The reform and development of China's capital market has been concerned by all parties. At the 2022 Financial Street Forum Annual Meeting held recently, Yi Huiman, Chairman of the CSRC, made a speech focusing on the major issue in the financial field of "building a modern capital market with Chinese characteristics". How should the capital market respond to the new requirements of building a high-level socialist market economy and promoting high-quality development? What should all parties in the market think? Yi Huiman's speech revealed many new trends. Yi Huiman first talked about the reform and development achievements of China's capital market. He summarized an important experience, that is, "we have walked out a development road that not only follows the general laws of the capital market, but also has Chinese characteristics". This development path is mainly reflected in the implementation of the registration system reform, the improvement of the quality of listed companies, the unique risk prevention and control system mechanism, the "zero tolerance" three-dimensional law enforcement and the improvement of the investor protection system based on China's national conditions. (The picture shows the opening ceremony of the 2022 Financial Street Forum) What specific problems need to be solved and how to solve in building a modern capital market with Chinese characteristics? Yi Huiman puts forward three "thinking questions" for the market, and also clarifies his own views. ——Structure and valuation of listed companies. Yi Huiman said that it is necessary to explore the establishment of a valuation system with Chinese characteristics and promote the better use of market resource allocation. On the one hand, listed companies, especially state-owned listed companies, should "improve their internal skills", strengthen professional strategic integration, and enhance their core competitiveness; On the other hand, we should further strengthen the public's awareness of the company, actively strengthen investor relations management, and let the market better understand the intrinsic value of the enterprise. Why should we explore the establishment of a valuation system with Chinese characteristics? China's capital market has grown up on the fertile soil of China's reform and development. Our market system and mechanism, industrial structure of the industry, and sustainable development capability of the main body reflect distinctive Chinese elements and characteristics of the development stage. "The structure of listed companies with multiple ownership economies coexisting, covering all industries and large categories, and the common development of large, small and medium-sized enterprises is not only a major feature of China's capital market, but also a major advantage." Yi Huiman said that this inevitably requires China's capital market to build a valuation system more in line with China's national conditions on the basis of in-depth study of the applicable scenarios of mature market valuation theories, so that more market resources can be gathered in key areas of economic development. ——The investment culture of capital market. Yi Huiman said that domestic investors in the A-share market hold more than 95% of the shares. Institutions should study and grasp these basic characteristics in order to make investment. They should have independent professional judgment and research ability. They should not follow the crowd blindly, nor be eager to make quick profits or be too impetuous. We should pay more attention to drawing wisdom from the excellent traditional Chinese culture. In the view of many market participants, after hundreds of years of development, the global market has gradually formed a more mature investment philosophy, industry culture and code of conduct, which we still need to continue to learn from. At the same time, it is particularly important to carry forward the cultural concepts of Chinese excellent traditional culture, such as seeking truth and being pragmatic, being faithful, being modest and prudent, and to improve the corporate governance, incentive and restraint, risk control and regulatory system that adapt to it. ——Investor structure. Yi Huiman said, A