据Wind资讯数据统计，2025年以来截至12月25日，共有111家企业成功登陆A股市场，首发募集资金合计达1253.24亿元。 其中，102家企业隶属于战略性新兴产业，覆盖新一代信息技术、新材料、高端装备制造等领域。同时，年内沪深上市公司累 计披露重大资产重组超200单，标的集中分布于半导体、信息技术、高端装备制造等关键赛道。 展望2026年，接受《证券日报》记者采访的专家普遍认为，一方面，需构建多层次资本市场互联互通新格局，打造覆盖企 业全生命周期的"金字塔"式服务体系，为创新主体提供精准金融支持；另一方面，需进一步深化注册制改革，锚定信息披露核 心环节，压实各方主体责任，完善IPO定价与二级市场估值联动的市场化约束机制，充分发挥市场在资源配置中的决定性作 用。 纵深推进差异化改革 今年以来，在中国证监会领导下，沪深北交易所紧扣高质量发展主线，通过明晰板块定位、纵深推进差异化改革，筑牢多 层次市场根基。 科创板"1+6"改革举措落地见效，科创板科创成长层成功设立并迎来首批企业，未盈利"硬科技"企业适用第五套标准上市 通道重启，为处于成长期、研发投入高的科创企业提供了专属融资通道；创业板同步发力，正式启用第 ...

Core Viewpoint - The China Interbank Market Dealers Association has issued a notification to strengthen the regulation of bond issuance and underwriting practices, addressing issues such as low underwriting fees and unfair competition, aiming to promote a healthy and high-quality development of the interbank bond market [1][2]. Group 1: Key Issues Addressed - The notification focuses on key issues including low-price underwriting, low-price underwriting guarantees, bundled investments, kickbacks, structured issuance, and overdue underwriting fees, providing clear regulatory requirements [2]. - It aims to rectify "involutionary" competition by establishing fair competition norms for bidding, underwriting, and pricing processes [2]. - The notification specifies prohibitions against self-financing and kickbacks, reflecting the evolution of related violations in recent years [2]. Group 2: Self-Regulation and Market Management - The Dealers Association will enhance self-regulation by monitoring underwriting activities, evaluating market participants, and addressing complaints, with potential disciplinary actions for violations [2]. - Issuers and underwriters are required to conduct their activities based on market principles, ensuring fair treatment of all investors and avoiding pre-agreed bond issuance rates or price distortions through kickbacks [2][3]. Group 3: Market Mechanisms and Development - The notification emphasizes the importance of establishing market-based constraints and a combination of government regulation and self-regulation to foster financial market development [4]. - It aims to promote standardized underwriting practices and maintain normal competitive order, thereby guiding the market towards fair competition [4]. - The measures are expected to enhance the pricing mechanism, leading to a more rational allocation of resources and better support for the real economy [4].