Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a meeting to discuss its work for 2026, highlighting significant achievements in 2025, including the handling of 701 securities and futures law violations and imposing fines totaling 154.7 billion RMB, while emphasizing the resilience and vitality of the capital market amid multiple risks and challenges. Group 1 - The CSRC aims to strengthen risk prevention and establish a stable market mechanism, achieving breakthroughs in attracting medium- and long-term capital, leading to a warming market trend [1] - The regulatory framework has been enhanced with a focus on five major regulatory areas, including a comprehensive punishment and prevention system for financial fraud, resulting in 701 law violation cases handled and fines of 154.7 billion RMB [1] - Comprehensive reforms in investment and financing have been deepened, with significant policy measures introduced, including the "1+6" policy for the Sci-Tech Innovation Board and a total of 2.68 trillion RMB in cash dividends and buybacks from listed companies [1] Group 2 - The development of a robust product and service system for stocks, bonds, and futures has been prioritized, with a total of 1.26 trillion RMB raised through IPOs and refinancing, and 16.3 trillion RMB in various bonds issued in the exchange market [2] - Legal construction in key areas is being accelerated, with guidelines issued to ensure fair enforcement and support for high-quality capital market development, alongside enhanced protection for small and medium investors [2] Group 3 - Efforts to improve the influence and reach of public opinion in the capital market have been initiated, with the establishment of a capital market society aimed at purifying the market's public opinion environment [3]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) held a system work meeting to summarize 2025's work, analyze the current situation, and plan for 2026, emphasizing the importance of risk prevention, strong regulation, and promoting high-quality development in the capital market [2][3]. Summary by Sections 2025 Work Summary - The CSRC adhered to Xi Jinping's thoughts, implementing the central government's decisions, and made significant progress in stabilizing the market and enhancing resilience and vitality despite multiple risks [3]. - Key achievements included: - Establishing a risk prevention mechanism, with significant breakthroughs in attracting medium- and long-term funds, leading to a market recovery [3]. - Strengthening regulatory measures, with 701 cases of securities and futures violations investigated, resulting in fines totaling 15.47 billion yuan [3]. - Promoting comprehensive reforms in investment and financing, with cash dividends and buybacks from listed companies totaling 2.68 trillion yuan [3]. - Enhancing the product and service system for stocks, bonds, and futures, with IPOs and refinancing totaling 1.26 trillion yuan and bond issuances reaching 16.3 trillion yuan [3]. Current Challenges and Future Directions - The meeting acknowledged the overall stability of the capital market but highlighted ongoing internal and external risks [4]. - The CSRC aims to deepen reforms, improve regulatory effectiveness, and enhance market stability while supporting employment and business [4]. Key Strategies for 2026 - Emphasizing stability, the CSRC plans to strengthen market monitoring and regulation to prevent excessive volatility and promote long-term investments [5]. - The focus will be on reforming the equity market, enhancing the bond market, and improving the regulatory framework for private equity funds [6]. - The CSRC will also work on enhancing corporate governance and promoting the growth of listed companies [6]. - Efforts will be made to deepen the opening of the capital market and improve cross-border investment facilitation [7]. Governance and Oversight - The meeting stressed the importance of strengthening party leadership and enhancing the accountability of the CSRC in combating corruption and improving governance [8].