我国资本市场体系更加完备，成为全球瞩目的“硬科技”企业聚集地

Core Viewpoint - The "14th Five-Year Plan" period has seen significant achievements in China's financial industry, particularly in the development of a multi-layered and comprehensive capital market system, highlighted by the establishment of various market platforms and innovative financial products [1][2]. Group 1: Capital Market Developments - The capital market has become more complete with the advancement of the Sci-Tech Innovation Board, the Growth Enterprise Market reforms, and the establishment of the Beijing Stock Exchange [1][2]. - In August, the total market value of A-shares surpassed 100 trillion yuan, marking a significant milestone [1]. - The bond market has seen a diversification of products, including public REITs, Sci-Tech bonds, and asset securitization, contributing to the richness of financial instruments available [1]. Group 2: Challenges and Future Directions - Despite the expansion of the market, structural challenges remain, such as the need for improved market scale and liquidity in the Beijing Stock Exchange compared to the Shanghai and Shenzhen exchanges [2]. - There are shortcomings in innovative products like public REITs regarding asset revitalization and pricing mechanisms [2]. - Future efforts should focus on optimizing market-making mechanisms, enhancing derivative tools, and strengthening ongoing supervision to balance development and risk control [2].