Core Viewpoint - The China Securities Regulatory Commission (CSRC), Shanghai Stock Exchange (SSE), and Shenzhen Stock Exchange (SZSE) have released updates on the progress of the third round of inspections by the 20th Central Committee, emphasizing the importance of continuous reform and improvement in the capital market [1][3][4]. Group 1: Regulatory Reforms - The CSRC aims to deepen reforms in the Sci-Tech Innovation Board, ChiNext, and Beijing Stock Exchange, enhancing the issuance and listing mechanisms to cultivate patient capital [4][5]. - The focus is on accelerating the implementation of comprehensive capital market reforms, particularly in service to new productive forces and expanding the multi-level bond market [4][5]. Group 2: Risk Management and Supervision - There is a commitment to enhance risk resolution and regulatory enforcement capabilities, promoting the entry of various long-term funds into the market and improving the effectiveness of inspections [5][6]. - The establishment of a comprehensive regulatory system covering "entry—ongoing supervision—exit" is emphasized to better manage daily oversight and enforcement [5][6]. Group 3: Party Leadership and Governance - The importance of maintaining the Party's comprehensive leadership over the capital market is highlighted, with a focus on implementing Xi Jinping's thoughts and directives [4][8]. - The SSE and SZSE are tasked with ensuring that the Party's leadership is integrated into all aspects of market policy formulation, regulatory enforcement, and internal governance [8][12]. Group 4: Long-term Rectification and Accountability - The exchanges are required to develop long-term mechanisms for rectification, ensuring that reforms are sustained and effective over time [6][10]. - Regular assessments of completed and ongoing rectification tasks will be conducted to prevent regression and ensure accountability [6][10]. Group 5: Development of Investment Channels - The SZSE emphasizes the need to develop equity funds and facilitate channels for long-term capital to enter the market, supporting the growth of quality technology innovation enterprises [11][12]. - The focus is on maintaining a stable market environment and enhancing the quality and investment value of listed companies [12][13].

● 本报记者 昝秀丽 9月22日，中国证监会党委按照有关要求通报了二十届中央第三轮巡视整改进展情况。 证监会党委在通报中表示，将以永远在路上的坚韧和执着，严肃认真抓好持续整改，不断巩固拓展整改 成效。下一步，证监会党委将落实落细全面深化资本市场改革各项部署。聚焦服务新质生产力发展，深 化科创板、创业板、北交所改革，完善发行上市等制度机制，培育壮大耐心资本。出台更多保护投资者 合法权益的硬招实招。 落实落细全面深化资本市场改革各项部署。深入落实党的二十届三中全会部署，加快推进新一轮全面深 化资本市场改革任务落地。聚焦服务新质生产力发展，深化科创板、创业板、北交所改革，完善发行上 市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色期货监管制度和业务 模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 全面提升风险化解处置和监管执法能力。坚持投融资协调发展，深入推进公募基金改革，协同各方持续 推动各类中长期资金入市和占比提升，加强战略性力量储备和稳市机制建设。突出依法严惩、依责严 防，加快补齐上市公司、行业机构等法规制度短板，统筹扩大检查覆盖面和提升检查有效性，进一步提 高违法违规线 ...

Group 1 - The core viewpoint of the news is the progress report on the rectification of the China Securities Regulatory Commission (CSRC) following the third round of inspections by the Central Committee, emphasizing the implementation of new policies and the commitment to high-quality development [1] - The CSRC is focused on enhancing risk management, regulatory enforcement, and supporting technological innovation and new productive forces, leading to positive changes in market structure and ecology [1] - The CSRC will continue to strengthen its rectification efforts with a commitment to long-term improvement and effective supervision of the rectification process [1] Group 2 - The CSRC emphasizes the importance of the Party's leadership in the capital market, ensuring that policies and regulations align with the directives from the central government [2] - The commission is accelerating the implementation of comprehensive capital market reforms, particularly in the Sci-Tech Innovation Board, Growth Enterprise Market, and the Beijing Stock Exchange [2] - The focus is on enhancing the attractiveness and competitiveness of China's capital market through institutional reforms and the development of a multi-level bond market [2] Group 3 - The CSRC aims to improve risk resolution and regulatory enforcement capabilities, promoting the entry of long-term funds into the market and enhancing the regulatory framework for listed companies [3] - There is a commitment to strict enforcement of laws and regulations, improving the detection of violations, and establishing a comprehensive regulatory system [3] - The CSRC plans to introduce more measures to protect investors' rights and interests [3] Group 4 - The CSRC is dedicated to establishing a long-term mechanism for inspection rectification, ensuring that standards remain high and responsibilities are clearly defined [4] - The commission will regularly assess the effectiveness of completed rectification tasks and maintain focus on long-term issues that require ongoing attention [4] - There is a commitment to guiding and overseeing the rectification efforts of various market entities, including stock exchanges [4]

