中国股市要“长牛”，不能靠情绪

Group 1 - The recent A-share market has shown strong performance, with the Shanghai Composite Index rising over 1% and surpassing 3700 points, supported by factors such as expectations of a Federal Reserve rate cut and ongoing domestic monetary easing [1] - The Chinese stock market suffers from a "short bull" syndrome, characterized by short-term surges followed by long-term stagnation, leading to psychological impacts on investors [2][3] - The lack of "super enterprises" in China, which possess sustainable growth capabilities, is a significant factor affecting the long-term performance of the capital market [9][10] Group 2 - The U.S. stock market's strength is attributed to the dominance of large, successful companies, with 40 out of the top 100 global companies being American [4] - The distinction between large enterprises and "super enterprises" is crucial, as not all large companies have the capacity for sustained growth, which is necessary for a robust capital market [9][10] - The Chinese market lacks a sufficient number of "super enterprises" that can drive long-term growth, resulting in a structural shortfall compared to the U.S. market [10][11] Group 3 - A clear and significant turning point is needed for the Chinese stock market to achieve long-term growth, which includes stable national support for enterprise development and the removal of unnecessary restrictions [11][12] - The macroeconomic environment's stability and support for businesses are more critical than short-term industrial policies, indicating that sustained policy implementation could lead to a bullish market [12][13]