天风证券董事、研究所所长赵晓光：“反内卷”本质是促进产业高质量发展

Group 1 - The core viewpoint is that the market is expected to gradually trend upwards, indicating a slow bull market supported by various factors, including a focus on high-quality development and technology rather than price wars [1][2] - The current market performance reflects a strong technical and capital foundation, with wealth transfer among residents contributing to market stability [1] - Policy support is facilitating industry consolidation through mergers and acquisitions, allowing excellent companies to receive more funding and better market pricing [1][2] Group 2 - The analysis of future market trends includes considerations of the fundamental, policy, technical, and capital aspects, with a focus on the positive impact of artificial intelligence across various sectors [2] - The A+H listing trend since 2025 represents China's economic openness to international capital, helping outstanding companies secure better funding and showcasing the internationalization of the capital market [2] - The concept of "anti-involution" has emerged as a key term in the Chinese economy since 2025, promoting a shift towards high-quality development and technology-centric approaches [2]