Analysis of the Impact of the CSRC's 2026 "Stability First" Policy on A-Share Investment Strategies

Based on the spirit of the 2026 CSRC System Work Conference and market analysis perspectives, I systematically analyze the impact of the “Stability First” policy tone on A-share market investment strategies.

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On January 15, 2026, the China Securities Regulatory Commission (CSRC) held its 2026 System Work Conference, clearly listing “

” as the top priority task[1][2]. Compared with 2025, the 2026 policy statement has been optimized from “Uphold stability while pursuing progress, and use progress to promote stability” to “”. Against the backdrop of a growing bull market atmosphere in A-shares, this highlights the emphasis on “high-quality development of the capital market”[3].

:

• Focus on the core work of risk prevention, strengthened regulation, and promoting high-quality development
• Continue to deepen the comprehensive reform of capital market investment and financing
• Improve the inclusiveness, adaptability, competitiveness, and attractiveness of the system
• Strive to achieve effective improvement in quality and reasonable growth in quantity

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The CSRC clearly stated that it will “

”, and the policy orientation clearly points to cultivating a “slow bull” and “long bull” market trend. Research from Caixin Securities points out that the “slow bull” and “long bull” are the “high-quality bull market”, which can better stabilize market expectations and achieve win-win results for all types of market participants[3].

:

• Investors should establish the concept of
  long-term investment and value investment
• Avoid short-term speculative behaviors
• Focus on high-quality targets with solid fundamentals, and reduce chasing rallies and selling on declines

The conference emphasized “

”, with specific measures including[1][2]:

• Continue to deepen the reform of public funds
• Continuously expand channels and methods for medium- and long-term capital sources
• Launch various products and risk management tools suitable for long-term investment
• Actively guide long-term investment, rational investment, and value investment

:

• It is expected that
  passive products represented by ETFs will continue to develop at an accelerated pace
  [3]
• Pay attention to the allocation direction of medium- and long-term funds such as social security funds and pension funds
• The proportion of institutional investors is expected to further increase, and market volatility is expected to decrease

Sector	Policy Impact	Investment Strategy Recommendations
ChiNext Board	Launch and implement the deepening of ChiNext Board reform, and activate the third set of standards	Focus on tech innovation enterprises, especially growth companies that fit the positioning of the ChiNext Board
STAR Market	Continue to promote the implementation of STAR Market reform, and the “1+6” policy has been put in place	Focus on the allocation value of leading enterprises on the STAR Market
Beijing Stock Exchange (BSE)/New Third Board	Promote integrated high-quality development	Focus on specialized, sophisticated, unique, and new enterprises, as well as valuation repair opportunities
REITs	Steadily promote the smooth implementation of commercial real estate REITs pilots	Focus on allocation opportunities for high-quality asset REITs

In 2025, the CSRC investigated and handled 701 securities and futures violation cases throughout the year, with fines and confiscations totaling RMB 15.47 billion[2]. Regulatory law enforcement will be further tightened in 2026:

[1][2]:

• Financial fraud
• Price manipulation
• Insider trading
• Excessive speculation

:

• Stay away from theme speculation targets without fundamental support
• Focus on high-quality companies with standardized information disclosure and transparent finances
• Attach importance to corporate governance level and compliance status

The conference clearly stated “

”[1][2]. On January 14, 2026, the Shanghai, Shenzhen, and Beijing Stock Exchanges raised the minimum margin requirement for investors’ margin purchases from 80% to 100%[3].

:

• Market leverage ratio will be effectively controlled
• The risk of excessive leverage in margin trading will decrease
• Investors should pay attention to controlling the leverage ratio and avoid excessive borrowing

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:

• Strengthen market monitoring and early warning in an all-round way
• Strengthen transaction supervision and information disclosure supervision
• Seriously investigate and punish illegal acts such as excessive speculation and even market manipulation

: Market operation will be more standardized, and the investment environment will continue to improve

:

• Launch and implement the deepening of ChiNext Board reform
• Continue to promote the implementation of STAR Market reform
• Improve the convenience and flexibility of refinancing
• Promote the bond market to improve quality, adjust structure, and expand volume
• Ensure the smooth implementation of commercial real estate REITs pilots

: The functions of the multi-level capital market will be further exerted, and investment options will be more abundant

:

• Resolutely crack down on malicious illegal acts such as financial fraud, price manipulation, and insider trading
• Promote the implementation of more typical cases such as special representative litigation and advance compensation
• Strengthen technology-enabled supervision and improve regulatory penetration

: Market fairness will be enhanced, and the phenomenon of bad money driving out good money will be reduced

:

• Accelerate the introduction of the listed company supervision regulations
• Fully implement the newly revised corporate governance guidelines for listed companies
• Improve institutional arrangements such as dividend repurchases, equity incentives, and employee stock ownership
• Stimulate the vitality of the M&A and restructuring market

: The quality of listed companies will be improved, and the dividend return mechanism will be improved

:

• Promote the implementation of the qualified foreign investor optimization plan
• Expand the scope of opening up of specific futures varieties
• Improve the convenience of cross-border investment and financing

: Foreign capital participation will increase, and market liquidity will improve

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:

1. Tech Innovation Sector
   : Investment opportunities brought by the deepened reform of the ChiNext Board and STAR Market
2. High-Dividend Value Stocks
   : Steady return targets under the improved dividend repurchase system
3. New Energy/High-End Manufacturing
   : Advantageous industries supported by high-quality development policies
4. High-Quality REITs
   : New asset allocation options brought by commercial real estate REITs pilots

:

• Theme speculation targets without fundamental support
• Companies with questionable financial status and non-standard information disclosure
• Targets with high leverage and excessive reliance on margin trading

Dimension	Recommendation
Investment Cycle	Extend holding period, reduce short-term frequent trading
Position Structure	Balanced allocation, focus on both value and growth
Risk Management	Moderately control position size, avoid excessive leverage
Research Focus	Strengthen fundamental research, focus on corporate governance quality

• Domestic macroeconomic recovery pace falls short of expectations
• Risk of overseas economic recession
• Risk of overheating in certain sectors
• Bubble risk in hot fields such as artificial intelligence[3]

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The CSRC’s 2026 “Stability First” policy tone sets the overall tone of “stability while pursuing progress, improving quality and efficiency” for the A-share market. Under this policy framework:

1. The market environment will be more standardized
   : Regulatory law enforcement continues to strengthen, and transaction fairness is improved
2. Capital structure continues to be optimized
   : The ecosystem of “long-term capital for long-term investment” is gradually taking shape, and market stability is enhanced
3. Institutional reform dividends are released
   : Deepened reform of the ChiNext Board and STAR Market brings structural opportunities
4. Investment philosophy returns to value
   : Long-term investment and value investment become the mainstream

Investors should conform to the policy orientation, establish the concept of rational investment and value investment, and pay attention to risk control while seizing structural opportunities to obtain steady long-term returns.

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[1] Stability First! CSRC Deploys Five Key Tasks for 2026, People’s Daily Online, January 16, 2026

[2] Uphold “Stability” First in 2026 to Consolidate the Steady and Positive Momentum of the Capital Market, CCTV News, January 17, 2026

[3] Strategy Comment Report: “Slow Bull” and “Long Bull” are the “High-Quality Bull Market”, Caixin Securities Research, Sina Finance, January 18, 2026

[4] CSRC Deploys 2026 Work, Focus on Ten New Formulations and Phrases, Eastmoney, January 16, 2026