中经记者 孙汝祥 夏欣 北京报道 2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期IPO和再融资规模的2倍，越来越多 公司一年多次分红，在春节前分红。全市场披露的重大资产重组超过200单，活跃度明显提升。 二是不断增强对科技创新企业服务的精准性、有效性。纵深推进科创板、创业板改革，深化再融资改 革，加快健全多层次资本市场体系，推动优化私募股权、创投"募投管退"循环，增强对科技创新企业的 全生命周期服务能力。 针对各方深恶痛绝的财务造假，综合惩防体系也在加快完善。2024年以来，累计查办财务造假案件159 起，有43起案件涉及大股东和实控人被严肃追责。金通灵、美尚生态、锦州港等特别代表人诉讼案件， 近期都取得了重大进展，有力支持投资者依法维权。 五是进一步提升监管执法有效性，持续健全投资者教育服务和保护体系，坚持依法从严监管，突出打 大、打恶、打重点，从严惩治各类恶性违法行为，推动更多特别代表人诉讼、先行赔付等案例落地，增 强投资者的信任和信心。 中国证监会副主席陈华平2026年1月11日在中国资本市场论坛上表示，"十五五"时期，证监会将紧扣防 风险、强监管、促高质量发展的工作主线，强本强基 ...

Core Viewpoint - The article emphasizes the importance of enhancing the coordination between investment and financing in the capital market, highlighting the need for a supportive regulatory environment and improved investor confidence. Group 1: Investment and Financing Coordination - The China Securities Regulatory Commission (CSRC) aims to improve the institutional environment for long-term investments, encouraging various types of medium- and long-term funds to increase their market participation. As of the end of last year, medium- and long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year [3]. - Investment and financing are fundamental functions of the capital market that are interdependent. A lack of financing capabilities undermines the market's ability to serve the real economy, while insufficient investment capabilities jeopardize sustainable market development [5][6]. Group 2: Regulatory Effectiveness and Investor Protection - The CSRC plans to enhance the effectiveness of regulatory enforcement and improve the investor education and protection system. This includes strict regulation and punishment of severe violations, aiming to boost investor trust and confidence [4]. - The article highlights the need for a dynamic adjustment process in investment and financing coordination, rather than a static balance, to mitigate market volatility and vulnerabilities [6]. Group 3: Quality of Listed Companies - Improving the quality of listed companies is crucial for promoting investment and financing coordination. High-quality companies attract stable long-term investments, creating a positive cycle of investment returns and efficient financing [7]. - If the quality of listed companies is inadequate, even temporarily inflated stock prices will not be sustainable, ultimately damaging investor confidence and hindering the financing function [7]. Group 4: Support for Technological Innovation Enterprises - The CSRC will enhance its services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, and improving the multi-tiered capital market system [8].

登录新浪财经APP 搜索【信披】查看更多考评等级 （来源：经济参考报） 一是持续完善长钱长投的制度环境。合力推动各类中长期资金进一步提高入市规模比例，丰富适配长期 投资的产品和风险管理工具，优化合格境外投资者等制度安排，让各类资金愿意来、留得住、发展得 好。 二是不断增强对科技创新企业服务的精准性、有效性。纵深推进科创板、创业板改革，深化再融资改 革，加快健全多层次资本市场体系，推动优化私募股权创投"募、投、管、退"循环，增强对科技创新企 业的全生命周期服务能力。 三是推动上市公司提升价值创造能力。进一步深化并购重组改革，更好发挥公司治理内生约束作用，督 促上市公司严格规范信息披露等行为，强化股东回报意识，提升分红的稳定性、持续性和可预期性。同 时巩固深化常态化退市机制，促进上市公司结构不断优化。 四是加快培育一流投资银行和投资机构。强化分类监管、扶优限劣，督促行业机构把功能性放在首位。 坚持以客户为中心，不断提高价值发现、财富管理等专业能力，为投融资各方提供更加优质的服务。 五是进一步提升监管执法有效性。持续健全投资者教育、服务和保护体系，坚持依法从严监管，突出打 大、打恶、打重点，从严惩治各类恶性违法行为 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券时报记者 程丹 贺觉渊 陈华平指出，证监会将持续深化投融资综合改革，不断提高制度包容性、适应性，更好推动资本市场实现质的有 效提升和量的合理增长。 一是持续完善长钱长投的制度环境。合力推动各类中长期资金进一步提高入市规模比例，丰富适配长期投资的产 品和风险管理工具，优化合格境外投资者等制度安排，让各类资金愿意来、留得住、发展得好。 二是不断增强对科技创新企业服务的精准性、有效性。纵深推进科创板、创业板改革，深化再融资改革，加快健 全多层次资本市场体系，推动优化私募股权创投"募、投、管、退"循环，增强对科技创新企业的全生命周期服务 能力。 三是推动上市公司提升价值创造能力。进一步深化并购重组改革，更好发挥公司治理内生约束作用，督促上市公 司严格规范信息披露等行为，强化股东回报意识，提升分红的稳定性、持续性和可预期性。同时巩固深化常态化 退市机制，促进上市公司结构不断优化。 四是加快培育一流投资银行和投资机构。强化分类监管、扶优限劣，督促行业机构把功能性放在首位。坚持以客 户为中心，不断提高价值发现、财富管理等专业能力，为投融资各方提供更加优质的服务。 五是进 ...

