Group 1 - Vietnam is experiencing rapid economic growth, with a projected GDP per capita of $5,026 in 2025 and an actual GDP growth rate of 8.02% [5] - The country has maintained a GDP growth rate of around 7% over the past decade, except during the pandemic [5] - The optimism among the population is palpable, with individuals from various sectors expressing confidence in the future [7] Group 2 - Vietnam's openness is increasing, with a projected goods import and export volume of $930.5 billion in 2025, a year-on-year increase of 18.3% [8] - Foreign direct investment in Vietnam is expected to reach $38.42 billion in 2025, maintaining its position among the top 15 developing countries for attracting foreign investment [8] - The labor cost in Vietnam is rising, which may challenge the competitiveness of low-end manufacturing sectors [8] Group 3 - The population structure is young, with a median age of 32.5 years, contributing to a high-quality labor force [10] - The real estate market is experiencing significant price increases, with rental yields for apartments at 4-5% and factories at 8-10% [13] - The stock market in Vietnam has entered a bull market cycle, with the Ho Chi Minh index rising nearly 41% in 2025 [14] Group 4 - Chinese companies like Haier and TCL are gaining market share in Vietnam, with Chinese home appliances becoming synonymous with high quality [16] - The automotive and motorcycle markets are still dominated by Japanese and Korean brands, but Chinese brands are beginning to enter the market [16] - Vietnam's infrastructure is still lagging behind, with narrow streets and pollution issues, despite the rapid economic growth [18]

任泽平博士的观点，网上传来传去，多有谬误，本文一并更正，正本清源。 需要声明，任泽平博士新媒体矩阵号过往所写公司，仅为研究，并非投资建议，公开场合不荐 股。 做有温度、有情怀、有专业的研究，用知识推动社会进步。正心正念，坚持做长期正确的事。 感谢各界以及媒体朋友的关心，一起带着梦想去旅行。 基建"写入2020年政府工作报 - 2 - 1 12 在2021年12月常州金坛区举办的新能源产业峰会上，提出"当下不投新能源，就像20年前没买 房"。只是在2022年中期新能源大热时被媒体借势炒作上热搜，并非部分网上解读的是2022年 提出的观点。 021年12月,中国汽车工业协会、常州市金坛区人民政府、 法模如十篇安十量店照过留学生经 新能源相关的产业是未来中国经济最有希望的,最具爆发力的领域 下不给新能源 就像20年前沿理服 这是我个人的看法,这是时代的力量,我们每个人不过是时代的 在2020年国内最早倡导新基建，看好新能源和人工 智能。专著《新基建》荣获中组部第五届全国党员培 训创新教材奖。 任泽平 马家讲 连 你们著的《新基建》在第五届全国党员教育培训 教材展示交流活动中被评为创新教材。 中共中央组织部 2021 ...

Core Viewpoint - The real estate market is experiencing a significant downturn, with sales halving compared to peak levels, and prices in first and second-tier cities dropping by 20%-30%. A new perspective suggests that only 20% of core cities will see prices rise again, while 80% will face prolonged declines [2]. Group 1: Signals for Future Price Increases - The first major signal is a shift in policy from "relaxation" to "encouragement," indicating a significant change in government stance towards the real estate market. This includes potential easing of restrictions on purchases and loans [4][5]. - The second signal is the emergence of an economic turning point, with leading indicators such as the manufacturing PMI new orders index showing recovery, which supports housing demand [9]. - The third signal involves a reversal in supply-demand dynamics, where hotspots with increasing populations and decreasing land supply will see price increases. For instance, residential land transaction areas are expected to drop by 18% year-on-year in 2024, while core cities continue to attract young populations [12]. Group 2: Policy Changes and Economic Indicators - Future policy signals are expected to include comprehensive easing of purchase restrictions, significant reductions in mortgage rates, and tax relief measures to restore market confidence [7][8]. - Historical precedents indicate that prior to market recoveries, key policy changes such as interest rate cuts and the easing of purchase restrictions have been critical [8]. - Economic recovery indicators, such as the urban resident income confidence index and employment expectations, are crucial for predicting housing market trends [9]. Group 3: Long-term Investment Strategy - The long-term strategy emphasizes the importance of investing in core cities and prime locations to ensure property value appreciation and resilience against market cycles. The "80/20 phenomenon" in real estate suggests focusing on the top 20% of cities for investment opportunities [14].

泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 以下文章来源于泽平宏观商学 ，作者泽平宏观商学 目前已推出自主研发的全国产化"具身天工"系 列人形机器人和"天轶"系列轮式人形机器人，可覆 盖工业制作、特种作业、物流分拣、商业导览等多元 场景,在人形机器人半马、运动会等多项行业竞赛中 以自主方式夺得多个冠军,实力硬核、领跑人机共生 时代。 科增行 日程安排 ● ● 2月27日 (星期五) 上午 头部智能驾驶企业 014> 盲盒:头部智能驾驶企业 当前正处于从 L2 到 L4 自动驾驶迭代、从汽车向 通用机器人跨越的历史拐点。智驾芯片及解决方案市 场正以接近 50% 的年复合增长率奔向万亿规模。公司 凭借国产替代与技术普惠的双重红利，占据了中国智 驾市场的"半壁江山"。 在物理AI加速落地浪潮与国产替代加速的双重β 下,公司作为国产中大型算力芯片头部企业及具备软 硬一体能力的供应商，推动汽车从"功能"迈向"智 能"，让机器更懂人类，让出行更安全、更自由。 天工机器人:北京人形机器人创新中心 国家战略级平台,定义全栈自主新高度 北京人形机器人创新中心于2023年11月成立,是 国内首个省级人形机器人创新中 ...

Core Viewpoint - The article emphasizes the importance of accurate interpretation of Dr. Ren Zeping's views, correcting misconceptions circulating online, and promoting research that contributes to societal progress [1]. Group 1: New Infrastructure and Economic Outlook - In 2020, the concept of "new infrastructure" was advocated early in China, focusing on sectors like renewable energy and artificial intelligence, with the book "New Infrastructure" awarded for its innovative educational content [4][5]. - At a 2021 conference, Dr. Ren stated that not investing in renewable energy now is akin to missing out on real estate opportunities two decades ago, highlighting the explosive potential of the renewable energy sector in China's economy [6]. - A bullish economic outlook was presented for the second half of 2024, predicting a "confidence bull market" driven by unexpected policy measures that would restore confidence in Chinese assets and the economy [8]. Group 2: Economic Policy Recommendations - The article suggests that if the government responds positively to societal demands and implements large-scale economic stimulus plans while protecting the private sector, a revival of the Chinese economy is likely, contrasting with a potential downturn in the U.S. economy [9]. - In 2020, Dr. Ren was among the first to advocate for the relaxation of birth policies, which gained significant attention and led to the eventual policy change [13].

Core Viewpoint - A new bull market, termed "confidence bull," has emerged since September 2024, driven by significant policy easing, abundant liquidity, and a new wave of technological revolution, marking a historic opportunity for investors [3][10]. Group 1: Characteristics of the Current Bull Market - This bull market is described as a once-in-a-decade event, comparable to previous major bull markets in 2004-2007 and 2014-2015, with the current market driven by policy relaxation, liquidity, and technological advancements [4][5]. - The Shanghai Composite Index has risen by 56.2% and the ChiNext Index by 122.2% since their respective lows in 2024, indicating substantial market growth [6]. - Trading volume has surged from a few hundred billion to over 3 trillion, and market capitalization has increased from 70 trillion to 123 trillion, creating a wealth effect exceeding 50 trillion [9]. Group 2: Three Major Drivers of the Bull Market - The bull market is supported by three main drivers: continuous policy easing, a new technological revolution, and abundant liquidity, which together create a "confidence bull" [10]. - Policy easing since September 2024 has included interest rate cuts, relaxed housing market restrictions, and significant infrastructure investments, leading to increased risk appetite and lower risk-free rates [10][11]. - The technological revolution, characterized by advancements in AI, robotics, and semiconductor industries, has led to a surge in high-risk growth stocks, driving the current market [11]. Group 3: Historical Missions of the Bull Market - The current bull market is expected to fulfill three historical missions: supporting the development of new productive forces, aiding in major power competition, and repairing residents' balance sheets [13]. - The transition to high-quality economic development necessitates capital market support for new economy sectors, which are often unable to secure financing through traditional banking systems [13]. - The bull market's prosperity is crucial for addressing the challenges posed by the decline in real estate values, which have significantly impacted household wealth and consumption [14]. Group 4: Future Prospects and Outlook - The sustainability of the bull market will depend on continued macroeconomic policy easing, including further interest rate cuts and fiscal measures to stimulate demand [16]. - The market's volatility, characterized by rapid rises and falls, necessitates effective regulation of leverage to ensure healthy development [16][17]. - A long-lasting bull market could significantly enhance wealth effects, stimulate economic activity, and promote technological innovation, creating a positive feedback loop for the economy [17].

