独立董事制度是上市公司治理的重要制度安排。2023年4月份，国务院办公厅印发《关于上市公司独立董事制度改革的意 见》，启动独立董事制度改革。2023年8月份，证监会发布《上市公司独立董事管理办法》，完善独立董事相关配套规则。随 着独立董事制度改革落地，独立董事积极履职，充分发挥监督作用。 2023年底公司法修订，完善了公司治理架构，强调控股股东、实际控制人和董事、高级管理人员的义务和责任，规范上市 公司"关键少数"行为。2025年3月份，为了贯彻落实新公司法，证监会对《上市公司章程指引》《上市公司股东会规则》等制 度规则进行修订，完善公司治理监管机制，强化控股股东、实际控制人规范约束，落实股东权利保护规定等。 此外，2024年5月份，证监会制定《上市公司股东减持股份管理暂行办法》，堵住各类"绕道"减持漏洞，将大股东减持与 股价破发、破净及分红挂钩。 本报记者 吴晓璐 10月9日，《国务院关于进一步提高上市公司质量的意见》（简称《意见》）发布五周年。五年来，监管部门以贯彻落实 《意见》为抓手，优化完善一系列制度机制，夯实上市公司高质量发展的基础。 同时，上市公司"量""质"齐升，结构不断优化。据沪深北交易所数据 ...

丨 来源：新华社客户端 2025-09-17 积极走访凝聚合力 湖北证监局助力上市公司高质量发展 为深入贯彻国务院关于走访上市公司、推动上市公司高质量发展重要部署，认真落实证监 会有关工作要求，湖北证监局坚持多方联动、常态走访，帮助上市公司解决实际困难，全力推 动上市公司高质量发展。今年以来，湖北证监局联合地方政府有关部门和沪深北交易所重点走 访调研上市公司63家次，走访中"一企一档"建立问题台账，实行销号管理。并协调推动解决上 市公司各类诉求40余项，将困扰公司的"问题清单"变为实实在在的"成效清单"。 一是凝聚走访合力，从"阶段性"变为"常态化"。湖北证监局高度重视顶层设计与机制建 设，积极配合湖北省政府制定实施《湖北省走访上市公司工作落实方案》。按照"立足企业、 整体覆盖、重点突出、以点带面"原则，开展分层级调研走访。由省领导带队开展省级层面走 访，各市州政府选取重点上市公司开展市州层面走访。在积极总结前期走访工作实践经验基础 上，联合省委金融办建立常态化走访上市公司工作机制，实现从阶段性"走出去"向常态化"沉 下去"的重要转变，逐步建立起一条行之有方、行之有效、行之有力的工作思路。 二是聚焦风险防控， ...

上市公司要加紧修炼内功，提升投资价值。 当DeepSeek在全球人工智能领域脱颖而出、中国资产吸引力明显增强时，全世界都在探索该如何与时俱进完善资本市场发展理念和监管方式，以更适应 新一轮科技革命加速演进的当下。中国资本市场也不例外。证监会主席吴清近日在国新办新闻发布会上表示，要不断提升基础制度、市场功能、监管执法 等各方面的适应性、包容性，促进资源更加高效配置，让优质企业和各类资金更好迸发活力、实现价值。 在上市公司领域，就是要持续提升上市公司质量和投资价值，夯实市场的基础。前海开源基金首席经济学家杨德龙表示，上市公司要重视内部治理，保持 主业经营稳定，加紧修炼内功，通过市场化并购重组、加大分红等方式回报投资者，提升投资价值。 完善制度促上市公司质量提升 上市公司是中国优秀企业群体的代表，是高质量发展的重要微观基础，也是资本市场的投资价值来源，"十四五"期间，监管部门多措并举促进上市公司高 质量发展的制度机制不断完善。 市场化并购重组正沿着培育新质生产力、构建现代化产业体系的方向，加快推动横向、纵向整合，提高产业集中度、补齐供应链短板，打造具有全球竞争 力的企业和特色产业集群。一年来，10多家上市公司披露收 ...

