中经记者 孙汝祥 夏欣 北京报道 具体包括四个方面措施：一是进一步支持优质上市公司创新发展。对经营治理、信息披露规范，具有代 表性与市场认可度的优质上市公司，优化再融资审核，进一步提高再融资效率。过程中，将坚持优中选 优、宁缺毋滥。支持优质上市公司将募集资金用于与主营业务有协同整合效应的新产业、新业态、新技 术领域，投向第二增长曲线业务，同时严防盲目跨界投资、多元化投资。 二是更好适应科技创新企业再融资需求。研究推出交易所主板上市公司"轻资产、高研发投入"认定标 准。优化再融资间隔期要求，按照未盈利标准上市且尚未盈利的科技型上市公司再融资，前次募集资金 基本使用完毕或未改变募集资金投向的，前次募集资金到位日6个月后，可以启动再融资预案公告等程 序。存在破发情形的上市公司，可以通过竞价定增、发行可转债等方式合理融资，募集资金需投向主营 业务。 （编辑：罗辑 审核：夏欣 校对：燕郁霞） 三是提升再融资灵活性、便利度。上市公司披露再融资预案时，应简要披露前次募集资金使用情况以及 下一步使用计划，申报时前次募集资金使用进度原则上应当达到基本使用完毕的标准。明确已在定期报 告等信息披露文件中披露且事实未发生变化的内容， ...

中经记者 孙汝祥 夏欣 北京报道 其中，保险持仓规模从2745亿元增长至3714亿元，增幅35%，占沪市ETF总市值达9%。通过有针对性的 培训和调研走访，部分市场机构逐渐参与ETF市场，银行理财配置沪市ETF规模是上年年底的5倍，社 保、信托配置沪市ETF规模是上年年底的3倍。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 2026年2月6日发布的《上交所ETF行业发展报告（2026）》显示，2025年，上交所积极落实推动中长期 资金入市相关安排，大力倡导"三投资"理念，各类中长期资金均大幅增持ETF，成为吸引中长期资金入 市重要抓手。 截至2025年年底，中长期资金合计持有沪市ETF共1.5万亿元，较2024年年底大幅增长70%，是中长期资 金持有A股市值增速的2.3倍，对沪市ETF规模增量的贡献超四成，持有市值占比提升至36%，占比提升 4个百分点。通过持续的产品创新和市场培育，ETF的长期配置价值越发得到市场认可。 ...

2026年1月26日至2026年1月30日，上交所对222起拉抬打压、虚假申报等证券异常交易行为采取了自律 监管措施，对*ST亚振等异常波动退市风险警示股票、白银有色等严重异常波动股票，以及南方原油 LOF等溢价较高的基金进行重点监控，对30起上市公司重大事项等进行专项核查，向证监会上报涉嫌 违法违规案件线索2起。 【大河财立方消息】1月30日，上交所发布本周沪市市场运行情况。 实习编辑:金怡杉 | 审核:李震 | 监审:古筝 ...

中经记者 孙汝祥 夏欣 北京报道 本次规则修订主要包括两方面内容：一是落实证监会《上市公司董事会秘书监管规则（征求意见稿）》 的要求，建立董秘聘任、履职、解聘全流程监管体系，进一步完善董秘履职保障，引导董秘更好履职， 充分发挥董秘在信息披露事务办理、公司治理、内外部沟通协调等方面的作用，推动提高上市公司质 量。 二是根据证监会《上市公司治理准则》细化董事、高管相关规定，完善董事、高管监管制度，从任职、 履职、离职等方面进行全面规范，督促董事、高管忠实、勤勉地履行职责；健全董事、高管激励约束机 制，要求上市公司制定薪酬管理制度，规定董事、高管薪酬与公司经营业绩、个人业绩相匹配，促进董 事、高管和公司更好实现利益绑定；进一步规范控股股东、实际控制人行为，严格限制可能对上市公司 产生重大不利影响的同业竞争。 （编辑：罗辑 审核：夏欣 校对：颜京宁） 近日，上海证券交易所修订主板和科创板《股票上市规则》及《规范运作指引》，并向市场公开征求意 见。 上交所表示，此次修订旨在进一步规范上市公司董事、高级管理人员和控股股东、实际控制人等"关键 少数"行为，引导董秘积极履职，推动上市公司优化内部治理，切实保护中小投资者合法权 ...

