杨德龙：股市走牛形成财富效应，有效增加居民财产性收入

Group 1 - The A-share market has entered a bull market, with the Shanghai Composite Index rising over 16% this year and surpassing 3900 points, while the ChiNext Index has increased by 44% [2][4] - Investor confidence is growing, as evidenced by over 20 million new A-share accounts opened this year, a year-on-year increase of over 50% [2][6] - The bull market is seen as a key driver for economic growth and consumer spending, with the stock market acting as a barometer for economic development [1][3] Group 2 - The current bull market is supported by various policies aimed at stabilizing the stock market and boosting consumer confidence, including the "Special Action Plan to Boost Consumption" issued by the central government [1][3] - The technology sector has been a significant contributor to the bull market, with substantial gains in areas such as humanoid robots, semiconductor chips, solid-state batteries, and innovative pharmaceuticals [4][5] - The ongoing Fourth Plenary Session is expected to further support the technology sector, which is crucial for sustaining the current bull market [5] Group 3 - The rise in stock market values directly impacts household wealth and consumer spending, creating a psychological effect that influences consumer behavior [3][4] - Stable stock markets are essential for injecting capital into the real economy and enhancing consumer confidence, thereby promoting a positive cycle of consumption and economic growth [3][4] - The long-term trend of rising international gold prices reflects investor skepticism towards the US dollar, with many turning to gold as a hedge against inflation and currency devaluation [6]