Core Viewpoint - During the "14th Five-Year Plan" period, China's capital market has achieved steady growth in quantity and effective improvement in quality, laying a solid foundation for high-quality development in the "15th Five-Year Plan" period [1] Group 1: Market Growth and Development - The total market value of the A-share market surpassed 100 trillion yuan for the first time in August this year [2] - The number of futures and options products reached 157, covering major sectors of the national economy, with new products like public REITs and asset securitization accelerating development [2] - The market's function of coordinating investment and financing has been continuously improved, with the technology sector's market capitalization exceeding 25% of the A-share market [2] Group 2: Regulatory and Legal Framework - A comprehensive regulatory framework has been established, including the implementation of the Futures and Derivatives Law and the Private Fund Supervision Regulations [1][4] - The number of administrative penalties for financial fraud and market manipulation increased significantly, with 2,214 cases and fines totaling 41.4 billion yuan, reflecting enhanced enforcement and market transparency [3] Group 3: Reform and Opening-up Initiatives - Major breakthroughs in investment-side reforms have been achieved, with long-term funds holding approximately 21.4 trillion yuan of A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [4] - The stock issuance registration system has been fully implemented, and the mechanism for promoting high-quality development of listed companies has been continuously improved [4] Group 4: Risk Management and Investor Protection - The A-share market's resilience and risk resistance have significantly improved, with the annualized volatility of the Shanghai Composite Index at 15.9%, a decrease of 2.8 percentage points from the "13th Five-Year Plan" [3] - A comprehensive investor protection system has been established, enhancing regulations on share reduction, quantitative trading, and margin trading [6] Group 5: Future Directions - The China Securities Regulatory Commission (CSRC) aims to enhance the adaptability and inclusiveness of the capital market, supporting high-quality enterprises across various sectors [6] - There is a focus on increasing the role of long-term funds as stabilizers and ensuring that more global capital invests in China [6]

Core Insights - The Chinese capital market has achieved steady quantitative growth and effective qualitative improvement during the "14th Five-Year Plan" period, laying a solid foundation for high-quality development in the "15th Five-Year Plan" [1] Regulatory and Institutional Developments - The regulatory framework has been significantly enhanced, with the implementation of the new Securities Law and the introduction of over 60 supporting rules, establishing a more robust legal system for the capital market [2][3] - The market system has become more comprehensive, with the successful establishment of the Beijing Stock Exchange and ongoing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [2] Market Performance and Financing - Total financing through the exchange market reached 57.5 trillion yuan over the past five years, with direct financing's proportion increasing by 2.8 percentage points to 31.6% [3] - Listed companies have distributed a total of 10.6 trillion yuan in dividends and buybacks over the past five years, representing an increase of over 80% compared to the "13th Five-Year Plan" period [3] Enforcement and Market Integrity - A total of 2,214 administrative penalties were issued for financial fraud and market manipulation, with fines totaling 41.4 billion yuan, marking increases of 58% and 30% respectively compared to the previous five-year period [4] Investment and Financing Reforms - Significant breakthroughs in investment-side reforms have been achieved, with various long-term funds holding approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [5] - The capital market has seen a steady expansion of high-level institutional openness, with 13 foreign-controlled securities and fund companies approved to operate in China during the "14th Five-Year Plan" [5] Risk Management and Regulatory Effectiveness - The China Securities Regulatory Commission (CSRC) has focused on maintaining market stability and enhancing regulatory effectiveness, with over 700 cases referred to law enforcement agencies in the past five years [6] Future Directions for Market Development - The CSRC aims to enhance the adaptability of the multi-tiered market system and improve the quality and investment value of listed companies, while also increasing the precision and effectiveness of regulation [7]

Group 1 - The core viewpoint of the article highlights the achievements in the financial sector during the "14th Five-Year Plan" period, emphasizing the importance of high-quality development [1][3] - The China Securities Regulatory Commission (CSRC) has improved the institutional mechanisms for promoting high-quality development of listed companies over the past five years [3] - The dual-driven approach of information disclosure and corporate governance has been reinforced, with two revisions to the information disclosure management measures and a systematic improvement of corporate governance standards [3] Group 2 - The "merger and acquisition guidelines" have led to the disclosure of 230 major asset restructurings, with even more general asset restructurings supporting industrial integration among listed companies [3] - The implementation of two rounds of delisting system reforms has broadened exit channels, resulting in the smooth delisting of 207 companies during the "14th Five-Year Plan" period, effectively removing underperforming and "zombie" companies from the market [3]

Core Viewpoint - The Chinese capital market has achieved steady growth in quantity and effective improvement in quality during the "14th Five-Year Plan" period, as highlighted by various key statistics and regulatory advancements [1][4]. Market Performance - The A-share market has shown enhanced resilience and risk resistance, with the Shanghai Composite Index's annualized volatility at 15.9%, a decrease of 2.8 percentage points compared to the "13th Five-Year Plan" [2][5]. - In August 2023, the total market capitalization of the A-share market surpassed 100 trillion yuan for the first time [2][5]. Technological Innovation - The capital market has accelerated its service to technological innovation, with the market share of the A-share technology sector exceeding 25%, significantly higher than the combined market share of the banking, non-bank financial, and real estate sectors [3][6]. Regulatory Achievements - The regulatory framework has been strengthened, with a focus on combating financial fraud, as evidenced by the crackdown on Evergrande's financial misconduct [4][12]. - The proportion of direct financing through exchanges has steadily increased, reaching 31.6%, up by 2.8 percentage points from the end of the "13th Five-Year Plan" [6][9]. Investor Returns - Over the past five years, listed companies have distributed a total of 10.6 trillion yuan in dividends and buybacks, representing an increase of over 80% compared to the "13th Five-Year Plan" [7]. Reform Initiatives - Significant reforms have been implemented, including a comprehensive fee reduction initiative and the full rollout of the stock issuance registration system [9][10]. - By August 2023, various types of long-term funds held approximately 21.4 trillion yuan in A-share market value, a 32% increase from the end of the "13th Five-Year Plan" [9]. Market Supervision - The regulatory body has issued 2,214 administrative penalties for financial fraud and market manipulation, with fines totaling 41.4 billion yuan, marking a 58% increase in cases and a 30% increase in fines compared to the previous five years [12][14]. - The regulatory environment has been enhanced to ensure a fair and transparent market, with a focus on building a comprehensive prevention and punishment system against fraud [12][13].