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 014> 盲盒:头部智能驾驶企业 当前正处于从 L2 到 L4 自动驾驶迭代、从汽车向 通用机器人跨越的历史拐点。智驾芯片及解决方案市 场正以接近 50% 的年复合增长率奔向万亿规模。公司 凭借国产替代与技术普惠的双重红利，占据了中国智 驾市场的"半壁江山"。 在物理AI加速落地浪潮与国产替代加速的双重β 下,公司作为国产中大型算力芯片头部企业及具备软 硬一体能力的供应商，推动汽车从"功能"迈向"智 能"，让机器更懂人类，让出行更安全、更自由。 天工机器人:北京人形机器人创新中心 国家战略级平台,定义全栈自主新高度 北京人形机器人创新中心于2023年11月成立,是 国内首个省级人形机器人创新中心，也是国内首家具 身智能软硬件全栈科技公司,全面覆盖人形机器人大 脑、小脑、本体与数据的研发攻关并且构建了良好的 开源生态。 目前已推出自主研发的全国产化"具身天工"系 列人形机器人和"天轶"系列轮式人形机器人，可覆 盖工业制作、特种作业、物流分拣、商业导览等多元 场景,在人形机器人半马、运动会等多项行业竞赛中 以 ...

Core Viewpoint - The article aims to clarify and correct misconceptions surrounding Dr. Ren Zeping's views, emphasizing the importance of professional research to drive social progress [1]. Group 1: New Infrastructure and Economic Outlook - In 2020, the concept of "new infrastructure" was advocated early on, with a focus on renewable energy and artificial intelligence, leading to the publication of a book titled "New Infrastructure," which won an award for innovative teaching materials [4][5]. - At a renewable energy industry summit in December 2021, it was stated that not investing in renewable energy now is akin to missing out on real estate opportunities 20 years ago, highlighting the sector's potential as a key driver of China's economic growth [6]. - A bullish economic outlook was presented for the second half of 2024, predicting a "confidence bull market" driven by unexpected policy measures that would restore confidence in Chinese assets and the economy [8]. Group 2: Policy Recommendations and Social Progress - Recommendations were made to gradually implement a three-child policy during the 14th Five-Year Plan period, reflecting the ongoing debate about population growth and economic activity [12][13]. - In December 2022, a proposal was made to prioritize the reopening of economic activities, emphasizing the need for constructive engagement to promote social progress [14][15].

文：泽平宏观团队 智联招聘课题组专家 导读 人口是一切经济社会活动的基础，人才更是第一资源。我们在前期系列报告中提出"人随 产业走、人往高处走"的逻辑，指出人口正持续向大城市及大都市圈集聚。随着人口红利消 逝、人才价值日益凸显，我们已经连续多年与智联招聘合作，推出"中国城市人才吸引力排 名"报告，以期准确把握人才流动特点、持续跟踪人才流动趋势。 2024年人才流动延续分化趋 势 。 摘要 数据说明： 智联招聘拥有 3.74 亿 + 职场人用户；其中约 8 成为专科及以上学历，远超全国就 业人口总体的 22.1% 。在求职者中，约四成为流动跨城求职者。 2024 年流动人才特征为： 从性别看， 流动人才中男性占 61% ，高于求职总体的 56% ，男性依旧更可能跨城求职； 从学历看， 流动人才中 54% 为本科及以上学历，高于求职总体的 47% ，高学历人才更有可能 跨城求职； 从行业看， 2024 年流动人才中 55% 分布在 IT 互联网、房地产、制造业行业，较 2023 年下降 0.5 百分点，其中，由于房地产行业处于调整期等，近年人才异地求职比例较高。 榜单概览：京沪深依旧居前三，长三角、珠三角人才持续 ...