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债券市场与股票市场是资本市场的两大支柱。从金融活动的“去中介化”和财富管理的基石功能看，债券市场具有更加明确而强烈的金融“脱媒”功能。债券市场的发展程度，对一国金融体系的市场化和金融功能的转型至关重要。在中国，债券市场经过36年的发展，已经形成了品种多样、市场多元、交易清算技术先进、余额超过70万亿元人民币的庞大市场，但从现代金融体系、多元资本市场和国际金融中心的标准看，还存在着诸如“品种结构如何进一步优化、相互分割的市场如何实现一体化、投资者结构如何改善、信用评级的权威性和公信力如何提高、监管体制如何改革”等问题。本研究报告在对中国债券市场发展历史分析和上述制度性问题进行重点研究的基础上，对中国债券市场的功能转型、交易结构、定位机制、脱媒效应、与股票市场的协调发展和市场的有序开放等都做了较为系统而深入的研究。
除上述主要内容外，本研究报告亦从基本面和技术指标角度分析了2017——2018年资本市场的主要特征和变动趋势。
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，advancedinfrastructure and more than 70 trillion RMB due value.However，judging from the standards of the modern financial system，the diversified capital market and the international financial center，there are still some problems such as“how to further optimize the product structure，how to achieve the integration 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 indepth 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.