Core Viewpoint The China Securities Regulatory Commission (CSRC) is focusing on a comprehensive five-year plan for capital market development, emphasizing the importance of governance, long-term investment, and regulatory reforms. Group 1 - Emphasis on a new round of corporate governance initiatives to encourage quality companies to increase dividend and buyback efforts [4] - Promotion of a long-term assessment mechanism for medium and long-term funds, with a strong push for the development of equity public funds [4] - Strengthening counter-cyclical and cross-cyclical adjustments to establish a long-term market stabilization mechanism [4] Group 2 - Accountability for reputation management among industry institutions and listed companies, with a focus on improving the narrative around the stock market [4] - Initiation of reforms for the Growth Enterprise Market and acceleration of the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board [4] - Urgent implementation of commercial real estate REITs pilot projects and research on new key futures products [4] Group 3 - Commitment to supporting high-quality firms while limiting underperformers, aiming to build top-tier investment banks and institutions [4] - Gradual expansion of institutional openness, optimizing the qualified foreign institutional investor system and improving the efficiency of overseas listing filings [4] - Enhancement of regulatory capabilities through technology, with a continued crackdown on financial fraud, insider trading, market manipulation, and misappropriation of private fund assets [4] Group 4 - Promotion of the introduction of regulations for listed companies and active cooperation in revising laws and regulations in key areas such as securities companies and investment funds [4]

（上接1版）坚持扶优限劣，加快打造一流投资银行和投资机构。稳步扩大制度型开放，优化合格境外 投资者制度和互联互通机制，提高境外上市备案质效。 五是坚持全面从严，纵深推进证监会系统党风廉政建设。会议明确，坚决维护党中央集中统一领导，进 一步落实党对资本市场的全面领导，扎实推进中央巡视整改和作风建设常态化长效化。全力支持配合驻 证监会纪检监察组加大案件查办力度，强化重点领域公权力监督制约。坚持严管厚爱结合、激励约束并 重，加快打造"三个过硬"的监管铁军。 会议还要求，要全力做好岁末年初工作，加紧推进"十四五"资本市场各项工作顺利收官，坚决守牢防风 险、保稳定的底线。 四是坚持严监严管，切实提升监管执法效能。会议要求，强化科技赋能监管，继续重拳惩治财务造假、 内幕交易、市场操纵、挪用侵占私募基金财产等证券期货违法违规行为。推动出台上市公司监管条例， 积极配合修订证券公司、证券投资基金等重点领域法律法规。 ...

12月15日，在海南自由贸易港启动全岛封关运作倒计时3天之际，海南自由贸易港国际服务门户（en.hainan.gov.cn）上线运行发布会在海口举行，这标志着 自贸港在涉外服务体系建设上迈出关键一步，为全岛封关运作后进一步提升国际化服务水平奠定重要基础。海南省副省长杨国强、中国日报社副总编辑刘伟 玲出席发布会。 建设海南自由贸易港，是习近平总书记亲自谋划、亲自部署、亲自推动的改革开放重大举措。党中央决定，12月18日，海南自由贸易港正式启动全岛封关运 作，这是我国坚定不移扩大高水平对外开放、推动建设开放型世界经济的标志性举措。海南省委、省政府锚定把海南自由贸易港打造成为引领我国新时代对 外开放的重要门户的战略目标，凝心聚力把海南自由贸易港打造成展示中国风范的靓丽名片，助力全国构建新发展格局。 海南自由贸易港国际服务门户由海南省营商环境建设厅与省委外办，会同省委宣传部、省委网信办、省委人才发展局，省旅游和文化广电体育厅、省商务 厅、省科技厅、省市场监管局、省大数据发展中心等单位，在中国日报社专业团队的全程指导和鼎力支持下，建成集"涉外服务"和"资讯宣传"为一体的多语 种综合服务平台，旨在更好服务外资、外企、外国 ...