1月11日，证监会副主席陈华平在参加第30届中国资本市场论坛时表示，证监会将持续深化投融资综合 改革，不断提高制度包容性、适应性，更好推动资本市场实现质的有效提升和量的合理增长。 三是推动上市公司提升价值创造能力。进一步深化并购重组改革，更好发挥公司治理内生约束作用，督 促上市公司严格规范信息披露等行为，强化股东回报意识，提升分红的稳定性、持续性和可预期性。同 时巩固深化常态化退市机制，促进上市公司结构不断优化。 陈华平介绍，我国资本市场投融资协调发展的基础不断巩固，新"国九条"和资本市场"1+N"政策体系落 地见效。 具体来看，推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市 值约为23万亿元，较年初增长36%。权益类基金规模由去年初的8.4万亿元增长到约11万亿元，发展明 显加快。加大对新质生产力的支持服务力度，证监会深化两创板改革，资本市场科技含量不断提升， 2025年电子行业总市值已超过银行板块，成为A股第一大行业，A股市值前50名的公司中，科技企业从5 年前的18家增加至目前的24家。推动上市公司提升投资价值，重点是强化政策引导和制度约束，督促上 市公司加大分红力 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) is focused on enhancing the institutional environment for long-term investments and increasing the scale of medium to long-term capital entering the market, while ensuring high-quality development and effective regulation [1][3]. Group 1: Policy Implementation - The CSRC is actively implementing the new "National Nine Articles" and the "1+N" policy framework to facilitate the entry of long-term capital into the market, achieving significant progress [1]. - As of the end of last year, various medium to long-term funds held approximately 23 trillion yuan in A-share market capitalization, representing a 36% increase from the beginning of the year [3]. Group 2: Regulatory Focus - The CSRC emphasizes the importance of risk prevention, strong regulation, and promoting high-quality development during the 14th Five-Year Plan period, aiming to enhance the effectiveness of regulatory enforcement [5]. - The commission plans to strictly punish various malicious illegal activities, focusing on significant cases to enhance investor trust and confidence [5]. Group 3: Investment Environment - The CSRC aims to optimize the arrangements for qualified foreign institutional investors to attract and retain diverse capital, ensuring a conducive environment for development [3]. - The scale of equity funds has increased from approximately 8.4 trillion yuan at the beginning of the year to around 11 trillion yuan [3].

登录新浪财经APP 搜索【信披】查看更多考评等级 转自：北京日报客户端 1月11日，证监会副主席陈华平在参加第30届中国资本市场论坛时表示，证监会将持续深化投融资综合 改革，不断提高制度包容性、适应性，更好推动资本市场实现质的有效提升和量的合理增长。 陈华平指出，证监会围绕进一步深化投融资综合改革，健全资本市场功能，推出了一系列改革举措，在 监管实践中不断深化对投融资协调的认识。促进投融资功能协调必须深入研究其丰富内涵和运行机制， 必须牢牢抓住提高上市公司质量这个关键，必须把保护中小投资者合法权益作为重中之重，必须把握好 当前难得的发展机遇。从我国看，A股投资者已经超过2.5亿，95%以上的都是中小投资者，要针对性做 好制度设计、产品创设、权利救济等工作，将投资者保护贯穿于监管的各环节全流程，持续营造公开、 公平、公正的市场环境。 陈华平介绍，我国资本市场投融资协调发展的基础不断巩固，新"国九条"和资本市场"1+N"政策体系落 地见效。具体来看： 二是不断增强对科技创新企业服务的精准性、有效性。纵深推进科创板、创业板改革，深化再融资改 革，加快健全多层次资本市场体系，推动优化私募股权创投"募、投、管、退"循环 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to enhance the institutional environment for long-term investments and increase the participation of various long-term funds in the market [1][2]. Group 1: Promoting Long-term Investment - The CSRC will continue to improve the institutional environment for long-term investments, encouraging various long-term funds to increase their market participation [2]. - As of the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market capitalization, a 36% increase from the beginning of the year [2]. - The scale of equity funds grew from 8.4 trillion yuan at the beginning of last year to around 11 trillion yuan [2]. Group 2: Strengthening Regulatory Enforcement - The CSRC will enhance the effectiveness of regulatory enforcement and continue to improve investor education and protection systems [3]. - There will be a focus on strict regulation, targeting major violations and enhancing investor trust and confidence through initiatives like representative litigation for compensation [3]. Group 3: Coordinating Investment and Financing Functions - The CSRC emphasizes the need for a balanced relationship between investment and financing functions in the capital market, as both are essential for serving the real economy [4]. - A lack of