巩固市场稳中向好势头 坚决防止市场大起大落 张大伟 制图 证监会确定2026年资本市场五方面工作任务 会议重点部署了五方面工作任务： ——坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调节，强化交 易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违规行为，坚 决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出各类适配长 期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营造"长钱长投"的市场 生态。 ——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REITs试点平稳落地。稳步推进 期货市场提质发展，加强期现联动监管。 ——坚持依法从严，着力提升监管执法有效性和震慑力。进一步严肃市场纪律，坚决打击财务造假、操 纵价格、内幕交易等恶性违法行为，畅通行政刑事衔接机制，推动更多特别代表人诉讼、先行赔付等典 型案例落地 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to consolidate the market's stable upward trend while addressing illegal activities such as excessive speculation and market manipulation, aiming to prevent significant market fluctuations [1][3]. Group 1: Market Stability and Regulation - The CSRC aims to strengthen market monitoring and timely counter-cyclical adjustments to maintain fairness in trading and information disclosure, while strictly addressing illegal market behaviors [3][4]. - In 2025, the CSRC handled 701 cases of securities and futures violations, imposing fines totaling 15.47 billion yuan, indicating enhanced regulatory effectiveness [2]. - The market has shown resilience and vitality, with significant breakthroughs in attracting medium- and long-term capital, contributing to a warming market trend [2][3]. Group 2: Reform and Development - The CSRC is committed to deepening reforms in the ChiNext board and enhancing the adaptability and competitiveness of the capital market to achieve qualitative improvements and reasonable growth [3][4]. - The total amount of cash dividends and buybacks by listed companies reached 2.68 trillion yuan in 2025, reflecting a focus on high-quality development [2]. - The CSRC plans to promote the integration and high-quality development of the Beijing Stock Exchange and the New Third Board [4]. Group 3: Legal and Governance Enhancements - The CSRC emphasizes strict enforcement of market discipline, targeting financial fraud, price manipulation, and insider trading, while improving the regulatory framework for private equity funds [4][5]. - There is a focus on enhancing the governance of listed companies, including the introduction of new regulations and guidelines to improve operational standards [4][5]. - The CSRC aims to strengthen the supervision of major shareholders and actual controllers to ensure better governance and value growth of listed companies [4]. Group 4: Internationalization and Open Market - The CSRC is working to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [5]. - Efforts are being made to improve the regulatory framework for overseas listings, ensuring standardized and transparent management [5]. - The CSRC is committed to participating in international financial governance while enhancing its regulatory and risk prevention capabilities in an open environment [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined five key areas of focus for 2026, emphasizing stability, reform, strict law enforcement, enhancing corporate governance, and promoting deeper capital market openness [1] Group 1: Market Stability and Development - The CSRC aims to maintain a stable market environment, reinforcing the positive momentum observed in 2025, with significant breakthroughs in attracting medium- and long-term capital [2] - The total amount of cash dividends and buybacks by listed companies reached 2.68 trillion yuan in 2025, indicating a strong focus on high-quality development [2] - The IPO and refinancing activities totaled 1.26 trillion yuan, while the bond market saw the issuance of various bonds amounting to 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 handled, resulting in fines totaling 15.47 billion yuan [2] - A comprehensive system for preventing and punishing financial fraud has been established, enhancing the effectiveness and deterrence of regulatory enforcement [2][6] Group 3: Reform Initiatives - The CSRC is committed to deepening investment and financing reforms, 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 [5] - The focus is on improving the adaptability and competitiveness of the multi-tiered equity market, promoting the integration of the Beijing Stock Exchange and the New Third Board [5] Group 4: Corporate Governance and Value Growth - The CSRC emphasizes the importance of enhancing the governance and operational standards of listed companies, with new regulations on corporate governance and shareholder rights being introduced [6] - Measures to stimulate the merger and acquisition market and improve the regulatory framework for restructuring are being prioritized to foster high-quality corporate development [6] Group 5: International Cooperation and Market Openness - The CSRC is working to enhance the openness of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [6] - Efforts are being made to improve the regulatory framework for overseas listings, ensuring transparency and standardization in the management of foreign investments [6]

