滕泰：股市能否接力房地产，成为经济新引擎

Group 1 - The capital market is expected to become a new engine for consumption growth as the real estate sector's driving effect weakens [1][7] - The stock market is being looked at to take over the four major functions previously held by real estate: wealth accumulation, investment promotion, consumption stimulation, and land finance [2][8] - The rise in stock prices enhances corporate financing and investment capabilities, allowing companies to expand R&D and new investments [4][5] Group 2 - Stock market growth can stimulate consumer spending through the wealth effect, as rising stock values increase disposable income expectations [6][7] - The relationship between stock market performance and consumer spending is influenced by the Tobin's Q theory, where a Q value greater than 1 encourages new investments [3][4] - The potential for the stock market to reshape the wealth accumulation model is significant, with projections indicating a possible market capitalization growth to 300 trillion yuan by 2030 [8][9] Group 3 - The transition from real estate to the stock market as a wealth reservoir reflects a broader shift in economic structure and investment channels [8][11] - The stock market's ability to drive investment and consumption is contingent on maintaining a healthy growth trajectory and addressing structural economic challenges [10][11] - The increasing confidence of investors in the stock market is evident, with a notable rise in new accounts opened in July, indicating a recovery in market sentiment [11][12]