马光远：我们要认识周期，每个人、每个行业都活在周期中

Group 1 - The "2025 China Consumption Intelligence Chain Innovation Summit" was held in Zhengzhou, focusing on new consumption, new manufacturing, and new supply chains, aiming to share new models and experiences while discussing industry chain collaborative innovation and the cultivation of new productive forces [1] - The summit emphasized the role of the capital market in empowering the growth and leap of enterprises in the consumption sector [1] Group 2 - Renowned economist Ma Guangyuan highlighted the importance of economic cycles, noting that a significant industry boom occurs approximately every ten years in China, with no industry remaining at the forefront indefinitely [3] - Ma pointed out that the transformation of industries and the transfer of wealth are prominent features of China's economic development, and individuals can change their fortunes by seizing opportunities within these cycles [3] - He stressed that while personal effort is important, recognizing and leveraging the opportunities presented by the era and cycles is crucial for wealth accumulation [3] - Ma indicated that the real estate cycle typically spans 18 to 20 years, with the marketization of China's real estate beginning in 1998, suggesting that the cycle's turning point likely occurred between 2018 and 2020 [3]