Group 1 - The core viewpoint emphasizes the importance of the capital market in promoting technological progress and supporting the development of innovative enterprises in China [1] - The capital market should be recognized as a crucial hub in the economic development and financial system construction of China, moving beyond a simplistic view of it as merely a financing market [2] - The capital market encompasses both narrow and broad definitions, including venture capital and angel investments, which are essential for sustainable development [2] Group 2 - Enhancing the competitiveness of listed companies is fundamental for the stable development of the capital market, with a focus on the quality of companies rather than just their current profitability [4] - Modern financial theories have evolved, indicating that asset pricing now considers technological progress and innovation as key factors, rather than solely relying on profit [5] - Effective tools such as share buybacks can enhance company value by reducing the number of circulating shares, thereby increasing earnings per share [5] Group 3 - Small enterprises play a significant role in the economy, as all large companies originate from smaller ones, and they require support to grow and enhance overall market competitiveness [6] - Issues such as the backlog of companies waiting to go public and the prevalence of hidden risks in listed companies need to be addressed through reforms and improved regulatory frameworks [7] - The importance of market fairness and transparency is highlighted, as it directly impacts the overall health of the capital market [7]

Group 1 - The core argument emphasizes the need to enhance the competitiveness of listed companies as a key point for the development of the capital market [1] - Structural monetary policy has positively influenced the share buyback behavior of listed companies, leading to increased market liquidity and proactive buybacks [2] - A well-structured ecological system is essential for the stable development of the capital market, which relies on high-tech enterprises [3] Group 2 - Capital market reforms should encompass legal systems, policy rules, and financial instruments to combat fraudulent activities and optimize IPO and disclosure regulations [4] - Sufficient liquidity is crucial for capital market development, with a focus on attracting commercial insurance funds, social security funds, and pension funds [5] - The capital market should incorporate expectation management into its regulatory framework to promote stability and confidence [5]