Group 1: Financial Sector Developments - The State Council held a press conference on September 22, 2025, focusing on the development of the financial sector during the 14th Five-Year Plan, emphasizing a mid-to-long-term perspective without discussing short-term policy adjustments [2] - The total assets of the banking and insurance sectors have exceeded 500 trillion yuan, with an average growth of nearly 9% over the past five years, solidifying China's position as the largest credit market and the second-largest insurance market globally [2] - The A-share market has shown enhanced resilience and risk resistance, with the Shanghai Composite Index's annualized volatility decreasing by 2.8 percentage points to 15.9% compared to the previous five-year period [2] Group 2: Capital Market Reforms - The China Securities Regulatory Commission (CSRC) announced plans to deepen capital market reforms, focusing on enhancing the service for new productive forces and improving the systems for the Sci-Tech Innovation Board and the Growth Enterprise Market [3] - The Shanghai Stock Exchange aims to promote long-term capital inflow into the market and enhance regulatory measures to support high-quality development [4] - The Shenzhen Stock Exchange is set to deepen comprehensive reforms in capital markets, particularly focusing on the Growth Enterprise Market to support the listing of quality tech innovation companies [5] Group 3: Energy and Industrial Developments - The National Energy Administration outlined goals for the energy equipment sector, aiming for a self-controlled, high-end, intelligent, and green development by 2030, with a focus on enhancing global competitiveness [6] - The Ministry of Industry and Information Technology has set a target for the steel industry to achieve an average annual growth of around 4% in value added over the next two years, emphasizing structural adjustments and capacity control [6] Group 4: Company News Highlights - He Yuan Bio has initiated its issuance, becoming the first new issuer in the Sci-Tech Innovation Growth sector [10] - Tianpu Co. has experienced a 14 consecutive trading limit increase, with no asset injection plans from the acquirer Zhonghao Xinying [10] - Longchuan Technology expects a year-on-year net profit increase of 131.39% to 145.38% for the first three quarters [11]

证监会、上交所、深交所最新发布。 9月22日晚间，证监会、上交所、深交所发布关于二十届中央第三轮巡视整改进展情况的通报。 证监会：深化科创板、创业板、北交所改革，完善发行上市等制度机制，培育壮大耐心资本 证监会在通报中提到，中国证监会党委将以永远在路上的坚韧和执着，严肃认真抓好持续整改，不断巩固 拓展整改成效。驻证监会纪检监察组将持续加大对巡视整改工作的监督。 （一）自觉坚持和加强党对资本市场的全面领导。 深入学习贯彻习近平新时代中国特色社会主义思想， 不折不扣落实习近平总书记关于资本市场一系列重要指示批示精神和党中央决策部署，严格落实重大事项 请示报告制度。加强对系统单位党委的领导和监督，更好发挥各级党组织的政治功能和组织功能，切实将 党的领导贯彻到资本市场政策制定、监管执法和内部治理全过程各方面，坚决走好践行"两个维护"的第一 方阵。 （二）落实落细全面深化资本市场改革各项部署。 深入落实党的二十届三中全会部署，加快推进新一轮 全面深化资本市场改革任务落地。 聚焦服务新质生产力发展，深化科创板、创业板、北交所改革，完善 发行上市等制度机制，培育壮大耐心资本。 加快多层次债券市场发展，推动完善中国特色期货监 ...

