（来源：财闻） 证监会拟扩大战略投资者类型，明确最低持股比例要求。 1月30日，中国证监会对《〈上市公司证券发行注册管理办法〉第九条、第十条、第十一条、第十三 条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号》做了 修改，并向社会公开征求意见。 本次修改中，关于战略投资者的相关内容值得关注： 扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险资金 （保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一投资人通过关联保险资 产管理机构发行的股权投资计划投资）、公募基金、银行理财等机构投资者可以作为战略投资者，以耐 心资本作为战略性资源对上市公司战略投资。同时，在规则上将该类投资者界定为资本投资者，将其他 实业投资者界定为产业投资者。 明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者本次 认购上市公司股份原则上不低于 5%，可以根据持股比例参与上市公司治理。 ...

Group 1 - The core viewpoint of the article is that the capital market is undergoing significant changes with the China Securities Regulatory Commission (CSRC) seeking public opinion on the draft decision to amend the "Interpretation of Securities and Futures Law No. 18" [2] - The revision defines long-term funds such as social security funds, pension insurance, corporate annuities, occupational annuities, commercial insurance, public funds, and bank wealth management as "capital investors," placing them alongside traditional "industrial investors" to form strategic investors [3] - Strategic investors are required to subscribe to at least 5% of a listed company's shares, which is linked to the ability to nominate directors and participate in corporate governance, shifting investors from "financial bystanders" to "governance participants" [4] Group 2 - The new regulations aim to close all arbitrage loopholes by prohibiting indirect shareholding, margin trading, and derivative transactions that may reduce holdings, ensuring "genuine strategy and genuine long-term" investments [5] - Listed companies are mandated to continuously disclose the implementation and actual effects of strategic cooperation in their annual reports, subjecting them to long-term market scrutiny [6] - The responsibilities of intermediary institutions are further reinforced, requiring sponsoring institutions and issuer lawyers to provide independent opinions on the existence of any interest transfer [7] Group 3 - The overall purpose of the new regulations is to ensure that "patient capital" genuinely participates in corporate governance, enhances the quality of listed companies, and ends the phenomenon of "fake strategy, real arbitrage," thereby promoting high-quality development of the capital market [8]

【环球网财经综合报道】1月30日，中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十 条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号〉的决定（征求意见稿）》公开征求意见。 进一步来讲，主要修改内容包括六个方面： 一是扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险资金（保险 公司运用保险资金自行投资或者委托关联保险资产管理机 构以及作为单一投资人通过关联保险资产管理机构发行的 股权投资计划投资）、公募基金、银行理财等机构投资者可 以作为战略投资者，以耐心资本作为战略性资源对上市 公司 战略投资。同时，在规则上将该类投资者界定为资本投资者，将其他实业投资者界定为产业投资者。 二是明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者本次认购上 市公司股份原则上不低于5%，可以根据持股比例参与上市公司治理。 三是明确资本投资者的基本要求。在长期、较大比例持股和提名董事参与公司治理基础上，要求资本投资者应当深 入了解上市公司产业发展，能够帮助上市公司引入战略性资源，或者 ...

证券时报记者 江聃 程丹 1月30日，中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一 条、第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号〉的决定（征求意见稿）》公开征求意见。此次修改扩大了战略投资者类型，明确最低持股比例要 求，并进一步强化监管要求。 按照最新调整，全国社保基金、基本养老保险基金、企业（职业）年金基金、附条件的商业保险资金、 公募基金、银行理财等机构投资者可作为战略投资者，以耐心资本作为战略性资源对上市公司战略投 资。 战略投资者可以为产业投资者或资本投资者。据最新要求，在长期、较大比例持股和提名董事参与公司 治理基础上，要求资本投资者深入了解上市公司产业发展，能帮助上市公司引入战略性资源，或显著改 善上市公司治理和内部控制，促进上市公司市场资源整合或增强核心竞争力。 持股比例上，坚持战略投资者应持有上市公司较大比例股份。新规进一步明确战略投资者本次认购上市 公司股份原则上不低于5%，可根据持股比例参与上市公司治理。 新规拟完善信息披露，要求上市公司在年报中披露战略资源导入和整合的落实情况和效果；进一步强化 监管要求 ...

1月30日，中国证监会就《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十一条、第 十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18号〉的决 定（征求意见稿）》公开征求意见。此次修改，扩大了战略投资者类型，明确最低持股比例要求，并进一 步强化监管要求。 战略投资者是指出于长期战略目标进行股权投资，与上市公司谋求战略协同价值的投资者。按照最新调整，全 国社保基金、基本养老保险基金、企业（职业）年金基金、附条件的商业保险资金、公募基金、银行理财等机 构投资者可以作为战略投资者，以耐心资本作为战略性资源对上市公司战略投资。 战略投资者可以为产业投资者或者资本投资者。在规则上，此次修改将该类投资者界定为资本投资者，而将其 他实业投资者界定为产业投资者。 根据最新要求，在长期、较大比例持股和提名董事参与公司治理基础上，要求资本投资者应当深入了解上市公 司产业发展，能够帮助上市公司引入战略性资源，或者显著改善上市公司治理和内部控制，促进上市公司市场 资源整合或者增强核心竞争力。 茅台发布声明 尾盘异动！A股，三大信号"闪现" 违法和不良信息举报电话：0755-83514 ...