上交所12月26日发布《关于暂免收取部分2026年度费用的通知》，推出2026年系列降费让利措施，免收 沪市上市公司上市费，减免交易单元使用费，免收可转债以外的债券交易经手费等。同时，上交所下属 子公司减免交易网关流速费、上证e服务、上证e投票、上证云等费用。预计2026年降费让利金额约 11.13亿元。 (责任编辑：谭梦桐) ...

◎记者 何昕怡 上海证券报记者近日从上交所获悉，2025年，上交所深入贯彻国务院关于走访上市公司、推动上市公司 高质量发展的决策部署，认真落实中国证监会相关工作要求，推动常态化上市公司走访工作走深走实。 据最新统计，上交所累计走访上市公司560余家，覆盖近九成辖区，解决落实相关诉求建议440余项，走 访实效持续提升。随着走访调研进一步聚焦实体、突出重点，上交所上市公司走访工作已成为通过一线 监管助力上市公司高质量发展的重要一环。 面对面 聚焦实体关切 上海证券交易所 □ 2025年，上交所累计走访上市公司560余家，覆盖近九成辖区，解决落实相关诉求建议440余项 □ 2025年，上交所推动包括首单股份对价分期支付案例、首单私募基金"反向挂钩"案例、科创板首单综 合运用"股份+可转债+现金"支付案例等在内的典型案例落地 近一年，资本市场聚焦深化改革，进一步提升制度包容性、适应性。上交所在走访调研过程中，也将宣 传监管导向和开展政策解读作为主要工作，助力资本市场政策从"最初一公里"到"最后一公里"衔接畅 通。 具体来看，为鼓励企业通过市场化并购重组做优做强，上交所主动前移服务关口，对近30家上市公司进 行专题走访 ...

Group 1 - The Shanghai Stock Exchange (SSE) has conducted visits to over 560 listed companies in 2025, covering nearly 90% of its jurisdiction, and has addressed more than 440 related requests and suggestions, indicating a continuous improvement in the effectiveness of these visits [1][2] - The SSE's visit initiatives focus on bridging the gap between macroeconomic changes and micro-entity perceptions, particularly in areas such as consumer sectors, private enterprises, tariff impacts, and risk mitigation [2][4] - The SSE has organized specialized visits to nearly 30 listed companies to promote market-oriented mergers and acquisitions, providing policy interpretations and consultations on issues like acquiring unprofitable assets and cross-industry mergers [3] Group 2 - The SSE has strengthened communication mechanisms between enterprises, the exchange, and local governments, focusing on risk mitigation by collaborating with 20 local government departments and regulatory bodies to visit nearly 50 companies in the ST and low-price stock categories [4] - The SSE emphasizes a closed-loop management approach to enhance the effectiveness of visits, transitioning from problem identification to problem resolution, and has organized over 20 specialized reception events and nearly 10 offline salon activities throughout the year [4] - Regular visits have become a crucial part of the SSE's daily regulatory services, aimed at collecting real issues, interpreting policy trends, and improving service quality to support the high-quality development of enterprises [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报讯 （记者毛艺融）为更好解读中国资产全球吸引力，吸引更多境外资本长线投资中国资本市场， 近日，上交所与中国上市公司协会在香港共同举办"走进香港"上市公司路演及投资者交流活动。活动吸 引了40家内地上市公司高管人员、近200位境外投资机构代表参与，举办36场路演并开展上市公司 ESG、企业出海等主题交流。通过政策解读、座谈会、路演对接等多元形式，助力内地上市公司与境外 投资者加强沟通交流，展示优质上市公司高质量发展成效。 系列活动举办期间，上交所以"上拓新局·永续笃行"为理念，举办ESG专题活动，围绕可持续发展与国 际竞争力提升展开深度探讨，并邀请券商首席经济学家、律师和会计师事务所合伙人等围绕上市公司 ESG披露标准与实践经验等热点话题进行介绍和讨论。此外，上交所联合香港投资推广署，组织上市公 司高管开展"香港助力内地企业出海"座谈会，邀请香港"出海专班"参与者分享出海机遇、挑战和策略。 近年来，上交所已在香港地区开展多次以"走进沪市上市公司"为主题的调研推介活动，吸引了众多境外 基金公司、资产管理公司和券商投行，累计参与千余人次。 ...

