Changjiang Securities(SZ:000783) Xin Lang Cai Jing·2025-12-02 07:38Core Insights - The 2025 Analyst Conference highlighted two emerging industry trends: the "going global" wave and the rise of the "stock" market [1][4] Group 1: "Going Global" Wave - China's manufacturing sector still possesses significant management advantages compared to overseas counterparts, with vast opportunities in markets like Africa and South America [3][6] - A number of leading companies have already achieved good performance in overseas markets, but current market pricing remains "very cheap," indicating potential for cognitive disparity and value reassessment [3][6] Group 2: Rise of the "Stock" Market - Addressing concerns over the shrinking new housing market, it was noted that the existing urban housing stock in China amounts to approximately 300 to 400 billion square meters [3][6] - With a 30-year renovation cycle, there will naturally be an annual demand for over 1 billion square meters of stock updates, while current new construction is about 50 million square meters per year [3][6] - The significant potential for stock updates is expected to effectively compensate for the downturn in new construction, suggesting that the overall adjustment in the real estate market is "close to the bottom" [3][6] Group 3: Long-term Growth Outlook - The two trends of "going global" and "stock" market rise provide long-term growth pathways beyond cyclical fluctuations in the Chinese economy [3][6] - The true investment wisdom lies in identifying the real, ongoing demand that is temporarily obscured by market conditions, rather than chasing short-term fluctuations [3][6] - Driven by globalization and urban renewal, a more resilient and sustainable industrial landscape is gradually becoming clearer, with the process of value reassessment potentially already underway [3][6]