吴晓求：建议从资产、投资、制度端构建资本市场成长的核心支点

Group 1 - The core task during the "14th Five-Year Plan" period is to reconstruct the ecological chain of China's capital market, focusing on reforms from the asset side, investment side, and institutional side to build the core support for market growth [2] - The goal of asset side reform is to adjust the structure of listed companies, promoting high-tech and innovative enterprises as the main entities in the market, ensuring that assets meet investors' risk-return expectations [2] - The core objective of funding side reform is to expand market liquidity, encouraging large funds to enter the market, as the previous market was dominated by individual investors, limiting the entry of long-term funds due to regulatory constraints and risk considerations [2] Group 2 - Institutional side reform aims to ensure market confidence, expectations, and bottom lines, with a primary goal of enhancing market transparency through accurate disclosure of statutory information by issuers [2] - A shift from administrative penalties to a legal system focused on criminal penalties and civil compensation is necessary to improve the regulatory framework [2] - The healthy development of the capital market relies on a sound legal system, a strong spirit of contract, and sufficient market transparency, which are essential for attracting capital [3]