Group 1 - Foreign capital is increasingly optimistic about Chinese technology assets, with UBS and Goldman Sachs projecting a 37% profit increase for Chinese tech companies in 2025 and setting a target of 7100 points for the Hang Seng Tech Index [2] - The significant asset restructuring by Dongfang Precision involves the cash sale of 100% equity in Fosber Group and two other companies for a base price of €774 million, focusing on core business development [2] - The Chicago Mercantile Exchange experienced a major outage due to cooling issues, leading to a surge in silver prices, with the COMEX silver futures contract rising over 6% to reach a historical high [2] Group 2 - A senior executive from a leading brokerage was fined 135 million yuan for insider trading, having made a profit of 18.75 million yuan from undisclosed information [3] - Analyst Li Bei expressed optimism for A-shares and Hong Kong stocks, suggesting a potential bull market due to favorable valuations and improving earnings for leading companies [3] - The China Securities Regulatory Commission is soliciting opinions on several new regulations aimed at promoting market development, including a pilot program for commercial real estate investment trusts [3] Group 3 - Gold prices surged past $4200 per ounce, driven by expectations of a potential interest rate cut by the Federal Reserve, with multiple officials signaling a dovish stance [4] - Major adjustments to A-share indices were announced, with increased representation of the information technology sector, leading to a more balanced industry allocation [5] - Japan plans to issue approximately 11.7 trillion yen in government bonds to finance economic stimulus, raising concerns about fiscal sustainability and potential impacts on the yen and Japanese bonds [5] Group 4 - Silver prices reached historical highs, supported by expectations of a supply deficit by 2025 and increasing demand from the photovoltaic sector [5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has launched a pilot program for Commercial Real Estate Investment Trusts (REITs), marking a significant step in the development of the REITs market in China and aimed at revitalizing existing commercial real estate assets [1][2][3]. Group 1: Pilot Program Launch - The pilot program for Commercial Real Estate REITs is a crucial initiative to implement the decisions of the Central Committee and the State Council, aimed at revitalizing existing commercial real estate and supporting a new model of real estate development [1][3]. - The Shanghai Stock Exchange and other entities are actively working on revising supporting rules, system upgrades, and nurturing pilot projects in response to the pilot program announcement [1][7]. - The launch of the pilot is seen as a response to the strong demand for direct financing channels from asset holders in the commercial real estate sector [2][4]. Group 2: Market Development - The public REITs market in China has evolved into a trillion-yuan emerging market over nearly five years, with 77 REITs products listed and a total issuance scale of 207 billion yuan, indicating a solid foundation for the new pilot [2][3]. - The commercial real estate sector has accumulated rich practical experience in asset revitalization, with nearly 100 billion yuan in issuance of CMBS, quasi-REITs, and ABS products since 2024 [3][4]. - The current market environment, characterized by overall declining interest rates, enhances the long-term value potential of commercial real estate [3][4]. Group 3: Benefits and Strategic Importance - The pilot program is expected to broaden direct financing channels for enterprises, optimize capital structures, and facilitate a strategic shift from developers to asset managers [4][5]. - The introduction of Commercial Real Estate REITs will provide investors with a new investment tool that combines stable cash flow with asset appreciation potential, thereby enhancing investment portfolios [4][5]. - The pilot is viewed as a significant step towards a more inclusive and attractive REITs market, contributing to the development of a multi-tiered capital market system [4][7]. Group 4: Future Outlook - The next phase involves steady progress in the pilot program, with the Shanghai Stock Exchange focusing on refining business rules and fostering market participation [7]. - The development of a more efficient, well-regulated public REITs market is anticipated, which will serve as a long-term stabilizer and new engine for financial support of the real economy [7].