Core Viewpoint - The speech emphasizes the importance of leveraging multi-tiered capital markets to promote the integration of technological and industrial innovation in China [1] Group 1: Formation of Positive Cycles - A positive cycle has formed between technology, capital, and industry, with private equity and venture capital funds playing a crucial role in supporting technology companies' access to capital markets. In 2024, A-share listed companies accounted for over 50% of the total R&D investment in society, holding one-third of the national patent total [2] - A positive cycle has also developed between technology companies and investors, with the capital market increasingly supporting technological innovation. The total amount of dividends and buybacks from the Sci-Tech Innovation Board and the Growth Enterprise Market exceeded 730 billion yuan in the past five years, with a compound annual growth rate of 12.5% in revenue for listed companies in the new generation information technology sector [2] Group 2: Addressing Existing Imperfections - The financial service system in China faces three key imperfections: the capital formation mechanism not aligning with innovation laws, the product service system failing to meet the financial needs of technology companies throughout their lifecycle, and the incentive and constraint mechanisms for innovation being inadequate [3] - Five targeted measures were proposed to address these issues, including enhancing the role of the Sci-Tech Innovation Board as a testing ground, strengthening the linkage between equity and debt, cultivating patient and long-term capital, supporting the quality of technology-oriented listed companies, and creating a more open and inclusive capital market ecosystem [3] Group 3: Strategic Opportunities - China is currently in a strategic opportunity period for both technological and capital market development, with its economic strength ranking among the top globally. The ongoing reforms in the capital market are expected to enhance support for technological innovation, thereby promoting a virtuous cycle among technology, capital, and industry [4] - The speech outlines the direction and path for deepening capital market reforms, which will not only help China secure a favorable position in global technological competition but also provide strong momentum for high-quality economic development [4]