2026年11月12日，由上海交易所国际交流合作中心（SICCCE）牵头，上海证券交易所、深圳证券交易所、北京证券交易所，以及锦天城律师事务所、安永（中国）企业咨询有限公司、中国银行共同编写的《中国资本市场投资指南（2026）》（以下简称“《指南》”）正式发布。

On 12 November 2026, the Investor’s Guide to China’s Capital Market (2026) (the “Guide”) was officially released. Led by the Shanghai International Centre for Communication and Cooperation between Exchanges (SICCCE), the Guide was jointly compiled by the Shanghai Stock Exchange, the Shenzhen Stock Exchange, the Beijing Stock Exchange, AllBright Law Offices, Ernst & Young (China) Advisory Limited and Bank of China.

《指南》共八章，内容涵盖中国资本市场概况、监管框架、投资渠道、税务政策、外汇管理、合规实务及服务机构等核心领域，注重政策解读与操作实务相结合。《指南》旨在为关注中国资本市场发展的境内外投资者、中介服务机构及自律组织提供一套中英对照、体系化、跨领域、从政策到实操的投资指引，既可用于内部培训，亦可用于对外沟通与市场推广。

Spanning eight chapters, the Guide covers core areas including an overview of China’s capital market, the regulatory framework, investment channels, tax policies, foreign exchange management, compliance practices and service providers, with a focus on integrating policy interpretation with operational practice. It is designed to serve as a bilingual (Chinese-English), systematic, cross-disciplinary, policy-to-practice investment guide for domestic and overseas investors, intermediaries and self-regulatory organizations with an interest in the development of China’s capital market, and may be used both for internal training and for external communication and marketing.

作为《指南》编撰单位之一，锦天城律师事务所依托在资本市场及涉外法律服务领域深耕二十余年的专业积累，深度参与《指南》相关章节的编撰工作，就境外投资者参与中国资本市场的准入路径、交易架构、合规要求及法律风险防范等内容提供了系统的法律分析与实务指引。编撰期间，上海交易所国际交流合作中心向锦天城发来感谢信，对锦天城律师在《指南》编撰过程中付出的专业努力与严谨态度表示了诚挚的感谢，肯定了锦天城律师为提升《指南》法律内容的权威性与实务价值提供的有力支持。

As one of the institutions responsible for compiling the Guide, AllBright Law Offices drew on more than two decades of accumulated expertise in capital markets and cross-border legal services to play a substantive role in drafting the relevant chapters, providing systematic legal analysis and practical guidance on market access pathways, transaction structures, compliance requirements and legal risk prevention for overseas investors seeking to participate in China’s capital market. During the compilation, SICCCE sent a letter of thanks to AllBright, expressing sincere appreciation for the professional commitment and rigour demonstrated by AllBright lawyers throughout the process and acknowledging the strong support they provided in strengthening the authority and practical value of the Guide’s legal content.

随着中国资本市场高水平制度型开放的持续推进，境外投资者对中国资本市场的关注与参与度不断提升，跨境投资相关的法律需求也日益多元。锦天城将一如既往地发挥专业优势，积极服务国家金融开放战略，为境内外投资者参与中国资本市场提供全方位、高质量的法律服务，助力中国资本市场国际化进程不断深化。

As China’s capital market continues to advance high-standard institutional opening-up, overseas investors are paying closer attention to and taking a more active part in the market, and their legal needs in relation to cross-border investment are becoming increasingly diverse. AllBright will, as always, build on its professional strengths, actively support the national financial opening-up strategy and provide comprehensive, high-quality legal services to domestic and overseas investors participating in China’s capital market, thereby helping to deepen the internationalization of China’s capital market.

本次编撰工作由锦天城高级合伙人沈国权律师、于炳光律师牵头，彭海燕律师、翁佳琪律师、严会凌律师共同参与。其间，团队成员分工协作、精益求精，确保相关章节内容的专业性与严谨性。

The compilation was led by Shen Guoquan and Yu Bingguang, senior partners of AllBright, with the participation of Peng Haiyan, Weng Jiaqi and Yan Huiling. Throughout the process, the team worked in close coordination and pursued excellence, ensuring the professionalism and rigour of the relevant chapters.