四是加快打造一流的投资银行和投资机构，强化分类监管，对优质机构适当松绑，适度打开资本空间和杠杆限制，促进中 小券商、外资券商特色化发展。行业发展要以服务实体经济为根本，从追求规模利润扩张转向功能优先，带头践行价值投资的 理念，不断地提升产品服务的精准性、适配性，增强主流机构发行定价的能力，着力改善投顾水平，加快发展指数投资，助力 资本市场定价效率的持续提高。 此外，毛寒松表示，我国资本市场在"十四五"时期实现了"量"的稳步增长和"质"的有效提升。一是市值规模大幅增长，总 体量能显著提升。截至2025年年底，A股市场的总市值达到了123万亿元，较"十三五"末实现了大幅增长，资本市场对优质企业 价值的持续发展能力也不断增强，市场信心稳步提升，资本市场服务高质量发展的重要作用得到了巩固。 1月11日，中证金融研究院院长毛寒松在第三十届（2026年度）中国资本市场论坛上表示，"十五五"规划建议对资本市场 提出了明确的要求，强调"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能"。 毛寒松认为，下一阶段提升完善资本市场的功能，需要抓住以下"四个"着力点： 一是纵深推进多层次资本市场板块改革。推进科创板 ...

Group 1 - The core viewpoint of the article emphasizes the clear deployment of capital market development in the "15th Five-Year Plan," aiming to serve the real economy and promote high-quality economic development [1] - The plan highlights the importance of deepening reforms to enhance the multi-tiered capital market system, improving institutional inclusiveness and adaptability [1][2] - Capital markets are expected to play a crucial role in supporting the modernization of the industrial system and advancing high-level technological self-reliance [1] Group 2 - The proposal includes enhancing the inclusiveness and adaptability of capital market systems, focusing on coordinated investment and financing functions [2] - Experts suggest that reforms in the Sci-Tech Innovation Board and Growth Enterprise Market should be leveraged to create more suitable listing standards for emerging industries [2][3] - The construction of an integrated investment and financing ecosystem will be a key focus during the "15th Five-Year Plan" period [2] Group 3 - The investment side will see solid progress in public fund reforms and the promotion of long-term investment products and risk management tools [3] - Policies are expected to enhance the quality of listed companies and encourage higher dividend payouts, thereby supporting wealth preservation and growth for residents [3] Group 4 - The proposal advocates for the active development of direct financing through equity and bond markets, as well as the steady growth of futures, derivatives, and asset securitization [4] - Experts recommend optimizing the issuance and listing systems to support a comprehensive equity financing service system covering the entire lifecycle of enterprises [4] Group 5 - The establishment of a well-functioning capital market is deemed essential for efficient resource allocation and includes various financial instruments beyond just the stock market [6][7] - A multi-dimensional capital market is characterized as an efficient resource allocator, a balanced community of interests, a comprehensive risk manager, and a smooth wealth converter [7]