Group 1: Market Stability and Regulation - The meeting emphasized the importance of maintaining market stability and preventing significant fluctuations, with a focus on strict enforcement against market manipulation and excessive speculation [2][3][4] - The regulatory body aims to enhance market monitoring and improve the effectiveness of trading and information disclosure regulations to ensure fairness in transactions [2][3] - There is a commitment to deepen public fund reforms and broaden channels for long-term capital, promoting a market environment conducive to long-term and value investments [2] Group 2: Enhancing Market Inclusivity and Adaptability - The meeting proposed reforms to enhance the inclusivity and adaptability of the multi-tiered equity market, including the implementation of deeper reforms for the ChiNext board and continued support for the STAR Market [5] - The focus will be on improving refinancing convenience and flexibility, as well as promoting the integrated high-quality development of the Beijing Stock Exchange and the New Third Board [5] - The introduction of differentiated IPO and refinancing conditions for different growth-stage companies is expected to be a significant reform initiative in 2026 [5] Group 3: Strengthening Regulatory Effectiveness - The meeting highlighted the need for stricter enforcement of regulations to enhance the effectiveness and deterrent power of market supervision, including measures against financial fraud and insider trading [7] - There is a push for a legal framework that emphasizes criminal penalties and civil compensation to strengthen deterrence against market misconduct [7] - The integration of administrative and criminal mechanisms is seen as crucial for maintaining market integrity and investor confidence [7] Group 4: Promoting Corporate Value Growth and Governance - The meeting called for efforts to enhance the operational standards of listed companies and to accelerate the introduction of new regulatory guidelines for corporate governance [8] - Measures to stimulate the merger and acquisition market and improve the regulatory framework for restructuring are also prioritized to support high-quality corporate development [8] - The increase in significant asset restructuring activities in 2025 indicates a growing trend in corporate governance through mergers and acquisitions [8] Group 5: Advancing Capital Market Openness - The meeting stressed the importance of advancing the two-way opening of the capital market to a deeper and higher level, including optimizing the Qualified Foreign Institutional Investor (QFII) scheme [9] - Efforts will be made to expand the range of futures products available for foreign investment and enhance cross-border investment convenience [9] - The regulatory body aims to improve the regulatory framework for overseas listings, enhancing transparency and standardization [9]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need to consolidate the positive momentum in the capital market while addressing complex challenges posed by intertwined internal and external risks [2][5]. Group 1: Market Stability and Development - The CSRC aims to strengthen market monitoring and regulation to maintain fairness and prevent excessive speculation, ensuring a stable market environment [2][5]. - The focus is on deepening public fund reforms and expanding long-term investment channels to foster a "long money, long investment" market ecosystem [2][5]. Group 2: Reform and High-Quality Development - The CSRC plans to enhance the inclusiveness and adaptability of the multi-tiered equity market, implementing reforms in the ChiNext and STAR Market to facilitate high-quality development [3]. - Efforts will be made to improve the quality and structure of the bond market, including the smooth rollout of REITs in commercial real estate [3]. Group 3: Regulatory Enforcement - The CSRC is committed to strict enforcement against financial fraud, price manipulation, and insider trading, enhancing the effectiveness of regulatory measures [3][7]. - A comprehensive punishment and prevention system for financial fraud will be established, with a focus on increasing the number of cases handled and penalties imposed [5][6]. Group 4: Capital Market Opening - The CSRC aims to deepen and elevate the two-way opening of the capital market, optimizing the Qualified Foreign Institutional Investor (QFII) scheme and expanding the range of futures products available for foreign investment [4]. Group 5: Governance and Party Leadership - The CSRC emphasizes the importance of strengthening the Party's leadership in the capital market, enhancing accountability, and combating corruption within the regulatory framework [7]. - Continuous improvement of the regulatory team’s capabilities and integrity is prioritized to ensure effective market supervision [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for risk prevention, strong regulation, and promotion of high-quality development in the capital market, which is currently stable but faces complex challenges [1][2]. Group 1: Market Stability and Regulation - The CSRC plans to enhance market monitoring and regulation, focusing on preventing excessive speculation and market manipulation to maintain stability [1]. - There will be a continued reform of public funds, introducing products and risk management tools suitable for long-term investment [1]. Group 2: High-Quality Development - The CSRC will implement reforms in the Growth Enterprise Market and continue to promote the Science and Technology Innovation Board, improving refinancing convenience and flexibility [1]. - Efforts will be made to enhance the quality of the bond market and ensure the smooth launch of commercial real estate REITs [1]. Group 3: Regulatory Effectiveness - The CSRC aims to combat financial fraud, price manipulation, and insider trading, improving the effectiveness and deterrence of regulatory enforcement [1]. - There will be a focus on facilitating administrative and criminal connections, promoting representative litigation and advance compensation cases [1]. Group 4: Corporate Governance and Value Growth - The CSRC will expedite the introduction of regulations for listed companies and strengthen constraints on controlling shareholders and actual controllers [2]. - Initiatives will be taken to improve dividend repurchase, equity incentives, and employee stock ownership systems [2]. Group 5: Capital Market Openness - The CSRC is pushing for deeper and higher-level opening of the capital market, optimizing the qualified foreign institutional investor scheme [2]. - There will be an expansion of the open range for specific futures products and improvements in cross-border investment and financing convenience [2].

