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]