Core Viewpoint - The China Securities Regulatory Commission (CSRC) has outlined key tasks and reform directions for the capital market, emphasizing the deepening of board reforms, the implementation of the Growth Enterprise Market (GEM) reforms, and the introduction of new policies to enhance investor protection and market stability [3][4]. Group 1: Capital Market Reforms - The CSRC will initiate the deepening of GEM reforms, establishing listing standards that better align with the characteristics of innovative enterprises in emerging fields [5]. - Continuous promotion of the high-quality development of the Beijing Stock Exchange (BSE) and the establishment of a smooth connection mechanism between the third and fourth boards [7]. - The CSRC plans to introduce a refinancing shelf issuance system to strengthen the foundation of market stability and support mergers and acquisitions for listed companies [8]. Group 2: Investor Protection and Market Stability - The CSRC aims to enhance the role of long-term funds as stabilizers in the market, promoting public fund reforms and ensuring that pension and insurance funds are aligned with long-term investment strategies [9]. - The launch of the "Qualified Foreign Institutional Investor (QFII) Optimization Work Plan" will improve access and operational efficiency for foreign investors, creating a more transparent and efficient investment environment [10]. - The release of the "Opinions on Strengthening the Protection of Small and Medium Investors in the Capital Market" includes 23 practical measures to enhance investor protection during the issuance and delisting processes [11]. Group 3: Market Valuation and Regulatory Enforcement - The revaluation of Chinese assets, including A-shares and Hong Kong stocks, is becoming more apparent as stability and balance are prioritized in asset allocation [12]. - The CSRC emphasizes a "zero tolerance" approach to financial fraud and other illegal activities, aiming to enhance investor confidence through strict enforcement of regulations [13].