financing function would hinder the capital market's ability to support the real economy, while inadequate investment function could jeopardize sustainable market development [4]. - The coordination of investment and financing is a dynamic process that requires continuous adjustment [4]. Group 4: Improving the Quality of Listed Companies - Enhancing the quality of listed companies is crucial for promoting the coordination of investment and financing functions [5][6]. - High-quality listed companies attract more long-term stable investments, creating a virtuous cycle of high-quality companies, investment returns, and improved financing efficiency [6]. - Poor quality of listed companies can lead to unsustainable stock price increases and ultimately damage investor confidence [6]. Group 5: Supporting Technological Innovation Enterprises - The CSRC will enhance its services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market [7]. - There will be a focus on deepening refinancing reforms and improving the multi-tiered capital market system to better support the entire lifecycle of technology innovation enterprises [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to deepen comprehensive reforms in investment and financing, enhancing the inclusiveness and adaptability of the system to promote qualitative and quantitative growth in the capital market [1]. Group 1: Reform Initiatives - Continuous improvement of the long-term investment environment is emphasized, aiming to increase the proportion of various long-term funds entering the market and to optimize institutional arrangements for qualified foreign investors [1]. - The CSRC is focused on enhancing the precision and effectiveness of services for technology innovation enterprises, advancing reforms in the Sci-Tech Innovation Board and the Growth Enterprise Market, and improving the multi-tiered capital market system [2]. Group 2: Market Developments - By the end of last year, various long-term funds held approximately 23 trillion yuan in A-share market value, a 36% increase from the beginning of the year. The scale of equity funds grew from 8.4 trillion yuan to about 11 trillion yuan [3]. - The support for new productive forces is being strengthened, with the market's technological content increasing. By 2025, the total market value of the electronics industry is expected to surpass that of the banking sector, making it the largest industry in A-shares [3]. Group 3: Enhancing Company Value - The CSRC is pushing for listed companies to enhance their investment value by strengthening policy guidance and institutional constraints, encouraging companies to increase dividend payouts, with cash dividends expected to reach 2.55 trillion yuan by 2025 [3][4]. - The implementation of the "merger and acquisition six guidelines" and supporting systems is aimed at helping listed companies improve and strengthen their operations, with over 200 major asset restructuring disclosures last year indicating increased market activity [3]. Group 4: Regulatory Effectiveness - The CSRC is committed to enhancing the effectiveness of regulatory enforcement, focusing on investor education, service, and protection systems, and strictly regulating to combat severe violations [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第三十届（2026年度）中国资本市场论坛在京召开，证监会副主席陈华平出席并发表讲话。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 第三十届（2026年度）中国资本市场论坛在京召开，证监会副主席陈华平出席并发表讲话。 陈华平指出，促进投融资功能协调，必须深入研究其丰富内涵和运行机理。投资和融资是资本市场两大 基础功能，二者一体两面，相辅相成，没有融资功能，资本市场服务实体经济就无从谈起，没有投资功 能，市场可持续发展就会成为空中楼阁。从总量上看，投融资失衡就会加大市场波动，放大市场脆弱 性。从结构上看，投资和融资在产品期限、风险特征和偏好等方面都需要更好匹配。还要看到投融资协 调不是某个时点的静态平衡，而是一个动态变化不断调试的过程。 促进投融资功能协调，必须牢牢抓住提高上市公司质量这个关键。上市公司是市场资金治理健全，回报 水平高或者成长性强的上市公司，本身就是资本市场的源头活水，自然会吸引更多资金长期稳定的参与 投资，进而形成上市公司质量高，投资有回报，资金积极入市，融资效率提升这种良性循环。反之，如 果 ...