吴晓求：投资端的改革核心是要扩大市场的流动性 | 和讯2025年会

Core Viewpoint - The restructuring of China's capital market ecosystem is shifting from a financing-centered approach to one that prioritizes investor rights protection [1][3] Group 1: Asset Side Reforms - The focus should begin with enterprises in the financial market, highlighting the importance of the ChiNext and Sci-Tech Innovation Board, which, despite their flaws, are on the right track, including the reform of the registration system [3] Group 2: Funding Side Reforms - The investment side must also undergo changes, moving away from a market dominated by individual investors to one that enhances market liquidity, which is essential for effective asset price discovery and improved asset liquidity [3] Group 3: Institutional Reforms - Institutional reforms should be centered around the protection of investor interests, necessitating a comprehensive adjustment of existing rules, which is recognized as a lengthy process [3]