专访邢自强：解码“十五五”规划与中国资产重估逻辑

Group 1 - The core observation window of the 14th Five-Year Plan is set for 2026-2027, focusing on technology and consumption to address structural contradictions of supply surplus and insufficient consumption [1][5] - The economic growth target for 2025 is expected to maintain around 5%, with investment being a short-term growth driver [1][5] - The plan emphasizes the need for a robust social security network to balance technology and consumption by 2027 [1][5] Group 2 - The narrative logic of the revaluation of Chinese assets has become central on the global investment stage, with policy recognition of the dangers of a "low-price cycle" deepening [2][6] - Innovations in AI, smart driving, and biopharmaceuticals demonstrate the investment value of Chinese enterprises amid multiple challenges [2][6] - Global funds are increasingly confident in allocating to RMB assets, transitioning from "asset scarcity" to diversified equity asset allocation [2][6] Group 3 - The "East Stable, West Fluctuating" framework underlines the stability of Chinese policies, active enterprises, and flowing funds as foundational elements [3][6] - The 14th Five-Year Plan further solidifies the foundation of "East Stability" by emphasizing technology while considering livelihood and consumption [3][6] - The U.S. faces policy uncertainties and high debt, leading to a decline in the actual yield of dollar assets, which diminishes their attractiveness [4][8] Group 4 - The "East Stable, West Fluctuating" framework indicates that global funds seeking safety will flow towards stable markets like China, while growth-seeking funds will target high-growth sectors like AI and new energy [4][9] - The dual allocation logic of "safe assets + growth assets" aligns with the top-level design of the 14th Five-Year Plan [9]