顺应数字化智能化绿色化发展，持续保持转型先机。 市委副书记、市长龚正，市人大常委会主任黄莉新、市政协主席胡文容、市委副书记朱忠明出席会议并 作了发言。 用管用、真正落地见效，让各类企业一目了然、感受高效便利。要在推动园区规模化集约化发展上加大 改革攻坚力度，着力解决"小散乱"问题。抓好国家级开发区管理制度改革，有序开展市级开发区和区级 镇级园区整治，力争园区管理体制实现质的提升，更好优化创新生态和产业生态，为产业发展提供高效 配套和优质服务。 会上，上海财经大学校长刘元春就"十五五"时期国内经济形势展望，香港金融管理局助理总裁兼首席经 济学家朱海斌就2026年国际经贸形势及其影响分析，分别作了专题辅导报告。65位同志围绕会议主题， 结合工作实际，着眼谋划新一年工作，交流体会、分析问题，开拓思路、集思广益，提出了有针对性、 有启发性的意见建议，进一步凝聚共识、形成合力。 陈吉宁指出，明年是"十五五"开局之年。习近平总书记在中央经济工作会议上对当前国际国内形势作出 深刻分析。要切实把思想和行动统一到中央对形势的科学判断上来，按照中央决策部署，结合上海工作 实际，不折不扣抓好贯彻落实，更加自觉地忠诚拥护"两个确立" ...

Group 1: Autonomous Driving - China's first batch of L3 conditional autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing, marking a significant step towards commercialization [1] - The two approved models include an electric sedan capable of 50 km/h in congested traffic and another capable of 80 km/h on highways and urban expressways, both limited to specific routes [1] Group 2: Financial Sector Reforms - The China Securities Regulatory Commission (CSRC) has initiated reforms to enhance the inclusivity and attractiveness of the capital market, focusing on the implementation of the "1+6" reform measures for the Sci-Tech Innovation Board [3][10] - The CSRC aims to promote high-quality development in the private equity fund sector and expedite the pilot program for commercial real estate REITs [10] - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [11] Group 3: Company Financials - Cambrian Technology plans to use approximately 2.78 billion yuan from its capital reserve to offset accumulated losses, with the aim of bringing its negative retained earnings to zero by the end of 2024 [8] - TCL Technology intends to acquire a 10.7656% stake in Shenzhen Huaxing Semiconductor for 6.045 billion yuan, increasing its ownership from 84.21% to 94.98%, to enhance its competitiveness in the semiconductor display industry [12] Group 4: Currency and Real Estate Market - The onshore and offshore RMB against the USD reached a 14-month high, with the onshore rate peaking at 7.0500 and the offshore rate at 7.046, indicating a favorable external environment for the RMB [13] - In November 2025, the sales prices of commercial residential properties in 70 major cities in China showed a month-on-month decline, with first-tier cities experiencing a 0.4% decrease in new residential prices [14]

文 / 现代物流报记者 卫小波 在政策准备方面，商务部已发布《海南自由贸易港禁止、限制进出口货物、物品清单》，通过放宽98个 商品编码产品的进口管理，优化了现行贸易管理模式。为确保政策落地顺畅，商务部还指导海南省出台 了配套监管办法，并开展了模拟演练，以完善执行细节，加强风险防范。 在开放创新层面，商务部推动在海南实施了一系列对接国际高标准经贸规则的试点，包括暂时进境修 理、再制造产品进口等。同时，支持海南全岛设立跨境电商综试区，深入实施跨境服务贸易负面清单， 并有序推进医疗、增值电信等领域的扩大开放试点。这些措施显著激发了市场活力，今年前三季度，海 南省服务贸易额同比增长23.1%，实际使用外资增长42.2%。 何亚东表示，下一步，商务部将以封关运作为契机，大力推进制度型开放，将海南自贸港打造成为我国 新时代对外开放的重要门户。未来工作将聚焦于确保封关政策落地，推动其与"零关税"、加工增值免关 税等政策协同发力；同时，主动对接国际高标准经贸规则，重点扩大服务业市场准入，并继续办好中国 国际消费品博览会，以及"投资中国""出口中国"等品牌活动，拓展国际合作机遇。 12月18日，海南自贸区即将启动封关运作。自2 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key measures to enhance market stability and promote high-quality companies following the Central Economic Work Conference [1][2]. Group 1: Market Stability and Company Quality - The CSRC emphasizes the importance of strengthening the market's inherent stability and fostering a group of high-quality listed companies [1]. - A new round of corporate governance initiatives will be launched to encourage quality companies to increase dividend payouts and share buybacks [1]. - The implementation of a long-term assessment mechanism for medium and long-term funds will be promoted, alongside the development of equity public funds and high-quality index investment [1]. Group 2: Risk Monitoring and Policy Guidance - The CSRC will enhance cross-market, cross-industry, and cross-border risk monitoring and control, while reinforcing counter-cyclical adjustments and establishing a long-term market stabilization mechanism [1]. - There will be a focus on policy interpretation and expectation management, ensuring timely responses to market concerns and reinforcing the reputation management responsibilities of industry institutions and listed companies [1]. Group 3: Reform and Development - The CSRC is committed to reforming the capital market to improve its inclusiveness and attractiveness, including the implementation of deepened reforms for the ChiNext board and accelerating the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board [1]. - The development of the private equity fund industry will be promoted, with plans to launch pilot projects for commercial real estate REITs and research new key futures products [1]. Group 4: Regulatory Enhancement - The CSRC will enhance regulatory enforcement effectiveness, leveraging technology to combat financial fraud, insider trading, market manipulation, and misappropriation of private fund assets [2]. - New regulations for listed companies will be introduced, and efforts will be made to revise laws and regulations in key areas such as securities companies and investment funds [2].

