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 [1][2] - The "anti-involution" trend this year emphasizes high-quality development and a focus on technology rather than price wars [1][2] - The market has shown a gradual improvement in profitability, with strong performance in certain industries and the discovery of value sectors [1] Group 2 - From a technical and capital perspective, the market appears robust, with wealth transfer among residents indicating stability [1] - Policy support is facilitating industry consolidation through mergers and acquisitions, allowing excellent companies to receive more funding [1][2] - The best performers in the past year have been leading companies, which have benefited from favorable capital market policies, enhancing their premium and driving industry growth [1] Group 3 - The capital market's role in servicing and activating the real economy is being emphasized, with strong policy support for market development [2] - Despite the ongoing impact of real estate on the economy, artificial intelligence is progressively driving structural improvements across various sectors [2] - A+H listings are on the rise, reflecting the country's openness to international capital and enhancing the international image of the capital market [2]