证监会：坚持稳字当头，巩固市场稳中向好势头

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, aiming to enhance market resilience and vitality amidst multiple challenges [2][3]. Group 1: Market Stability and Development - The CSRC aims to strengthen market stability by enhancing monitoring and early warning systems, ensuring fair trading, and preventing market manipulation, while promoting long-term investment strategies [4]. - In 2025, the total amount of cash dividends and buybacks by listed companies reached 2.68 trillion yuan, indicating a focus on high-quality development [2]. - The total amount of IPOs and refinancing in 2025 was 1.26 trillion yuan, with the bond market issuing various bonds totaling 16.3 trillion yuan, showcasing the effective functioning of a multi-level capital market [2]. Group 2: Regulatory Enhancements - The CSRC has intensified its regulatory framework by establishing a comprehensive punishment and prevention system for financial fraud, with 701 cases of securities and futures violations handled, resulting in fines totaling 15.47 billion yuan [2]. - The CSRC is committed to improving the effectiveness and deterrence of regulatory enforcement by strictly addressing financial fraud, price manipulation, and insider trading [4]. Group 3: Reform Initiatives - The CSRC is advancing comprehensive reforms in investment and financing, 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 [2][4]. - The CSRC is focused on enhancing the inclusiveness and adaptability of the multi-tiered equity market, promoting the integration of the Beijing Stock Exchange and the New Third Board for high-quality development [5]. Group 4: Legal and Governance Improvements - The CSRC is working on strengthening the legal framework for capital markets, including the issuance of guidelines for protecting the rights of small and medium investors, thereby enhancing the investor protection "safety net" [2][5]. - The CSRC is also focused on improving corporate governance and operational standards for listed companies, with plans to introduce new regulations to enhance accountability and governance practices [5].