Group 1: Core Insights - The global capital market is essential for resource allocation, optimizing fund flows across regions and cycles, and providing direct financial support to the real economy [1] - The focus of China's capital market reform includes building a resilient, fair, and inclusive market, which is crucial for global economic recovery and sustainable growth [3][6] Group 2: Key Discussions - The importance of financial markets in China's modernization process is emphasized, highlighting the need for a system that incentivizes innovation and addresses originality issues [6] - The structural imbalance in financial globalization between developed and emerging markets poses significant external pressures on the latter [7] - The impact of the US-China trade conflict on international capital flows, with non-US funds reducing exposure to affected companies while US funds remain stable, is noted [10] - The fourth technological revolution is characterized by high valuations and hard technology, suggesting that China should optimize its institutional design to support hard tech enterprises [13] - The rise of digital investment, driven by tokenization and stablecoins, is reshaping investment logic and mechanisms [14] - The ongoing global tariff war is reshaping capital markets, with capital flowing from developed to emerging markets, and the potential for the renminbi to appreciate in the long term is discussed [17]