Sou Hu Cai Jing·2025-11-11 05:52Core Viewpoint - The Chinese capital market is entering a new phase characterized by vitality and opportunities, driven by technological advancements and a changing global landscape [1][2]. Group 1: Global Context - The global industrial and financial landscape is undergoing profound restructuring, presenting new opportunities for external breakthroughs [2]. - Geopolitical factors are causing instability in the international situation, leading to a reconfiguration of international economic and trade orders [2]. - China's manufacturing sector has shown resilience amidst tariff fluctuations, with a 7.1% increase in exports in the first three quarters of the year [2]. Group 2: Technological Trends - The "technology narrative" in China is improving risk appetite, with significant breakthroughs in industries such as artificial intelligence, biotechnology, and aerospace [3][4]. - The development of new productive forces is expected to create new opportunities in the capital market [4]. Group 3: Market Characteristics - The shift towards "new" development in the Chinese capital market will lead to continuous optimization of market structure, with the electronic sector's market capitalization surpassing that of the banking sector this year [4]. - The market will increasingly reflect the achievements of China's new economy and align more closely with the internationalization of the economy and industries [4]. Group 4: Economic Functionality - The capital market's role in serving the real economy will support the transition of economic growth drivers, with a moderate recovery expected next year [5]. - The development of new productive forces is anticipated to stabilize China's economic growth over the next five years [5]. Group 5: Institutional Environment - The improvement of the capital market's inclusiveness and adaptability is expected to bring new dynamics to the market ecosystem [5]. - There is significant room for improvement in the allocation of equity assets among Chinese residents compared to developed markets [5].