吴晓求：未来资本市场应做好资产端、投资端和制度端改革

Group 1 - The core viewpoint is that China's capital market has undergone fundamental changes, with restored market confidence and stable expectations. Future reforms should focus on asset, investment, and institutional aspects to meet diverse financing needs of enterprises and wealth management needs of residents [2][3] - On the asset side, there is a need to adjust the structure of listed companies to make high-tech and innovative enterprises the mainstay. The capital market fundamentally relies on the operational achievements of rising companies for value appreciation, providing risk-return sources for investors [2] - On the investment side, expanding market liquidity is crucial, particularly by introducing "big funds." The current investor composition is dominated by small investors, and there are significant restrictions on institutional long-term funds such as commercial insurance, social security funds, and corporate annuities entering the market [2] Group 2 - On the institutional side, the core of reform is to ensure market confidence and expectations, prioritizing market transparency. Strengthening regulatory deterrence and accountability mechanisms is essential, with severe penalties for behaviors such as information fraud, market manipulation, and insider trading [3]