Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined 12 research topics aimed at enhancing the capital market's inclusivity and adaptability during the 14th Five-Year Plan period, focusing on significant issues in the capital market [1]. Group 1: Research Topics - The 12 research topics include: 1. Enhancing the effectiveness of corporate governance under the new Company Law 2. Optimizing the structure of listed companies 3. Research on the binding mechanism between public funds and investor interests 4. Innovation in pension financial investment mechanisms in the capital market 5. Trends in investor behavior patterns and market impacts under the development of AI technology 6. Enhancing regulatory capabilities of China's capital market in an open environment 7. Common illegal issues in securities law enforcement 8. Research on policies to promote the entry of medium- and long-term funds into the market 9. Improving pricing efficiency in the capital market 10. Enhancing the inclusivity and adaptability of capital market systems 11. Supporting traditional industries in improving quality and efficiency through capital market listings 12. The impact and challenges of technological developments like AI on the capital market [1]. Group 2: Research Proposal Conditions - The CSRC specifies that research topics should generally be led by one or two entities, with a diverse range of participating units, including top domestic and international think tanks, universities, research institutions, and well-known market entities [2]. - Individual applicants cannot lead research topics, and leading units must possess the necessary talent and resources to complete the research [2]. Group 3: Research Management and Timeline - The research duration is typically set between 6 to 12 months, with a maximum extension of 6 months. If the research exceeds 12 months, a justification must be provided during the application [3]. - The China Securities Financial Research Institute is designated as the management unit for these research projects, responsible for progress control and quality assurance [3].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released guidelines for the 2026 provincial and ministerial research topics, focusing on enhancing the inclusiveness and adaptability of the capital market during the 14th Five-Year Plan period [1] Group 1: Research Directions - The CSRC has identified 12 key research topics, including improving the governance effectiveness of listed companies under the new Company Law, optimizing the structure of listed companies, and studying the binding mechanism between public funds and investor interests [1] - Other topics include innovations in pension financial investment mechanisms, regulatory research on accounting firms in the capital market, and trends in investor behavior patterns influenced by AI technology [1] - Additional areas of focus are enhancing regulatory capabilities in an open environment, addressing common illegal issues in securities enforcement, and promoting policies to attract long-term capital into the market [1] Group 2: Research Application Guidelines - The CSRC specifies that research projects should be led by one or two entities, with a diverse range of participating organizations, including top domestic and international think tanks, universities, and market institutions [2] - The leading entities must possess the necessary talent and resources to complete the research, and they are responsible for organizing the research team and ensuring confidentiality of sensitive content [2] - The deadline for submitting research proposals is March 31, 2026, and the research directions do not represent the regulatory orientation of the CSRC but serve as a reserve for future studies [2]