登录新浪财经APP 搜索【信披】查看更多考评等级 1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形势，研究部署2026年工作。中国证监会党委书记、主席吴清出席会议并讲 话。 四是坚持固本强基，促进上市公司价值成长和治理提升。持续提升上市公司规范运作水平，加快推动出台上市公司监管条例，全面落地新修订的上市公司 治理准则，加强对控股股东、实际控制人的行为约束，完善分红回购、股权激励和员工持股等制度安排。激发并购重组市场活力，完善重组全链条监管， 多措并举推动上市公司高质量发展。 五是坚持做强主场，推动资本市场双向开放迈向更深层次、更高水平。抓紧推动合格境外投资者优化方案落地，扩大期货特定品种开放范围，提升跨境投 融资便利性。完善境外上市法规制度，提升备案管理规范化、标准化和透明度。增强开放环境下监管和风险防范能力，积极参与国际金融治理。 二是坚持改革攻坚，不断提高服务高质量发展质效。提升多层次股权市场包容性适应性，启动实施深化创业板改革，持续推动科创板改革落实落地，提高 再融资便利性和灵活性，促进北交所、新三板一体化高质量发展。推动债券市场提质量、调结构、扩总量，抓好商业不动产RE ...

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, showcasing resilience and vitality despite multiple challenges in 2025 [1]. Group 1: Risk Management and Market Stability - The CSRC has established a robust risk prevention mechanism, achieving significant breakthroughs in attracting medium- and long-term capital into the market, leading to a warming and positive market trend [1]. - A comprehensive regulatory framework has been strengthened, with 701 cases of securities and futures violations investigated throughout the year, resulting in fines totaling 15.47 billion yuan, enhancing the effectiveness of regulatory enforcement [1]. Group 2: Financial and Investment Reforms - The CSRC has deepened comprehensive reforms in investment and financing, introducing the "1+6" policy measures for the Sci-Tech Innovation Board, implementing a third set of standards for the Growth Enterprise Market, and revising major asset restructuring management methods [1]. - In 2025, cash dividends and buybacks from listed companies reached a total of 2.68 trillion yuan, indicating a further accumulation of high-quality development momentum [1]. Group 3: Capital Market Functionality - The total amount raised through IPOs and refinancing reached 1.26 trillion yuan, while the bond market saw the issuance of various bonds totaling 16.3 trillion yuan, demonstrating the effective functioning of a multi-tiered capital market [1]. - The CSRC has also launched 18 new futures and options products, enhancing the service system for stocks, bonds, and derivatives [1]. Group 4: Legal and Investor Protection - The CSRC is accelerating the construction of legal frameworks in key areas, collaborating with the Supreme Court to issue guidelines for fair and just law enforcement, which supports the high-quality development of the capital market [2]. - Measures to strengthen the protection of small and medium investors have been implemented, further solidifying the "safety net" for investor rights [2]. Group 5: Public Opinion and Market Environment - The establishment of the Capital Market Society aims to enhance the influence and dissemination of public opinion, contributing to a cleaner market environment [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a meeting to summarize its work in 2025 and plan for 2026, emphasizing the need for risk prevention, strong regulation, and promoting high-quality development in the capital market [1][2]. Group 1: Market Stability and Development - The CSRC aims to strengthen market stability by enhancing monitoring and regulatory measures, ensuring fair trading, and preventing market manipulation [4]. - Significant progress was made in attracting medium- and long-term capital into the market, with a total of 2.68 trillion yuan in cash dividends and buybacks from listed companies in 2025 [2]. - The total amount of IPOs and refinancing reached 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan [2]. Group 2: Regulatory Enhancements - The CSRC has intensified its regulatory framework, addressing financial fraud and illegal activities, with 701 cases of securities and futures violations investigated, resulting in fines totaling 15.47 billion yuan [2][3]. - A comprehensive punishment and prevention system for financial fraud is being established, alongside a special campaign against illegal private fund activities [2]. 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]. - Efforts are being made to enhance the quality and structure of the bond market, as well as to promote the stable launch of commercial real estate REITs [4]. Group 4: Governance and Compliance - The CSRC is focused on improving corporate governance and operational standards for listed companies, with new regulations on governance and constraints on major shareholders being developed [5]. - The commission is also enhancing the legal framework for overseas listings and optimizing the management of qualified foreign investors [6]. Group 5: Party Leadership and Accountability - The meeting underscored the importance of the Party's leadership in the capital market, emphasizing the need for strict adherence to anti-corruption measures and the establishment of a robust supervisory mechanism [7]. - The CSRC is committed to fostering a clean and accountable regulatory environment, enhancing the capabilities of its workforce, and ensuring effective regulatory accountability [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a meeting to summarize the work of 2025 and plan for 2026, emphasizing the need for risk prevention, strong regulation, and high-quality development in the capital market [1][2]. Group 1: Achievements in 2025 - The CSRC highlighted significant progress in risk management, with a focus on building a stable market mechanism and attracting long-term capital, resulting in a recovery trend in the market [2]. - A total of 701 cases of securities and futures violations were investigated, with fines amounting to 