative lawsuits and advance compensation cases, alongside improvements in private fund regulatory mechanisms [2] Group 4: Corporate Governance - Efforts will be made to enhance the operational standards of listed companies, including the introduction of new regulations and governance guidelines, and improving systems for dividends, buybacks, and employee stock ownership [3] - The aim is to invigorate the mergers and acquisitions market and ensure comprehensive supervision throughout the restructuring process [3] Group 5: Market Openness - The CSRC plans to deepen and elevate the two-way opening of the capital market by optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [3] - Enhancements in the regulatory framework for overseas listings will be pursued to improve standardization and transparency [3]