The China Securities Regulatory Commission continues to deepen the reform of the capital market, expand financing channels for scientific and technological innovation, and strengthen full chain supervision

Recently, the China Securities Regulatory Commission has continuously launched multiple capital market reform measures, while improving the multi-level capital market financing system to assist new quality productivity enterprises in direct financing; On the one hand, we will adhere to strict supervision in accordance with the law, purify the market ecology, and promote the capital market to better serve the high-quality development of the real economy. The dual line of "relaxation" and "strictness" has become a distinctive feature of current regulatory policies.

The financing reform continues to advance. Optimize the listing standards for the Science and Technology Innovation Board, expand the scope of application of the fifth set of standards, and focus on supporting unprofitable hard technology enterprises such as artificial intelligence and embodied intelligence to enter the capital market; Continuously deepen the reform of the ChiNext board, optimize the mechanisms for refinancing, mergers and acquisitions, and enhance the convenience of capital operations for listed companies. The coordinated development of the Beijing Stock Exchange and the New Third Board will open up the growth and listing channels for small and medium-sized science and technology innovation enterprises, and build a financing system covering the entire life cycle of enterprises. Clear policy orientation: Capital market resources continue to tilt towards technological innovation and high-end manufacturing.

The focus of the funding side is to cultivate a long-term investment ecosystem. Regulatory authorities will continue to implement relevant plans for the entry of medium and long-term funds into the market, unblock obstacles for the entry of insurance, social security, annuity, and wealth management funds, optimize the long-term fund assessment mechanism, and encourage institutions to establish a value investment concept. At the same time, we will continue to enrich diversified investment products such as ETFs and REITs, steadily promote the pilot of commercial real estate REITs, broaden the channels for residents' asset allocation, and attract incremental funds to continue entering the market.

Accompanying the financing reform is the normalization of high-pressure supervision. The China Securities Regulatory Commission (CSRC) insists on regulating "long teeth with thorns" and continues to crack down severely on illegal activities such as financial fraud, insider trading, market manipulation, and false information disclosure. In response to the new risks arising from the AI era, regulators are accelerating the research on artificial intelligence business norms in the capital market, cracking down on AI fabricated false information, algorithm collaborative speculation, illegal intelligent stock recommendations and other chaos, and preventing algorithm resonance from exacerbating market volatility.

The governance level of listed companies continues to improve. Promote listed companies to improve their dividend and repurchase systems, and guide enterprises to enhance shareholder returns; Strengthen the constraints of controlling shareholders and actual controllers, standardize the behavior of reducing holdings, and strengthen the responsibility of intermediary institutions as gatekeepers. The policy encourages listed companies to rely on the capital market to carry out industrial chain integration, expand and strengthen through mergers and acquisitions, and cultivate leading enterprises with global competitiveness.

The pace of opening up to the outside world is steadily advancing. Continuously optimizing the QFII/RQFII system arrangements, expanding the opening up of specific futures varieties to the outside world, improving the convenience of cross-border investment and financing, and attracting long-term capital from overseas to allocate domestic equity assets. Establish a sound regulatory framework for overseas listings, coordinate development and security, and promote stable and far-reaching two-way opening-up.

The reshaping of market ecology requires a long-term process. In the short term, subject matter speculation and pure concept speculation continue to be suppressed, and funds place more emphasis on the fundamentals and performance realization of enterprises; In the long run, the concepts of value investing and long-term investment will gradually become mainstream. Investors need to proactively adapt to the new regulatory environment and stay away from hot topics that lack performance support.

Overall, the core goal of this round of capital market reform is to build a standardized, transparent, open, dynamic, and resilient market. The financing side supports the science and technology innovation industry, the investment side introduces long-term funds, and the regulatory side purifies the market environment, forming a synergy among the three. The function of the capital market in serving the real economy continues to strengthen, and the market valuation system and investment logic will also undergo profound changes accordingly.