洪灏：每10年，中国都会出现一波史诗级的牛市

Core Insights - The "Phoenix Bay Area Finance Forum 2025" was held in Guangzhou, focusing on the theme "New Pattern, New Path" to explore development opportunities amidst changing circumstances [1] Group 1: Market Trends - According to Hong Hao, managing partner of Lianhua Asset Management, China experiences an epic bull market every decade, with the last one occurring in 2015 and the previous one in 2005 [3] - In 2023, Chinese asset prices are beginning to rise, reflecting significant achievements in industries outside of real estate, such as advancements in artificial intelligence and breakthroughs in chip technology [3] - The Chinese stock market, particularly the A-share market, is outperforming major global indices, including those in the US, Japan, and Europe [3] Group 2: Investment Sentiment - Foreign investors are starting to reassess their views on China as a viable investment market due to notable progress in key sectors like AI and low-altitude economy [3] - The market sentiment remains overly pessimistic, with indices like the Shanghai Composite Index at 3900 points and the Hang Seng Index at 26000 points not reflecting the achievements made in recent years [3] Group 3: Commodity Prices - The prices of commodities have begun to recover, driven by regulatory actions against unfair competition among upstream enterprises [3] - Precious metals such as gold and silver have performed exceptionally well this year, with expectations that their price increases will exceed current projections, indicating a potential century-long bull market [3]