Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the need for reform to enhance the quality of services for high-quality development during the 2026 system work meeting [1][2] Group 1: Equity Market Reforms - The meeting highlighted the importance of improving the inclusiveness and adaptability of the multi-tiered equity market [1][2] - Initiatives to deepen the reform of the ChiNext board were announced, alongside ongoing efforts to implement reforms for the Sci-Tech Innovation Board [1][2] - There will be an increase in the convenience and flexibility of refinancing processes [1][2] - The integration of the Beijing Stock Exchange and the New Third Board will be promoted for high-quality development [1][2] Group 2: Bond Market and REITs - The CSRC aims to enhance the quality, adjust the structure, and expand the total volume of the bond market [1][2] - The pilot program for commercial real estate REITs will be implemented smoothly [1][2] Group 3: Futures Market Development - The meeting called for steady progress in improving the quality of the futures market [1][2] - There will be a focus on strengthening the regulation of the interaction between spot and futures markets [1][2]