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) 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].

三是坚持依法从严，着力提升监管执法有效性和震慑力。进一步严肃市场纪律，坚决打击财务造假、操 纵价格、内幕交易等恶性违法行为，畅通行政刑事衔接机制，推动更多特别代表人诉讼、先行赔付等典 型案例落地。督促行业机构专注主业、完善治理、错位发展。完善私募基金监管体制机制。强化科技赋 能监管，提高线索发现能力和监管穿透力。 会议指出，要持续深化资本市场投融资综合改革，提高制度包容性、适应性和竞争力、吸引力，努力实 现质的有效提升和量的合理增长，切实增强市场内在稳定性，更好助力稳就业、稳企业、稳市场、稳预 期，为"十五五"良好开局积极贡献力量。 一是坚持稳字当头，巩固市场稳中向好势头。全方位加强市场监测预警，及时做好逆周期调节，强化交 易监管和信息披露监管，进一步维护交易公平性，严肃查处过度炒作乃至操纵市场等违法违规行为，坚 决防止市场大起大落。继续深化公募基金改革，持续拓宽中长期资金来源渠道和方式，推出各类适配长 期投资的产品和风险管理工具，积极引导长期投资、理性投资、价值投资，全力营造"长钱长投"的市场 生态。 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 ...

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 promoting high-quality development in the capital market [1][3]. Group 1: Market Stability and Development - The CSRC highlighted the importance of building a risk prevention mechanism, achieving significant breakthroughs in attracting medium- and long-term capital, and showing signs of market recovery [3]. - In 2025, the CSRC handled 701 cases of securities and futures violations, imposing fines totaling 15.47 billion yuan, enhancing the effectiveness of regulatory enforcement [3]. - The total amount of cash dividends and buybacks by listed companies reached 2.68 trillion yuan, indicating a further accumulation of high-quality development momentum [3]. Group 2: Regulatory Enhancements - The CSRC is committed to strengthening the "five major regulations" and accelerating the establishment of a comprehensive punishment and prevention system for financial fraud [3]. - The meeting emphasized the need for stricter enforcement against financial fraud, price manipulation, and insider trading, while improving the administrative-criminal connection mechanism [5]. - The CSRC aims to enhance the regulatory effectiveness and deterrence by promoting more representative lawsuits and early compensation cases [5]. Group 3: Reform and Innovation - The CSRC plans to deepen investment and financing reforms, 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 [3]. - The total amount of IPOs and refinancing reached 1.26 trillion yuan, with the bond market issuing various bonds totaling 16.3 trillion yuan [3]. - The CSRC is focused on promoting the integration and high-quality development of the Beijing Stock Exchange and the New Third Board [5]. Group 4: Governance and Party Leadership - The meeting underscored the importance of strengthening the Party's leadership over the capital market and enhancing the accountability of the CSRC [6]. - The CSRC is committed to improving the governance of listed companies and enhancing the constraints on controlling shareholders and actual controllers [6]. - The meeting called for a focus on building a loyal, clean, and responsible cadre team within the CSRC to support comprehensive and strict Party governance [7].