重阳投资王庆：中国资本市场进入“业绩驱动”下半场，结构性慢牛仍然可期

Core Viewpoint - The Chinese stock market is transitioning from a "value re-evaluation" phase to an "earnings-driven" phase, indicating a potential structural slow bull market ahead [3][4]. Group 1: Market Transition - The market logic has positively changed over the past year, moving from a low-risk appetite phase to a focus on earnings growth [3]. - The adjustment in the real estate cycle has significantly impacted the understanding of the Chinese economy and capital markets, leading to an "asset shortage" that drives funds towards the stock market [3]. Group 2: Policy Impact - A series of policies since the "924" event, including loose monetary policy and active fiscal policy, have effectively boosted market confidence and addressed economic circulation blockages [3]. - The government's support in helping local governments manage debt has been crucial in this context [3]. Group 3: Future Market Outlook - The stock market is expected to show a yield advantage over other asset classes due to the ongoing asset shortage [4]. - Future investment opportunities will be more focused on individual stocks and sectors, driven by earnings growth, leading to a phase of structural market trends that will contribute to a slow bull market [4].