杨德龙：本轮慢牛比2015年更健康更持久

Group 1 - The current market performance shows positive signals, with increased trading volume indicating a slow bull market trend [1] - The current market differs from the 2015 market in three main aspects: policy support, increased household savings, and improved investor sentiment [1] - The central government's policy emphasizes stabilizing the real estate and stock markets, enhancing the attractiveness of capital markets, and consolidating economic recovery, which boosts investor confidence [1] Group 2 - Household savings have increased by nearly 60 trillion yuan over the past five years, while the one-year deposit rate of major state-owned banks has fallen below 1%, prompting a shift of savings into the capital market [1] - The ongoing adjustment in the real estate market has intensified the demand for asset reallocation [1] - In July, nearly 2 million new stock accounts were opened, and the issuance scale of equity funds has returned to over 1 billion yuan, indicating a healthier and more sustainable market environment [1]