Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft of the "Regulations on the Supervision and Management of Listed Companies" for public consultation, emphasizing risk prevention, strong regulation, and promoting high-quality development in the capital market [1][2]. Group 1: Regulatory Framework - The draft regulations aim to establish a comprehensive regulatory framework for listed companies, covering their entire lifecycle from listing to delisting, including governance, information disclosure, mergers and acquisitions, dividend distribution, market value management, bankruptcy restructuring, and delisting [1][2]. - The regulations are seen as a necessary step to solidify the legal foundation for stringent supervision and management, reflecting the CSRC's commitment to enhancing the effectiveness and deterrence of regulatory enforcement [1][2]. Group 2: High-Quality Development - The regulations focus on three main areas to promote high-quality development: enhancing the quality and effectiveness of mergers and acquisitions, improving investor returns, and elevating corporate governance standards [3]. - Specific measures include clarifying the obligations of listed companies and executives in market value management, supporting stable dividend policies, and establishing mechanisms for share buybacks [3]. Group 3: Risk Prevention and Strong Regulation - The regulations emphasize risk prevention by targeting financial fraud, punishing violations related to guarantees, enforcing strict delisting procedures, and implementing comprehensive administrative supervision [3][4]. - There is a focus on preventing major shareholders from misappropriating company funds and ensuring that the board of directors actively pursues recovery of misused assets [6]. Group 4: Key Highlights - The regulations introduce a dedicated chapter on corporate governance, detailing the responsibilities of controlling shareholders, independent directors, and the board secretary, while enhancing internal control mechanisms [4][5]. - They also support mergers and acquisitions by clarifying definitions, qualifications, and disclosure standards, thereby stabilizing market expectations [4]. - A significant emphasis is placed on protecting investors, including measures to enhance investment value and prevent companies from evading delisting, ensuring that investors have options in case of company restructuring [6].

12月5日，证监会公布《上市公司监督管理条例（公开征求意见稿）》（以下简称"《条例》"），向社 会公开征求意见。 四是加强投资者保护。对市值管理、现金分红、股份回购等作出明确要求，推动上市公司提升投资价 值、增强回报投资者意识。明确主动退市中投资者保护安排，防范上市公司规避退市、利用破产重整损 害投资者利益。 五是严厉打击违法违规行为，细化国务院证券监督管理机构在依法履职过程中可以采取的措施，对占用 担保、配合造假等行为设置专门罚则。 本次《条例》起草工作坚守监管的政治性、人民性，紧扣防风险、强监管、促高质量发展的工作主线， 以推动提高上市公司质量和夯实监管执法及投资者保护基础为主要内容，依法规范上市公司及相关各方 的行为，努力夯实资本市场高质量发展的基础。 （文章来源：中国经营报） 《条例》共八章、七十四条，除总则和附则外，主要内容包括：一是完善上市公司治理要求，规范治理 架构以及控股股东、实际控制人、董事、高管等关键少数的行为，促进提升治理的有效性，夯实上市公 司高质量发展的根基。 二是进一步强化信息披露监管。特别是针对上市公司信息披露"财务造假"，通过健全上市公司内部监督 制约、追责追偿机制，禁止第三方 ...

嘉实基金发布的白皮书聚焦A股上市公司股东大会投票行为，结合政策变革与市场结构变化，剖析机构股东参与公司治理的现状、价值与路径，为资本市场 高质量发展提供参考。 政策层面形成全方位治理体系，为机构参与治理奠定制度基础。2024年新"国九条"与新《公司法》落地，确立"强本强基、严监严管"框架，降低中小股东临 时提案权门槛至1%。后续《上市公司独立董事管理办法》《上市公司治理准则（2025修订）》等配套规则相继出台，在董事任职、关联交易、审计质量等 关键领域强化规范，明确机构投资者尽责管理的权利与责任。 市场结构呈现深刻变迁，为机构积极参与治理创造条件。A股第一大股东平均持股比例从2021年的35.8%降至2025年6月的31.8%，股权结构向多元制衡演 进。机构投资者持股比例持续攀升至7.2%，社保基金、保险资金等中长期资金规模扩大，被动指数基金占比提升至48.2%，低换手率特性推动机构从"用脚 投票"转向"用手投票"，主动参与治理成为必然选择。 股东大会投票数据反映治理实践新趋势。2023年以来，全市场股东平均参会率维持在48%-50%，中小股东表决率逐年小幅上升，机构持股集中的沪深300、 基金重仓股参会率显 ...

