In order to draw up the plan of "New China and Nine Articles" in the capital market, the regulatory authorities have recently intensively convened market participants to make suggestions and improve the plan, and the relevant institutions in the securities market will become bigger and stronger, which is expected to become the starting point of this top-level design. So, what kind of "top design" does China stock market need? Vigorously develop securities firms, funds, futures and other related industries, vigorously develop the stock and bond market, and promote asset securitization, internet finance and other businesses. These are, of course, issues to be considered in the "top design" of the capital market. But as far as the "top design" of China stock market is concerned, we only focus on such "vigorous development" without facing the reality and problems, and these "vigorous development" can only be "passive water". Therefore, the "top design" of China stock market should at least include the following aspects. The first is to reposition the China stock market. At present, the A-share market serves for enterprise financing, and the financing function has become the most important or even the only function of the A-share market. Therefore, the A-share market has become a market that investors complain about. Therefore, it is necessary to "reposition" the China stock market, make the China stock market a market that pays attention to the interests of investors, and put the investment function of the stock market in the first place. If we continue to pay attention to the interests of financiers, then this market can only alienate financiers, and the result can only be the loss of financing function. Secondly, fundamentally improve the financing and refinancing system. Reform the issuance system, improve the share capital structure of listed companies, and stipulate that the controlling shareholder of listed companies holds no more than 30% of the total share capital, and all the excess shares will be converted into preferred shares. Moreover, the initial tradable shares are not less than 50% of the total share capital, and all new shares are issued to public investors for market value placement. In the refinancing system, the amount of refinancing, including private placement, is linked to the amount of cash dividends. For those companies that lack return on investment, their refinancing can only be carried out by issuing preferred shares, which cannot be converted into common shares and can only be repurchased and cancelled by listed companies. The third is to intensify the investigation and punishment of illegal activities such as fraudulent listing, fraud, insider trading and stock price manipulation. Penalties for post-listing fraud, insider trading and manipulation of market share prices should also be further increased. The fourth is to effectively protect the interests of investors, especially small and medium-sized investors. The establishment and improvement of the securities market system should focus on protecting the interests of investors, especially the introduction of the group litigation system, which will make the group litigation system a sharp weapon to protect the interests of investors and make all illegal acts shudder in front of the group litigation system.