张忆东：中国资本市场中长期重估的核心动能源于内因改革

Core Viewpoint - The core viewpoint is that the long-term re-evaluation of the Chinese capital market is primarily driven by internal reform factors, despite short-term external disturbances such as trade friction and economic recession risks [1] Group 1: Market Conditions - The U.S. stock market may face a typical "bear market" with a rapid adjustment expected by 2025 due to trade friction and economic recession risks [1] - Current volatility in the U.S. stock, bond, and currency markets has prompted a shift in policy stance, although the substantial impacts of trade friction have not yet fully materialized [1] Group 2: Economic Indicators - In the third quarter, U.S. inflation pressures and recession risks may resonate, potentially forcing the U.S. to return to negotiations [1] Group 3: China's Role - China is becoming an important stabilizing force in a multipolar world by constructing a dual circulation economy and promoting an inclusive international system [1] - Despite short-term external disturbances, the core driving force for the long-term re-evaluation of the Chinese capital market remains internal reform [1] - Chinese assets possess strategic allocation value amid the evolving global landscape [1]