Core Viewpoint - The article emphasizes the importance of enhancing the inclusiveness and adaptability of China's capital market system to support high-quality economic development and meet the evolving needs of the economy and society [2][3]. Group 1: Significance of Enhancing Capital Market System - It is a pressing requirement to better serve the development of new productive forces, as a vibrant capital market is crucial for promoting technological and industrial advancements [3]. - It is essential for ensuring that the benefits of development reach the broader population, with the capital market serving as a platform for over 2 billion stock and fund investors to share in economic growth [4]. - It is a necessary step for promoting high-quality development of the capital market and building a strong financial nation, enhancing the market's core competitiveness and international influence [4][5]. Group 2: Understanding the Content and Principles - The capital market's development quality remains a challenge, with issues such as the need for better optimization of listed company structures and the necessity for increased long-term capital market participation [6]. - The focus should be on supporting technological innovation, meeting diverse investor needs, and enhancing regulatory effectiveness to ensure a stable and active capital market [6][7]. Group 3: Key Tasks and Measures for the 15th Five-Year Plan - Actively develop direct financing through equity and bonds, enhancing the service capabilities for real enterprises and supporting the issuance of quality companies [9]. - Foster more high-quality listed companies by optimizing their structure and enhancing their investment value, while encouraging cash dividends and buybacks [10]. - Create an attractive environment for long-term investments, promoting the establishment of mechanisms that encourage long-term capital to thrive [10]. - Improve the scientific and effective regulation of the capital market, adapting to rapid market changes and enhancing risk prevention measures [11]. - Gradually expand the high-level institutional openness of the capital market, facilitating efficient capital flow and enhancing international competitiveness [11][12]. - Collaborate to create a regulated, inclusive, and vibrant capital market ecosystem, strengthening legal frameworks and investor protection mechanisms [12].

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of the capital market system in China, marking a significant transformation towards high-quality development [1] Group 1: Capital Market Development - China's capital market has evolved from non-existence to a substantial presence over the past 30 years, currently transitioning towards high-quality development [1] - The article highlights the importance of a comprehensive, in-depth, and systematic reform of the capital market to align with new historical starting points [1] Group 2: Policy Implementation - There is a call to implement the directives from the Central Financial Work Conference and the new "National Nine Articles" to focus on risk prevention, regulatory strengthening, and promoting high-quality development [1] - The article outlines the goal of creating a new landscape for high-quality development in the capital market, contributing to the establishment of a strong financial nation and the modernization of China [1]

12月5日，证监会主席吴清在人民日报发表署名文章《提高资本市场制度的包容性适应性（学习贯彻党 的二十届四中全会精神）》，全文如下： 提高资本市场制度的包容性适应性（学习贯彻党的二十届四中全会精神） 吴 清 党的二十届四中全会通过的《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下 简称《建议》）提出，提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。这 是以习近平同志为核心的党中央科学研判、准确把握"十五五"时期国际国内形势，紧紧围绕基本实现社 会主义现代化目标，从全局高度作出的重大战略部署，为做好资本市场改革发展稳定各项工作指明了前 进方向、提供了根本遵循。我们必须深入学习、认真领会，坚决抓好贯彻落实。 （一）必须始终践行资本市场工作政治性、人民性。党的领导是中国特色金融发展之路最本质的特征， 是我国发展资本市场最大的政治优势、制度优势。必须坚持党对资本市场工作的全面领导，确保资本市 场始终保持正确的发展方向。突出以人民为中心的价值取向，紧紧围绕市场所需、群众所呼推进制度改 革，更加有力有效保护投资者特别是中小投资者合法权益。 一、深刻认识提高资本市场制度包容性、适应性的重 ...

