中信证券总经理邹迎光：市场奠定低波动慢牛基础

Core Viewpoint - The Chinese capital market is entering a new phase, characterized by increased vitality and new opportunities for investment, as highlighted during the 2025 Capital Market Annual Conference with the theme "Striving for a New Journey" [1] Global Background - China's international influence and capabilities in global governance are significantly improving, with a 7.1% increase in exports in the first three quarters of this year, showcasing the resilience of Chinese manufacturing amidst global tariff challenges [1] - The demand from emerging markets and "Global South" countries, along with their resource endowments and market potential, will support Chinese enterprises' global expansion [1] Technological Trends - The Chinese capital market is experiencing a shift towards new development, driven by breakthroughs in industries such as artificial intelligence, biotechnology, and aerospace, which are enhancing risk appetite among investors [2] - The market structure is evolving, with the market capitalization of the electronic industry in A-shares surpassing that of the banking sector this year, indicating a trend towards greater representation of new productive forces [2] Macroeconomic Outlook - The Chinese economy is expected to show moderate recovery with structural differentiation next year, supported by the development of new productive forces that will stabilize economic growth over the next five years [4] - The "technology-industry-finance" cycle is anticipated to create more structural opportunities in the market [4] Institutional Environment - The capital market's inclusiveness and adaptability are improving, which is expected to bring a new atmosphere to the market ecosystem, particularly in supporting technological innovation and enhancing wealth effects [4][5] - There is a notable trend of converting household savings into investments, with significant room for increasing the proportion of equity assets compared to developed markets [5] - Future reforms will focus on creating a more attractive environment for long-term investments and enhancing the supply of quality financial products [5]