吴晓求：资本市场改革要从没有“雷”开始，对“埋雷者”“帮助埋雷者”重罚

Core Viewpoint - The core viewpoint emphasizes the need for reforms in the capital market to restore market confidence, stabilize expectations, and establish clear bottom lines [2][4]. Group 1: Market Performance - At the beginning of 2026, the A-share market showed strong performance, with the Shanghai Composite Index surpassing 4100 points and total trading volume exceeding 30 trillion [2]. - The fundamental changes in the capital market over the past year, particularly since September 24, 2024, are attributed to the recovery of market confidence and stability of expectations [2]. Group 2: Reform Suggestions - The proposed reforms in the capital market include three main aspects: asset side, demand side, and institutional side [3][4]. - The asset side reform focuses on adjusting the structure of listed companies to prioritize high-tech and innovative enterprises, as their development is seen as the underlying logic for capital market growth [3]. - The demand side reform aims to enhance the investment side, addressing issues such as regulatory constraints and risk perception that have previously limited large capital inflows into the market [3]. Group 3: Institutional Reforms - Institutional reform is deemed essential for the effectiveness of the other two reforms, with the primary goal of ensuring market confidence, expectations, and clear bottom lines [4]. - Key aspects of institutional reform include improving market transparency and ensuring that issuers provide truthful information to avoid hidden risks [4]. - To eliminate risks, it is suggested that severe penalties be imposed on those who conceal risks or engage in fraudulent activities, transitioning from administrative to criminal penalties and civil compensation for such offenses [4].