● 本报记者 昝秀丽 证监会12月4日消息，证监会当日举行2025年以来新提拔晋升局处级干部宪法宣誓仪式。证监会主席吴 清监誓并讲话。证监会副主席陈华平主持宣誓仪式。 上午9时30分，宪法宣誓仪式开始，全体人员高唱中华人民共和国国歌。随后，领誓人手抚宪法、领诵 誓词，其他宣誓人列队站立、跟诵誓词。 宣誓后，吴清在讲话中表示，誓词字字千钧，是坚决落实依宪治国、依宪执政，自觉维护宪法权威的郑 重承诺。希望大家深入学习贯彻习近平法治思想和党的二十届四中全会精神，把铮铮誓言内化于心、外 化于行，自觉铸牢政治忠诚，主动融入发展大局，积极思考和谋划"十五五"时期资本市场改革发展稳定 工作举措，坚守公仆鲜明底色，精进专业能力，淬炼务实作风，恪守廉洁底线，忠实履行宪法和法律赋 予的职责使命，奋力开创资本市场高质量发展新局面，更好服务中国式现代化和金融强国建设。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a constitutional oath ceremony for newly promoted officials, emphasizing the importance of upholding the Constitution and integrating Xi Jinping's rule of law thoughts into their work [1] Group 1: Ceremony Details - The oath-taking ceremony took place on December 4, coinciding with the 12th National Constitution Day [1] - The ceremony began with the national anthem of the People's Republic of China, followed by the oath led by the CSRC Chairman Wu Qing [1] Group 2: Key Messages from the Speech - Wu Qing highlighted the solemn commitment to uphold the authority of the Constitution and implement governance according to the Constitution [1] - He urged the oath-takers to internalize and externalize their pledges, enhancing political loyalty and actively contributing to the development of the capital market during the 14th Five-Year Plan period [1] - The emphasis was placed on improving professional capabilities, maintaining integrity, and fulfilling the responsibilities assigned by the Constitution and laws to promote high-quality development in the capital market [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of upholding the Constitution and integrating Xi Jinping's rule of law thought into the development of the capital market, aiming for high-quality growth and better service to China's modernization and financial strength [4]. Group 1 - The CSRC held a constitutional oath ceremony for newly promoted officials, highlighting the significance of the oath as a commitment to uphold constitutional authority [2]. - The ceremony was led by CSRC Chairman Wu Qing, who stressed the need for officials to internalize and act upon their oath, ensuring political loyalty and professional integrity [4]. - The CSRC aims to actively plan for the "14th Five-Year Plan" period, focusing on reforms and stability in the capital market [4].

（来源：内蒙古日报） 转自：内蒙古日报 今年以来，内蒙古资本市场捷报频传：1月，天和磁材在上海证券交易所主板上市，成为2025年国内主 板首家上市企业；3月，赤峰黄金成功在香港联合交易所主板上市，成为内蒙古自治区唯一一 家"A+H"上市公司；11月，位于霍林郭勒市的电解铝龙头企业——创新实业集团有限公司在香港联合交 易所主板挂牌上市，创新实业的成功上市，是自治区推动产业转型升级、支持企业对接国际资本市场的 重要成果，为自治区建设现代化产业体系、构建多层次资本市场以及推动经济高质量发展增添了浓墨重 彩的一笔。 支持企业上市，推动资本市场高质量发展，内蒙古一直在行动。 2021年以来，内蒙古实施助企上市"天骏计划"，以更完善的机制、更贴心的服务和更高质量的金融助 力，为优质企业进入资本市场提供全方位保障。自"天骏计划"启动以来，内蒙古已有11家企业成功登陆 境内外资本市场，连续5年实现企业上市"不断档"，形成了稳定有序的上市节奏。目前，全区共有112家 企业进入上市后备库，其中，2家企业已正式报送交易所审核，11家企业处于辅导备案阶段，梯队化、 可持续的上市发展格局日趋成熟。 顶层设计 系统推进"天骏计划" 资本 ...