Core Insights - The report emphasizes the importance of building a high-quality capital market to support China's economic development during the 14th Five-Year Plan period, focusing on risk prevention, strong regulation, and promoting high-quality growth [2][6][3] - The four main lines of future capital market reform include deepening sector reforms, enhancing the quality of listed companies, expanding high-level institutional openness, and strengthening investor protection [2][6] Group 1: Capital Market Reform - The report outlines that the capital market will enhance its multi-layered market system to support technological innovation and small and medium-sized enterprises [2][6] - It highlights the need for optimizing refinancing systems and increasing shareholder returns through dividends and buybacks to improve the quality of listed companies [2][6] - The introduction of measures to optimize the Qualified Foreign Institutional Investor (QFII) system aims to increase foreign investment in the Chinese market [3][6] Group 2: Investor Protection - The report details 23 specific measures to strengthen the protection of small and medium investors, including enhancing the fairness of trading environments and holding institutions accountable for investor protection [6][3] - It emphasizes the importance of building a robust legal framework to safeguard investor rights and improve market confidence [6] Group 3: Market Outlook - The report expresses optimism about the future of the Chinese capital market, particularly in the context of technological innovation and the potential for a rebound in market performance following recent fluctuations [6][2] - It suggests focusing on three main investment themes: technology growth sectors, industries benefiting from policy support, and undervalued consumer sectors [6][2]