Group 1 - The core viewpoint emphasizes the need for "wisdom" and "patience" in the future development of China's equity market [1][3] - The current capital market faces two major challenges: the need to adapt to digital transformation and the impact of quantitative and computerized trading on traditional trading patterns [2] - The rise of large technology companies is reshaping the capital market ecosystem, allowing startups to access funding without relying on traditional exchanges and IPO processes [2] Group 2 - The focus on stock markets and equity financing has limitations; direct financing and fixed income are also essential components for the growth of enterprises [2] - The introduction of professional institutional investors is crucial for attracting "smart money" to the Chinese capital market [3] - Long-term capital, such as that from insurance companies, pension funds, and sovereign wealth funds, is vital for market stability and should be encouraged to enter the capital and equity markets [3] Group 3 - The future of China's capital market can seek breakthroughs through digitalization and the convertibility of the Renminbi, which will enhance its development and strengthen the currency's role in investments [3]

Group 1 - The core viewpoint emphasizes the need for a balanced perspective on capital market development, considering both international and Chinese contexts, with challenges including digital transformation and changes in investment styles [1][2] - The restructuring of capital market functions is highlighted, where large tech companies are increasingly internalizing financing functions traditionally held by exchanges, impacting the overall market dynamics [1][2] - The focus of China's capital market is on equity investment and financing, while also recognizing the importance of fixed-income financing in a diversified financing system to support high-quality growth [2] Group 2 - Two key recommendations for the future development of China's equity market are proposed: the need for "smart money" through professional institutional investors and the importance of patience in capital market investments [3] - The development of the capital market is likened to a marathon, emphasizing the need to attract long-term capital from insurance companies, pension funds, sovereign wealth funds, and asset management companies [3] - From a global perspective, the dominance of the dollar in capital markets is acknowledged, while suggesting that China should explore digitalization and the internationalization of the renminbi to enhance its capital market development [3]