The deployment of "adhering to stability as the top priority and consolidating the market's stable and positive momentum" has been listed as the primary task of the China Securities Regulatory Commission's capital market reform and development in 2026. A series of targeted and precise policy measures will be launched around this deployment. Market participants believe that with the coordinated efforts of policy "combination punches", the stable and positive momentum of the capital market is expected to continue, laying a solid foundation for stabilizing the market at the beginning of the 15th Five Year Plan period. In the deployment of "adhering to stability as the top priority and consolidating the positive momentum of market stability", the 2026 system work conference of the China Securities Regulatory Commission has clarified the need to comprehensively strengthen market monitoring and early warning, and timely carry out countercyclical adjustment. On January 14th, the three major stock exchanges in Shanghai, Shenzhen, and North China raised the minimum margin ratio for financing from 80% to 100%, which is seen as one of the actions to consolidate the market's stable and positive momentum. The increase in the margin ratio for this financing is a precise measure taken by regulatory authorities based on the current market operation situation, with the core logic of 'cooling down overheated leverage and maintaining market stability'. ”Zhang Qi, a non bank financial industry analyst at China Galaxy Securities, believes that. According to Zhang Qi's analysis, on the one hand, a moderate reduction in leverage level can help reduce irrational speculation in the market, guide investors to shift from "leverage driven" to "value driven", and improve market pricing efficiency; On the other hand, by countercyclical adjustment to prevent systemic risks caused by excessive leverage accumulation in advance, it can lay a solid foundation for the long-term stable and healthy development of the capital market. From the perspective of the relationship between capital market reform and market environment, market stability plays an important supporting role in promoting a series of reforms. Yao Pei, Chief Strategy Analyst of Huachuang Securities, stated that whether it is the highly anticipated deepening reform of the ChiNext board, the continuous optimization and implementation of the Sci Tech Innovation Board system, or the facilitation reform of the refinancing mechanism aimed at improving market efficiency, the smooth implementation and efficiency release of these major reform measures all rely on an expected stable and orderly market environment. Therefore, consolidating the current hard won positive momentum is essentially accumulating momentum and creating conditions for deeper and greater 'progress'. ”Yao Pei said. Further maintaining transaction fairness focuses on the task of "consolidating the stable and positive trend of the market". The meeting proposed to further maintain transaction fairness, seriously investigate and punish illegal and irregular behaviors such as excessive speculation and market manipulation, and resolutely prevent market fluctuations. Associate Professor Lv Chenglong from the Law School of Shenzhen University believes that the explicit inclusion of "excessive speculation" in the key rectification category is closely related to the statement of "resolutely preventing market fluctuations", and has strong practical relevance. This is not only a precise response to the irrational and drastic price fluctuations of some hot topics and concept stocks in recent years, but also demonstrates the firm determination of regulatory authorities to maintain a healthy market ecology and protect the legitimate rights and interests of investors, especially small and medium-sized investors. ”Lv Chenglong believes that compared to the more general concept of "maintaining smooth operation", this move points to a clearer direction and has a stronger signal significance. In addition to cracking down on excessive speculation, it is equally crucial to address new types of illegal and irregular behavior and build a strong legal and law enforcement defense line. Lawyer Xu Feng from Shanghai Jiucheng Law Firm believes that in recent times, new types of illegal stock recommendations and information manipulation on the internet have emerged from time to time. We should make full use of legal weapons such as securities laws, improve relevant legal provisions, clarify legal responsibilities, and provide solid guarantees for law enforcement work in response to new types of illegal stock recommendations and information manipulation on the internet; At the same time, we will strengthen the coordination and cooperation among public security, China Securities Regulatory Commission, and cyberspace administration departments, improve law enforcement efficiency, quickly investigate and deal with illegal and irregular cases, timely crack down on those involved, recover losses from investors, and maintain market order. Improving the effectiveness of regulatory enforcement and building a comprehensive and three-dimensional regulatory system are long-term strategies to consolidate a fair market environment. Xu Feng suggested that we should always adhere to the "zero tolerance" policy, severely crack down on vicious illegal activities such as financial fraud and fraudulent issuance that seriously erode the foundation of market integrity, and highlight the "early crackdown on small" and "big crackdown on evil"; We need to solidly weave a dense investor protection network, improve an adaptive investor education service system, promote the normalization of special representative litigation, and improve mechanisms such as advance compensation, so that damaged investors can receive convenient and effective relief. This is a key part of enhancing market confidence and consolidating the fair trading environment. Creating a market ecology of "long money, long investment" and cultivating and strengthening long-term capital are the core measures to consolidate the stable and positive momentum of the market. The working conference of the China Securities Regulatory Commission (CSRC) has made key arrangements for this, clearly proposing to continue deepening the reform of public funds, continuously expanding the channels and methods of medium and long-term funding sources, launching various products and risk management tools suitable for long-term investment, actively guiding long-term investment, rational investment, and value investment, and fully creating a market ecology of "long-term investment". Promoting the entry of medium and long-term funds into the market is not a new proposition, but this deployment path is clearer and the tools are more specific. ”Chen Li, a member of the China Chief Economist Forum, stated that regulatory authorities have explicitly requested to "accelerate the launch of various products and risk management tools that are suitable for long-term investment needs", pointing directly to the key issue - not only to attract funds, but also to provide rich asset allocation options and effective risk management methods, so that funds can be "retained and developed well", truly crossing the market cycle and becoming the "ballast stone" of the capital market. Gathering long-term capital forces requires collaborative efforts from multiple parties to form a joint force. At the institutional level, we should work together to further increase the proportion of various medium and long-term funds entering the market, enrich products and risk management tools that are suitable for long-term investment, optimize institutional arrangements for qualified overseas investors, and ensure that all types of funds are willing to come, can stay, and develop well. Mao Hansong, President of the China Securities Financial Research Institute, suggested that the bottlenecks for medium and long-term funds entering the market, such as social security, insurance, and wealth management, should be cleared one by one, and the reform of public funds should be solidly promoted. Long term assessments should be comprehensively implemented for enterprise annuities, insurance funds, and other funds, and the circulation of private equity and venture capital funds should be promoted to be smooth. Efforts should be made to cultivate and strengthen patient capital and long-term capital. Cultivating 'long money' relies on the nourishment and support of the 'long-term investment' culture. Lv Chenglong stated that regulatory authorities need to continue to deepen the comprehensive reform of investment and financing, improve basic systems, and create a better environment for long-term investment; Intermediary agencies should effectively fulfill their "gatekeeper" responsibilities and investor suitability management obligations, strengthen investor education and companionship, and guide them to establish rational investment and value investment concepts; For investors, it is necessary to carefully study information disclosure, understand the symbiotic relationship between risk and return, and avoid blindly following the trend of speculation. Only when all participants in the market align their ideas and actions towards the "long term", can the "long money, long investment" ecosystem come naturally. (New Society)