每经AI快讯，9月22日，中共中国证券监督管理委员会委员会发布关于二十届中央第三轮巡视整改进展 情况的通报，落实落细全面深化资本市场改革各项部署。深入落实党的二十届三中全会部署，加快推进 新一轮全面深化资本市场改革任务落地。聚焦服务新质生产力发展，深化科创板、创业板、北交所改 革，完善发行上市等制度机制，培育壮大耐心资本。加快多层次债券市场发展，推动完善中国特色期货 监管制度和业务模式。扩大高水平制度型开放，提升我国资本市场的吸引力竞争力。 ...

Market Overview - The central bank conducted a 7-day reverse repurchase operation of 122 billion yuan at a fixed rate of 1.40% on August 8, with a net withdrawal of 4 billion yuan for the day and a total weekly net withdrawal of 536.5 billion yuan [2] - A total of 1,126.7 billion yuan in reverse repos will mature from August 11 to 15 [2] - The central bank also executed a 700 billion yuan reverse repurchase operation, with the overnight repo weighted average rate slightly decreasing to 1.31% [4] Interbank Certificates of Deposit - The latest transaction rate for one-year interbank certificates of deposit among major banks is at 1.62%, showing a slight decrease from the previous day [7] Government Bonds - The closing prices for government bond futures showed mixed results, with the 10-year contract rising by 0.03% and the 30-year contract falling by 0.02% [13] Regulatory Developments - The China Securities Regulatory Commission (CSRC) is committed to deepening capital market reforms, focusing on nurturing long-term capital and enhancing the policy framework to support long-term investments [14] - The State Administration of Foreign Exchange reported a current account surplus of 971.5 billion yuan in Q2 2025, with a goods trade surplus of 1,575.1 billion yuan [15] Global Macro Events - U.S. President Trump nominated his chief economic advisor Stephen Miran to the Federal Reserve Board, marking a significant step towards reshaping the Fed [17] - Brazil's President Lula stated he would not negotiate with the U.S. regarding increased tariffs on Brazilian goods, focusing instead on domestic measures [17] - Japan urged the U.S. to amend its tariff policies during ongoing trade discussions [17] Bond Market News - The Hainan Provincial State-owned Assets Supervision and Administration Commission aims to exit all financing platforms this year [18] - New World Development is reportedly in talks with Blackstone and CapitaLand to sell assets to improve liquidity [18]

Group 1 - The core viewpoint emphasizes the need to enhance the attractiveness and inclusiveness of the domestic capital market to consolidate its recovery and positive momentum [1][3] - The investment and financing functions of the capital market are interdependent, and a healthy development of the market relies on their coordination [1][5] - Recent policies aim to improve market stability, enhance the quality and investment value of listed companies, and protect investors' rights [2][4] Group 2 - The capital market has shown resilience against external shocks, with a series of measures taken to stabilize and invigorate the market [3][4] - There is a growing willingness among global capital to allocate assets in RMB, as evidenced by a net increase of $10.1 billion in foreign investment in domestic stocks and funds in the first half of the year [3] - The focus on enhancing the capital market's inclusiveness is aimed at better supporting technology innovation and meeting the needs of tech-oriented enterprises [2][6] Group 3 - Comprehensive reforms in the capital market are essential to address existing issues related to attractiveness and inclusiveness [5][6] - The China Securities Regulatory Commission (CSRC) is advancing reforms to facilitate long-term capital inflow and improve the investment environment [6][7] - Future reforms will focus on enhancing market monitoring, risk response, and investor rights protection while promoting innovation in financial products [7]

Group 1 - The core viewpoint emphasizes the need for reforms to enhance the attractiveness and inclusiveness of the domestic capital market [1] - The China Securities Regulatory Commission (CSRC) is committed to advancing comprehensive capital market reforms and fostering long-term and patient capital [1] - The focus will be on accelerating the entry of medium- and long-term funds into the market and reforming public funds [1] Group 2 - The reforms will leverage the deepening of the Sci-Tech Innovation Board and the Growth Enterprise Market as key initiatives [1] - There will be an emphasis on developing diverse equity financing to better support the full lifecycle needs of various enterprises [1] - The regulatory framework for listed companies will be continuously improved, with a focus on mergers and acquisitions reform and enhancing shareholder returns through dividends and buybacks [1]