证监会：坚决防止市场大起大落

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market, while addressing the challenges posed by multiple risks and uncertainties in 2025 [3]. Group 1: Achievements in 2025 - The CSRC has made significant progress in stabilizing the market, with a notable increase in medium- and long-term capital entering the market, leading to a recovery trend [3]. - A total of 701 cases of securities and futures violations were investigated, resulting in fines totaling 15.47 billion yuan, indicating enhanced regulatory enforcement [3]. - The total cash dividends and buybacks by listed companies reached 2.68 trillion yuan, reflecting a growing momentum for high-quality development [3]. - The total amount raised through IPOs and refinancing was 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan [3]. Group 2: Future Work Focus - The CSRC aims to maintain market stability and improve the quality of development by enhancing market monitoring and regulatory measures to prevent excessive market fluctuations [5]. - There will be a focus on deepening reforms in the capital market, including the implementation of the "1+6" policy for the Sci-Tech Innovation Board and the introduction of a third set of standards for the Growth Enterprise Market [6]. - The CSRC plans to strengthen legal enforcement and regulatory effectiveness, particularly against financial fraud and market manipulation, while improving the governance of listed companies [6]. - Efforts will be made to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [7]. Group 3: Party Leadership and Governance - The CSRC emphasizes the importance of strengthening the Party's leadership in the capital market and enhancing the accountability of its regulatory framework [8]. - There will be a focus on improving the quality of the regulatory workforce and ensuring that the regulatory environment is conducive to high-quality market development [8].