为落实新"国九条"关于增强分红稳定性、持续性和可预期性的政策要求，青海证监局多措并举推动辖区 上市公司开展中期分红，切实提升投资者回报水平，增强市场信心。2025年辖区上市公司中期现金分红 15.82亿元，分红金额同比增长249.15%，个别公司连续四年实施中期分红。截至2025年8月底，辖区上 市公司控股股东、实际控制人累计增持公司股票53.54亿元，累计回购公司股票1.97亿元，回报投资者意 识和能力不断增强。 值得一提的是，青海证监局积极履行监管职责，鼓励企业用足用好政策支持和资本市场工具做优做强。 坚持"一司一策"，多次联合青海省委金融办、上海证券交易所召开风险化解专题会议、开展联合走访调 研，指导上市公司在合法合规前提下积极、主动、有序开展纾困自救工作。引导公司结合行业特点、发 展现状进一步修订完善公司章程，推动在2025年年底前全面完成监事会改革，督促独立董事履职尽责， 促进公司规范运作，切实保护中小投资者合法权益。目前辖区上市公司监事会改革工作正在稳步推进， 已有3家公司完成改革工作，占辖区上市公司总数的30%。 中证报中证网讯(王珞)青海证监局9月22日消息，该局近年来持续深化常态化走访上市公 ...

Core Viewpoint - The Chairman of the China Securities Regulatory Commission (CSRC), Wu Qing, emphasized the significant reforms and opening-up measures in the capital market during the "14th Five-Year Plan" period, focusing on market-oriented, legal, and international approaches [1]. Investment Side Reform - Major breakthroughs have been achieved in investment-side reforms, with the effects of attracting long-term capital becoming evident. By the end of August this year, the market value of various long-term funds holding A-shares reached approximately 21.4 trillion yuan, representing a significant increase of 32% compared to the end of the "13th Five-Year Plan" [1]. Financing Side Reform - The financing-side reforms have continued to deepen, with the release of the "Six Guidelines for Mergers and Acquisitions" leading to the disclosure of 230 major asset restructuring cases, effectively supporting the industrial integration of listed companies [1]. High-Quality Development of Listed Companies - The institutional mechanisms promoting the high-quality development of listed companies are continuously improving. The focus remains on dual-driven information disclosure and corporate governance, expanding diverse exit channels, and strictly eliminating "bad apples" and "zombie companies." Wu Qing noted that during the "14th Five-Year Plan" period, 207 companies have exited the market smoothly [1]. High-Level Institutional Opening - The high-level institutional opening of the capital market is steadily expanding, with a cautious and orderly approach to the two-way opening of markets, products, and institutions. Wu Qing stated that the market value of A-shares held by foreign investors currently stands at 3.4 trillion yuan, and there are 269 companies listed overseas, indicating an expanding network for China's capital market [1].

为落实新"国九条"关于增强分红稳定性、持续性和可预期性的政策要求，青海证监局多措并举推动辖区 上市公司开展中期分红，切实提升投资者回报水平，增强市场信心。2025年辖区上市公司中期现金分红 15.82亿元，分红金额同比增长249.15%，个别公司连续四年实施中期分红。截至2025年8月底，青海上 市公司控股股东、实际控制人累计增持公司股票53.54亿元，累计回购公司股票1.97亿元，回报投资者意 识和能力不断增强。 风险化解和治理成效持续提升 积极履行监管职责，鼓励企业用足用好政策支持和资本市场工具做优做强。坚持"一司一策"，多次联合 青海省委金融办、上海证券交易所召开风险化解专题会议、开展联合走访调研，指导上市公司在合法合 规前提下积极、主动、有序开展纾困自救工作。引导公司结合行业特点、发展现状进一步修订完善公司 章程，推动2025年年底前全面完成监事会改革，督促独立董事履职尽责，促进公司规范运作，切实保护 中小投资者合法权益。目前辖区上市公司监事会改革工作正在稳步推进，已有3家公司完成改革工作， 占辖区上市公司总数的30%。(秦声) 青海证监局持续推进常态化走访上市公司工作，有力推动上市公司高质量发展。在 ...