上财报告：我国宏观经济基础仍然坚韧

Group 1 - The core theme of the forum is "The 14th Five-Year Plan and the 15th Five-Year Plan: Innovation-Driven Growth Across Cycles," emphasizing the resilience of China's macroeconomic foundation with strong household demand, corporate motivation, and government capacity [1][3] - The report suggests that China can reshape its growth momentum through institutional innovation and structural optimization, transitioning from debt-driven to innovation-driven growth [1][3] - The "three 'has'" of China's macroeconomy—household demand, corporate motivation, and government capacity—form an internal logic chain for future economic recovery and transformation [3] Group 2 - Short-term policies should be stable and flexible to stabilize the real estate market and consumer confidence, while long-term growth relies on innovation to achieve economic rebalancing [3] - The current economic phase is characterized by a transition from the 14th to the 15th Five-Year Plan, facing global economic adjustments and domestic structural challenges [3] - A new development stage for China's economy is emerging, focusing on manufacturing and independent innovation, with national strategic security as a foundation [3][4] Group 3 - A comprehensive financial support system for technological innovation involves six stages, starting from fiscal funding and policy finance to guiding long-term capital investments [4] - The establishment of green channels for mature technologies will facilitate efficient exits for investments, promoting a virtuous cycle of early investment and reinvestment in innovation [4] - The Chinese capital market is expected to enter a phase of systematic valuation improvement, transforming high savings into innovation-driven growth, thereby supporting the construction of a modern industrial system [4]