Sou Hu Cai Jing·2025-11-18 03:05Core Viewpoint - The 2026 Capital Market Investment Annual Conference emphasizes the transition of China's economy and capital markets towards high-quality development, driven by new factors such as knowledge, technology, and data, which will create new investment opportunities in the capital market [1][2][4]. Group 1: New Element System Activating Economic Growth - China's economic growth is shifting from traditional investment and export-driven models to new drivers represented by knowledge, technology, data, computing power, and talent [2]. - The R&D expenditure in China is projected to exceed 3.6 trillion yuan in 2024, with a GDP ratio of approximately 2.69%, surpassing Japan and South Korea in scale [4]. - The digital economy's added value is expected to reach 59.6 trillion yuan in 2024, accounting for over 43% of GDP, reflecting an increase of about 8 percentage points over the past five years [5]. Group 2: Restructuring Capital Market New Pattern - The "15th Five-Year Plan" emphasizes the combination of an effective market and a proactive government, enhancing the role of the capital market in resource allocation [6]. - Direct financing in China has expanded, with its proportion exceeding 30%, and the bond market's scale surpassing 190 trillion yuan, while the stock market's market capitalization has exceeded 100 trillion yuan [6][7]. - The capital market's reform aims to improve inclusivity and adaptability, with significant achievements in supporting innovative enterprises through various financing products [7]. Group 3: New Service System Opening Investment Tool Space - The company is innovating its service system to adapt to changes in the economic landscape, focusing on comprehensive capital services that include risk investment, IPOs, mergers and acquisitions, and ESG consulting [9]. - Investment services are being enhanced to meet diverse asset allocation needs, with a focus on providing a rich array of products for different risk preferences [9]. - The trading service system is being developed to support liquidity through capital intermediary transactions and innovative products like carbon finance [9].