Core Viewpoint - The "14th Five-Year Plan" period is crucial for China's modernization goals, with the capital market assigned a more significant strategic mission to support high-quality economic development and technological innovation [1][3]. Group 1: Capital Market's Role - The capital market should not be viewed merely as a financing channel but as an incentive mechanism for social innovators and wealth creators, allowing residents to share in economic development through securities investment [3]. - A healthy market must achieve a balance between risk and return; if it only meets the needs of financing parties without addressing investors' reasonable risk-return expectations, it will struggle to sustain itself [3]. Group 2: Reform Pathways - The primary task for capital market reform during the "14th Five-Year Plan" is to "reconstruct the market ecosystem," shifting focus from financing to "incentivizing innovation" and "wealth management" [3]. - Enhancing the legal framework is essential, with a significant increase in penalties for illegal activities, transitioning from primarily administrative penalties to a dual system of civil compensation and criminal punishment [3]. Group 3: Structural Reforms - Efforts should be made to optimize market structure by improving the quality of listed companies and promoting the listing of more technology-driven enterprises, which are vital for generating wealth effects and long-term investment value [4]. - The current reform aims to remove restrictions on large capital entering the market, particularly focusing on releasing the market potential of long-term capital such as insurance funds [4]. Group 4: Internationalization and Institutional Environment - The capital market should transition from a pipeline-style opening to a comprehensive opening, attracting global capital and high-quality foreign enterprises to list in China, thereby establishing an internationally influential financial center [4]. - Building an institutional environment that fosters original ideas and scientific technology is crucial for China to advance towards developed nation status, with deep reforms in the capital market providing necessary incentives for innovation [4].