Under the guidance of the spirit of the Central Economic Work Conference, regulatory authorities have gradually begun to speak out, and the "construction blueprint" for the reform and development of the Capital Markets by 2025 is becoming clearer. "Stability" is the foundation, while "reform" is the driving force. "Stability" is maintained through policy support and regulatory optimization to ensure the smooth running of the stock market; "reform" involves deepening the reform of the Capital Markets, including comprehensive reforms in investment and financing, strengthening market regulation, and protecting investors' lawful rights and interests. Experts interviewed generally believe that this year, the Capital Markets will, based on balancing the primary and secondary markets and investment and financing, focus on supporting the development of new productive forces, promote reforms at both investment and financing ends, eliminate bottlenecks for medium- and long-term funds entering the market, enhance the inclusiveness, adaptability, and precision of the Capital Markets' systems for innovative tech enterprises, and continuously promote the improvement of the quality and investment value of listed companies. (Securities Daily)