今日视点：三大主线驱动中国资产价值重估向纵深演进

Core Viewpoint - The revaluation of Chinese assets is underway, driven by multiple factors including institutional reforms, economic resilience, and emerging investment opportunities [1] Group 1: Institutional Reforms - The ongoing institutional opening of China's capital market is creating a favorable environment for global capital allocation [3] - The Shanghai Stock Exchange aims to expand institutional openness, enhance cross-border investment channels, and improve international competitiveness [3] - Systematic implementation of institutional innovations is reshaping global capital allocation logic, boosting international investors' confidence in the Chinese market [3] Group 2: Economic Resilience - China's economic resilience during structural transformation provides a solid foundation for asset value revaluation [4] - Economic indicators suggest a steady recovery, with GDP growth expected to remain around 5% in 2026 [4] - The attractiveness of RMB assets in global capital allocation is increasing, evidenced by rising foreign capital inflows and diversified corporate financing channels [4][5] Group 3: Emerging Investment Opportunities - Three main paths—innovation, mergers and acquisitions (M&A), and globalization—are driving continuous momentum for the revaluation of Chinese assets [6] - Sectors like AI and new consumption are becoming hotspots for global capital, creating structural opportunities [7] - The M&A market is seeing significant activity, with over 1,000 disclosed transactions since the introduction of the "M&A Six Guidelines," including a 138% year-on-year increase in major asset restructurings [7] - The globalization of Chinese enterprises is accelerating, broadening revenue sources and reconstructing valuation systems on a global scale [7][8]