The 2025 Listed Company Forum convened in Wenzhou, featuring a keynote address by Wang Bo, Deputy General Manager of the Shanghai Stock Exchange. In his speech, Wang Bo underscored the paramount importance of comprehensively deepening reforms in the capital market to foster high-quality development and elevate the valuation of listed companies. He noted that since the "926" incident of last year, the capital market has demonstrated stability and improvement, with technology, consumption, and dividend-yielding assets emerging as pivotal drivers in market revaluation. This positive transformation is attributed to the synergistic impact of three factors: policy, technology, and reform. While policy provides a supportive framework, technology exerts a transformative influence, and reform instills a value-enhancing effect.