CSRC: By 2025, the scale of new long-term funds entering the market will exceed one trillion yuan.

Cheng Hehong, chief lawyer of the China Securities Regulatory Commission, introduced at the 2026 Boao Forum for Asia Annual Conference that in 2025, various types of medium and long-term funds significantly increased their market entry efforts. Social security funds, insurance funds, pension funds, public funds, and securities dealers' proprietary funds collectively net purchased A-shares exceeding 800 billion yuan. In addition, with the purchase of equity funds by relevant funds and the repurchase and increase of state-owned listed companies, the actual scale of new entry of medium and long-term funds into the market exceeded 1 trillion yuan. 97% of profitable companies that meet dividend conditions have implemented dividend distributions, with a total dividend amount of 2.55 trillion yuan, reaching a historical high. The draft financial law recently solicited public opinions, which clearly stipulates to "support medium and long-term funds entering the market, and enhance the intrinsic stability of the capital market," further solidifying the legal basis for rational investment, value investment, and long-term investment. Cheng Hehong stated that the CSRC will promote the formulation of regulations for the supervision and management of listed companies, revise and improve regulations for the supervision and management of securities companies, further improve the quality of listed companies, standardize and optimize the service activities of securities and futures trading institutions to investors, and create a market ecology more conducive to rational investment, value investment, and long-term investment. The CSRC will strictly enforce the law and strengthen investor protection. It will focus on severely punishing securities and futures illegal activities that infringe on the rights of investors and disrupt market order, such as fraudulent issuance, financial fraud, market manipulation, insider trading, and client fraud. If it constitutes a crime, it will be transferred to the public security and judicial authorities according to law. It will cooperate with the judicial authorities to study and formulate civil liability compensation judicial interpretations for insider trading and market manipulation, further promote the work of securities representatives litigation, increase the application of the advanced compensation system, improve the quality and effectiveness of investor education, and better integrate it into the business processes of securities and futures trading institutions in developing clients and providing services. The CSRC will strengthen daily supervision and guidance, control the registration review of corporate issuances and listings, provide investors with more high-quality and valuable securities and financial products, carry out a new round of corporate governance special actions to better guarantee investors' participation in corporate governance, improve the quality of information disclosure, and better serve investors' investment decisions. The CSRC will guide listed companies to implement cash dividends as required, consolidate the market foundation for value investment and long-term investment, strengthen the supervision and management of market trading activities such as reduction of holdings and programmed trading to create a fair market trading environment for various types of investments, and strengthen the supervision and management of securities and futures trading institutions' internal control, compliance, and business activities such as investment banking, brokerage, asset management, margin trading, and investment consulting to better play the intermediate and professional role of securities and futures trading institutions in serving rational investment, value investment, and long-term investment. The CSRC will carry out an evaluation of the implementation of the Securities Law, study and summarize experiences and practices conducive to promoting rational investment, value investment, and long-term investment policies and rules, refine them into national legal provisions for the securities market, and further solidify the legal basis for rational investment, value investment, and long-term investment. Jin Yao, Vice Chairman of the National Social Security Fund Council, stated that since its establishment, the social security fund has always regarded long-term investment, value investment, and responsible investment as its core concepts. The investment scope covers stocks, bonds, and other areas, constructing a globalized, diversified, and decentralized asset allocation system. The above investment structure allows the social security fund to confidently withstand the impact of short-term market fluctuations and achieve relatively stable returns in the long term. The assessment cycle of the social security fund for managers lasts three to five years, and the longest time that individual portfolios hold a single stock can be up to 20 years. Thanks to the above practices, the social security fund has achieved stable returns in the 20-odd years since its establishment. This article is selected from Cai Lian She; GMTEight Editor: Chen Xiaoyi.