Recently, the State Council issued “Certain Opinions on Strengthening Supervision and Risk Prevention and Promoting High-Quality Development of the Capital Market”, which is the third “National Nine Rules” for the capital market. The Guohai Securities Strategy Team said that after a lapse of 10 years, the State Council has once again issued a document to guide capital market system construction from nine aspects, which means starting a new era of capital market construction at the policy level. Subsequent rules and measures will be implemented intensively and deserve special attention. Judging from the tone of the document, compared with the 2004 and 2014 opinions, the focus is on improving the capital market system. The tone of this guidance emphasizes the “development of the capital market within regulations.” “Strict rules” and “strengthening supervision” are carried through the full text, which means that high standards require the healthy development of the capital market will be the main theme of the next phase of the policy.