[Wu Qing: Study and evaluate the optimization of systems such as quantification and shareholding reduction, as well as fair and reasonable regulatory arrangements] On November 14th, Wu Qing, Chairman of the China Securities Regulatory Commission, stated at the 2026 China Capital Market Academic Annual Conference on the 14th that the research on market microstructure will be further deepened. In order to further improve market pricing and development quality, it is necessary to conduct in-depth research on improving the capital supply structure, accelerate the development and expansion of long-term capital and patient capital; conduct in-depth research on improving the expected guidance mechanism to reduce market fluctuations caused by "herd effect" and "short-term" transactions; and also conduct in-depth research on the optimization of institutional rules such as quantitative transactions and share reductions and fair and reasonable regulatory arrangements to effectively protect the legitimate rights and interests of investors.