中经记者 孙汝祥 夏欣 北京报道 2026年1月30日，证监会发布《关于修改〈《上市公司证券发行注册管理办法》第九条、第十条、第十 一条、第十三条、第四十条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第 18号〉的决定（征求意见稿）》，并公开征求意见。 证监会表示，本次修改旨在积极支持中长期资金入市，建立健全培育长期投资的市场生态，促进资本市 场长期稳定发展，提升资本市场内在稳定性。主要修改内容包括六个方面。 一是扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险 资金（保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一投资人通过关联保 险资产管理机构发行的股权投资计划投资）、公募基金、银行理财等机构投资者可以作为战略投资者， 以耐心资本作为战略性资源对上市公司战略投资。同时，在规则上将该类投资者界定为资本投资者，将 其他实业投资者界定为产业投资者。 二是明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者 本次认购上市公司股份原则上不低于 5%，可以根据持股比例参与上市公司治理。 三是明确资本投资者的 ...

Group 1 - The article discusses the modification of the regulations regarding strategic investors in listed companies, expanding the types of strategic investors to include various institutional investors such as national social security funds, basic pension insurance funds, enterprise annuity funds, commercial insurance funds, public funds, and bank wealth management [3][4] - It establishes a minimum shareholding requirement for strategic investors, stating that they should hold at least 5% of the shares of the listed company, allowing them to participate in corporate governance based on their shareholding ratio [3][4] - The article outlines the basic requirements for capital investors, emphasizing the need for long-term, significant shareholding and involvement in corporate governance, as well as the ability to help the listed company attract strategic resources and improve governance [3][4] Group 2 - The article highlights the need for improved information disclosure, requiring listed companies to report on the implementation and effects of strategic resource integration in their annual reports [4][5] - It emphasizes the strengthening of regulatory requirements, stating that strategic investors must not circumvent minimum shareholding ratios or lock-up periods, to maintain the credibility of the system [4][5] - The article mentions the simplification of language in the regulations to enhance clarity and understanding based on practical experiences [5]

Group 1 - The core viewpoint of the article is the modification of regulations regarding strategic investors in listed companies, which aims to expand the types of strategic investors and clarify minimum shareholding requirements while strengthening regulatory oversight [1][2] Group 2 - Strategic investors are defined as those who invest in equity for long-term strategic goals and seek to create strategic synergy with listed companies [1] - The new regulations allow various institutional investors, such as national social security funds, basic pension insurance funds, and public funds, to qualify as strategic investors, emphasizing the role of patient capital [1] - The minimum shareholding requirement for strategic investors is set at 5%, and they are expected to participate in corporate governance based on their shareholding proportion [2] - Companies are required to disclose the implementation and effects of strategic resource integration in their annual reports, enhancing transparency [2] - The regulations prohibit strategic investors from circumventing minimum shareholding and lock-up period requirements, aiming to maintain the integrity of the system [2]

中国证监会对《〈上市公司证券发行注册管理办法〉第九条、第十条、第十一条、第十三条、第四十 条、第五十七条、第六十条有关规定的适用意见——证券期货法律适用意见第18 号》做了修改。 一是扩大战略投资者类型。明确全国社保基金、基本养老保险基金、企业（职业）年金基金、商业保险 资金（保险公司运用保险资金自行投资或者委托关联保险资产管理机构以及作为单一投资人通过关联保 险资产管理机构发行的股权投资计划投资）、公募基金、银行理财等机构投资者可以作为战略投资者， 以耐心资本作为战略性资源对上市公司战略投资。同时，在规则上将该类投资者界定为资本投资者，将 其他实业投资者界定为产业投资者。 二是明确最低持股比例要求。坚持战略投资者应当持有上市公司较大比例股份，进一步明确战略投资者 本次认购上市公司股份原则上不低于 5%，可以根据持股比例参与上市公司治理。 三是明确资本投资者的基本要求。在长期、较大比例持股和提名董事参与公司治理基础上，要求资本投 资者应当深入了解上市公司产业发展，能够帮助上市公司引入战略性资源，或者显著改善上市公司治理 和内部控制，促进上市公司市场资源整合或者增强核心竞争力。 五是进一步强化监管要求。强调战略 ...

Group 1 - The core viewpoint of the news is the public consultation on the proposed amendments to the regulations regarding the management of securities issuance registration for listed companies, which aims to expand the types of strategic investors and clarify their roles [1][2] Group 2 - The amendments expand the types of strategic investors to include national social security funds, basic pension insurance funds, enterprise (occupational) annuity funds, commercial insurance funds, public funds, and bank wealth management products [1] - A minimum shareholding requirement is established, stating that strategic investors should hold at least 5% of the shares of the listed company, allowing them to participate in corporate governance [1][2] Group 3 - Basic requirements for capital investors are clarified, emphasizing the need for long-term, significant shareholding and involvement in corporate governance, as well as the ability to enhance the company's strategic resources and governance [2] - Information disclosure requirements are improved, mandating that listed companies report on the implementation and effects of strategic resource integration in their annual reports [2] Group 4 - Regulatory requirements are strengthened, prohibiting strategic investors from circumventing minimum shareholding and lock-up period requirements, and preventing illegal behaviors such as holding shares on behalf of others or indirect reductions [2] - The language of the regulations is simplified to enhance clarity and understanding based on practical experiences [2]