15.47 billion yuan, indicating enhanced regulatory effectiveness [2]. - The total cash dividends and buybacks from listed companies reached 2.68 trillion yuan, showcasing the accumulation of high-quality development momentum [2]. - The total amount of IPOs and refinancing was 1.26 trillion yuan, while the bond market issued various bonds totaling 16.3 trillion yuan, demonstrating the effective functioning of a multi-level capital market [2]. Group 2: Future Directions for 2026 - The CSRC aims to maintain market stability while addressing complex challenges, focusing on risk prevention, strong regulation, and promoting high-quality development [3]. - There will be an emphasis on enhancing market monitoring and timely counter-cyclical adjustments to prevent market volatility and promote long-term investment [3]. - The CSRC plans to deepen reforms in public funds and broaden channels for long-term capital, encouraging a market ecosystem that supports long-term and value investments [3]. Group 3: Regulatory and Reform Initiatives - The CSRC will enhance the inclusiveness and adaptability of the multi-tiered equity market, implementing reforms in the ChiNext and promoting the integration of the Beijing Stock Exchange and the New Third Board [4]. - There will be a focus on strict enforcement of market discipline, targeting financial fraud, price manipulation, and insider trading, while improving the regulatory framework for private equity funds [4]. - The CSRC aims to strengthen the governance of listed companies, enhance operational standards, and stimulate the merger and acquisition market to promote high-quality development [4]. Group 4: Opening Up the Capital Market - The CSRC is committed to advancing the opening of the capital market, optimizing the Qualified Foreign Institutional Investor (QFII) scheme, and expanding the range of futures products available for foreign investment [5]. - There will be improvements in the regulatory framework for overseas listings, enhancing transparency and standardization in the management of foreign investments [5]. - The CSRC aims to strengthen regulatory and risk prevention capabilities in an open environment and actively participate in international financial governance [5].

来源：证监会发布 中国证监会召开2026年系统工作会议 1月15日，中国证监会召开2026年系统工作会议，总结2025年工作，分析当前形势，研究部 署2026年工作。中国证监会党委书记、主席吴清出席会议并讲话。 会议认为，2025年证监会系统坚持以习近平新时代中国特色社会主义思想为指导，坚决落实 党中央、国务院决策部署，一体推进防风险、强监管、促高质量发展，会同有关方面合力稳 市场、稳信心、稳预期，资本市场在多重风险挑战交织叠加的严峻考验下顶压前行，向新向 优发展，韧性和活力明显增强。一是筑牢风险防波堤防浪堤，推动构建中国特色稳市机制， 中长期资金入市取得重要突破，市场呈现回暖向好态势。二是全面强化"五大监管"，加快构 建财务造假综合惩防体系，开展打击私募基金违法违规专项工作，全年查办证券期货违法案 件701件，罚没款154.7亿元，监管执法质效有效增强。三是深化投融资综合改革，推出科创 板改革"1+6"政策举措，启用创业板第三套标准，修订重大资产重组管理办法，启动公募基金 改革，全年上市公司现金分红回购合计2.68万亿元，高质量发展动能进一步集聚。四是健全 股债期产品和服务体系，全年IPO、再融资合计1.2 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a meeting to summarize 2025's work and plan for 2026, emphasizing the need for steady progress in the capital market while addressing complex internal and external risks [4][5][6]. Group 1: Market Stability and Development - The CSRC highlighted the overall stability and improvement of the capital market, despite facing intertwined risks and challenges [6][7]. - The meeting underscored the importance of maintaining a stable market environment, enhancing market monitoring, and preventing excessive speculation and market manipulation [7]. - The CSRC aims to deepen public fund reforms and broaden channels for long-term capital investment, promoting a market ecosystem conducive to long-term and value investments [7]. Group 2: Regulatory Enhancements - The meeting stressed the need for strict legal enforcement to enhance the effectiveness and deterrence of regulatory actions, including combating financial fraud and insider trading [2][8]. - A comprehensive punishment and prevention system for financial fraud is being established, with 701 cases of securities and futures violations handled in the past year, resulting in fines totaling 15.47 billion yuan [5][8]. - The CSRC plans to improve the regulatory framework for private equity funds and enhance the use of technology in regulatory practices to increase oversight capabilities [2][8]. Group 3: Reform and High-Quality Development - The CSRC is committed to reforming the multi-tiered equity market, including the implementation of reforms for the ChiNext and STAR Market, to enhance adaptability and inclusiveness [7][8]. - The bond market will also see improvements in quality, structure, and total volume, with a focus on the smooth rollout of commercial real estate REITs [7][8]. - The meeting emphasized the importance of legal construction in key areas and the protection of small investors' rights, further solidifying the safety net for investor protection [5][8]. Group 4: Governance and Party Leadership - The meeting reinforced the need for strong party leadership in the capital market, emphasizing the importance of high-quality party building to support high-quality development [6][9]. - The CSRC aims to enhance the governance of listed companies, including the introduction of new regulations and guidelines to improve operational standards and shareholder engagement [8][9]. - There is a focus on fostering a clean and accountable cadre team within the CSRC to ensure effective regulatory oversight and combat corruption [9].