Brief Introduction

The bond market and the stock market are the two pillars of the capital market ． From the perspective of “disintermediation”of financial activities and the cornerstone function of wealth management，the bond market has a clearer and stronger financial “disintermediation”function． Whether or not the bond market develops is crucial for the marketization of a country's financial system and the transformation of its financial functions． After 36 years of development，China's bond market has already made an huge market which has multiple products， market diversity，advanced infrastructure and more than 70 trillion RMB due value． However，judging from the standards of the modern financial system，the diversif ied capital market and the international financial center，there are still some problems such as “how to further optimize the product structure，how to achieve theintegration of market segmentation，how to improve the investor structure，how to enhance the authority and credibility of the credit rating，how to reform the regulatory system ”and other issues． Based on the historical analysis of the development of China's bond market and the above institutional issues，this research report has made systematic and in depth studies on the functional transformation， transaction structure， positioning mechanism，the disintermediation effect，the coordinated development with the stock market，and the orderly opening up of the bond market ．

Apart from the above，the research report also analyzes the main features and trends of the capital market from 2017 to 2018 from the perspective of fundamentals and technical indicators．