管涛：未来五年权益类核心资产的配置方向主要有四类

Core Insights - The future opportunities in the Chinese market stem from economic transformation and upgrading [1][2] - The "14th Five-Year Plan" period presents both strategic opportunities and challenges, necessitating deep reforms and high-level openness [1] Group 1: Economic Transformation - The focus should be on high-quality development and addressing systemic obstacles to enhance development momentum and social vitality [1] - The four main investment directions for core equity assets in the next five years include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [1] Group 2: Capital Market Development - Long-term economic transformation is expected to create opportunities for capital market development, with an estimated market space of approximately 10 trillion yuan in the next five years [2] - The current wealth distribution in China shows a high proportion of real estate and low allocation to equities, indicating a potential for growth in stock market wealth effects as the capital market matures [2] - The "14th Five-Year Plan" period is seen as a significant opportunity for the development of China's capital market, emphasizing the importance of macroeconomic fundamentals and policy direction [2]