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].