今年以来，我国资本市场一批标志性改革取得突破——推动中长期资金入市、公募基金改革、科创 板"1+6"政策措施、上市公司并购重组…… 近日，我国资本市场再次释放持续深化改革的信号。7月24日，中国证监会召开证监会系统党的建设暨 2025年年中工作会议，在部署下一阶段重点任务时，提出深化改革激发多层次市场活力。推动科创板改 革举措落地，推出深化创业板改革的一揽子举措，持续推进债券、期货产品和服务创新。 中国银河（601881）证券研究团队认为，随着资本市场改革持续深化，资本市场"筑基行稳"将具备更坚 实的支撑。新兴产业变革与制度创新正成为驱动市场价值重构的核心力量。 "两创板"改革聚焦支持科技创新 近一段时间，科创板、创业板一系列改革举措落地，资本市场通过深化改革，支持科技创新与新质生产 力发展。 在科创板方面，6月18日，中国证监会发布《关于在科创板设置科创成长层增强制度包容性适应性的意 见》，"1+6"改革方案落地。其中，"1"是在科创板设置科创成长层，"6"是在科创板推出6项改革措施， 包括试点IPO预先审阅机制，第五套上市标准适用范围扩大至人工智能、商业航天、低空经济行业以及 第五套上市标准企业试点引入资 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes the importance of maintaining market stability and promoting high-quality economic development through a series of regulatory reforms and measures aimed at enhancing the resilience and vitality of the capital market [2][6][9]. Group 1: Market Stability and Regulation - The CSRC identifies the need for a stable market environment, strong regulation, effective functions, and a competent workforce as key focus areas to enhance market stability and vitality [2][9]. - There is a commitment to consolidating the positive trend of market recovery by improving market stabilization mechanisms and enhancing the effectiveness and foresight of market monitoring and risk response [2][9]. - The CSRC aims to deepen reforms to stimulate the vitality of multi-level markets, including the implementation of reforms for the Sci-Tech Innovation Board and a comprehensive package of measures for the Growth Enterprise Market [2][9]. Group 2: Enhancing Corporate Governance and Investment Value - The CSRC plans to promote the enhancement of investment value among listed companies and ensure the effective implementation of major asset restructuring management measures while preventing conflicts of interest and financial fraud [2][9][10]. - There is a focus on fostering long-term and patient capital by encouraging the entry of medium- and long-term funds into the market and advancing public fund reforms [2][9]. Group 3: Risk Prevention and Management - The CSRC emphasizes the need for precise prevention and control of risks in key areas of the capital market, including addressing bond defaults in real estate companies and supporting the transformation of financing platforms [3][10]. - The regulatory body is committed to combating illegal activities in private equity and securities trading to ensure a safer market environment [3][10]. Group 4: Open Market and International Cooperation - The CSRC is working on advancing a high-level institutional opening of the capital market, focusing on improving the overall layout and implementation paths for capital market openness [3][10]. - Efforts are being made to promote coordinated development between onshore and offshore markets and to expand new areas of cross-border cooperation in the capital market [3][10]. Group 5: Strengthening Regulatory Effectiveness - The CSRC aims to enhance the effectiveness of regulatory enforcement by focusing on major violations and improving collaborative regulatory efforts [2][10]. - There is a commitment to increasing the use of technology in regulation to improve the quality and effectiveness of enforcement actions against market violations [2][10].