证监会12月15日消息，近日，中国证监会党委书记、主席吴清主持召开党委(扩大)会议，传达学习中央 经济工作会议精神，结合全国金融系统工作会议要求，研究部署证监会系统贯彻落实举措。 会议强调，坚持改革攻坚，不断提高资本市场制度包容性吸引力。启动实施深化创业板改革，加快科创 板"1+6"改革举措落地。推动私募基金行业高质量发展，尽快落地商业不动产REITs试点，研究推出新的 重点期货品种。坚持扶优限劣，加快打造一流投资银行和投资机构。稳步扩大制度型开放，优化合格境 外投资者制度和互联互通机制，提高境外上市备案质效。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of capital market work as highlighted in the recent Central Economic Work Conference, aiming for high-quality economic development and stability in employment, enterprises, and market expectations [1] Group 1: Strategic Planning - The CSRC will actively participate in the formulation of the national "14th Five-Year" plan and establish a systematic framework for the capital market's development goals and tasks over the next five years [1] Group 2: Market Stability - The focus will be on cultivating a high-quality group of listed companies and enhancing corporate governance, encouraging companies to increase dividend payouts and share buybacks [2] - The CSRC aims to strengthen long-term funding mechanisms and promote the development of equity public funds and index investments [2] - There will be an emphasis on cross-market and cross-border risk monitoring and management, as well as improving the long-term stability mechanisms of the market [2] Group 3: Reform Initiatives - The CSRC plans to implement reforms in the ChiNext board and accelerate the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board [2] - The development of private equity funds will be prioritized, along with the introduction of new key futures products and the pilot of commercial real estate REITs [2] - The CSRC will enhance the attractiveness of the capital market by optimizing the Qualified Foreign Institutional Investor (QFII) system and improving the efficiency of overseas listing filings [2] Group 4: Regulatory Enhancements - The CSRC will leverage technology to enhance regulatory effectiveness and combat financial fraud, insider trading, and market manipulation [2] - New regulations for listed companies will be introduced, and revisions to laws governing securities companies and investment funds will be actively pursued [2] Group 5: Internal Governance - The CSRC is committed to strengthening party discipline and oversight within its system, ensuring the party's leadership in capital market operations [3] - There will be a focus on enhancing the accountability and supervision of public power in key areas [3] - The CSRC aims to build a robust regulatory team that balances strict management with incentives [3] Group 6: Year-End Focus - The CSRC is tasked with ensuring the successful completion of the "14th Five-Year" capital market initiatives while maintaining risk prevention and stability [3]

会议强调，坚持改革攻坚，不断提高资本市场制度包容性吸引力。启动实施深化创业板改革，加快科创 板"1+6"改革举措落地。推动私募基金行业高质量发展，尽快落地商业不动产REITs试点，研究推出新的 重点期货品种。坚持扶优限劣，加快打造一流投资银行和投资机构。稳步扩大制度型开放，优化合格境 外投资者制度和互联互通机制，提高境外上市备案质效。 北京商报讯（记者 马换换 李佳雪）12月15日午间，中国证监会官网发文称，近日，中国证监会党委书 记、主席吴清主持召开党委（扩大）会议，传达学习中央经济工作会议精神，结合全国金融系统工作会 议要求，研究部署证监会系统贯彻落实举措。 ...