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes strict legal enforcement to enhance the effectiveness and deterrence of regulatory actions, focusing on combating severe illegal activities in the market [1] Regulatory Focus - The meeting highlighted the need to strictly enforce market discipline and take decisive action against financial fraud, price manipulation, and insider trading [1] - It aims to improve the administrative and criminal connection mechanisms to facilitate more representative lawsuits and advance typical cases of advance compensation [1] Industry Guidance - The CSRC urges industry institutions to concentrate on their core business, improve governance, and pursue differentiated development strategies [1] - There is a call to enhance the regulatory framework for private equity funds [1] Technological Empowerment - The meeting stresses the importance of leveraging technology to strengthen regulatory capabilities, particularly in discovering leads and enhancing regulatory transparency [1]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the institutional environment for long-term investments and increase the participation of various long-term funds in the market [1][2]. Group 1: Promoting Long-term Investment - The CSRC will continue to improve the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation [2]. - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market capitalization, a 36% increase from the beginning of the year [2]. - The scale of equity funds grew from 8.4 trillion yuan at the beginning of last year to around 11 trillion yuan [2]. Group 2: Strengthening Regulatory Enforcement - The CSRC will enhance the effectiveness of regulatory enforcement and continue to improve investor education and protection systems [3]. - There will be a focus on strict regulation, targeting major violations and enhancing investor trust and confidence through initiatives like representative litigation for compensation [3]. Group 3: Coordinating Investment and Financing Functions - The CSRC emphasizes the need for a balanced relationship between investment and financing functions in the capital market, as both are essential for serving the real economy [4]. - A lack of financing function would hinder the capital market's ability to support the real economy, while inadequate investment function could jeopardize sustainable market development [4]. - The coordination of investment and financing is a dynamic process that requires continuous adjustment [4]. Group 4: Improving the Quality of Listed Companies - Enhancing the quality of listed companies is crucial for promoting the coordination of investment and financing functions [5][6]. - High-quality listed companies attract more long-term stable investments, creating a virtuous cycle of high-quality companies, investment returns, and improved financing efficiency [6]. - Poor quality of listed companies can lead to unsustainable stock price increases and ultimately damage investor confidence [6]. Group 5: Supporting Technological Innovation Enterprises - The CSRC will enhance its services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [7]. - There will be a focus on deepening refinancing reforms and improving the multi-tiered capital market system to better support the entire lifecycle of technology innovation enterprises [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of the 14th Five-Year Plan in advancing China's modernization and building a strong financial nation, focusing on risk prevention, strong regulation, and promoting high-quality development [1] Regulatory Focus - The CSRC plans to enhance the effectiveness of regulatory enforcement and continuously improve the investor education, service, and protection system [1] - The commission will adhere to strict legal regulations, emphasizing the crackdown on major and malicious violations, and will implement more representative litigation and advance compensation cases to boost investor trust and confidence [1]

Core Viewpoint - The Shanghai Municipal Government has issued an action plan to accelerate the creation of a world-class business environment by 2026, focusing on fair competition and regulatory enforcement [1]. Group 1: Fair Competition and Regulatory Measures - The plan emphasizes the establishment of a robust fair competition review mechanism to strengthen regulatory enforcement against monopolistic and unfair competition practices [1]. - It aims to address "involution" competition by enhancing oversight in bidding and government procurement, ensuring transparency in transactions [1]. - The proposal includes improving the evaluation and review mechanisms to prevent malicious low-bid wins and to enforce comprehensive supervision of contract fulfillment by winning bidders [1]. Group 2: Platform Governance and Data Management - There is a focus on algorithm governance for platforms, aiming to standardize business activities on online platforms and promote win-win development among platform companies, operators, and workers [1]. - The action plan calls for increased product quality inspections and public disclosure of results to encourage companies to enhance product quality [1]. - It also outlines the need for clear qualification criteria and fair access paths for various business entities participating in public data operations, aiming to improve the market-oriented allocation efficiency of data elements [1]. Group 3: Broadband Access and User Rights - The plan includes ongoing efforts to regulate the broadband access market in parks and buildings, exploring fee reporting and public disclosure to better protect users' rights to information and choice [1].