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 "wisdom" and "patience" in the development of China's equity market [1] - "Wisdom" refers to attracting diverse investment forces, including institutional and professional investors from both domestic and international markets [1] - "Patience" highlights the importance of long-term capital investment, suggesting that the capital market should focus on sustainable growth rather than short-term financial returns [1] Group 2 - The development of China's capital market is supported by a solid foundation that can facilitate the establishment of excellent mechanisms [1] - Long-term capital sources such as insurance companies, sovereign wealth funds, and asset management companies are identified as crucial for the market's growth [1]