杨德龙：证监会主席吴清署名文章极大提振市场信心！2026年储蓄资金将继续向资本市场迁移，为A股和港股注入更多增量资金，助力慢牛长牛行情延续

Core Viewpoint - The article emphasizes the need to enhance the inclusiveness and adaptability of China's capital market to better serve the urgent demands of new productive forces and to ensure that development benefits the broader population, thereby increasing residents' property income [1] Group 1: Capital Market Development - The article outlines a series of measures to improve the capital market's inclusiveness and adaptability, which includes accurately understanding the principles of these enhancements [1] - It highlights that there are over 200 million stock investors and 700 million fund investors in China, suggesting that improving the quality of capital market development can help investors gain property income through quality stocks or funds, thus creating a wealth effect [1] - Establishing a well-functioning capital market is identified as a key task in implementing the new "National Nine Articles" [1] Group 2: Market Trends and Investor Sentiment - Since the policy shift on September 24 last year, a series of significant policies have been introduced to stabilize growth, leading to a bull market, with the Shanghai Composite Index surpassing 4000 points [4] - The article notes that the current market is experiencing fluctuations, reflecting significant divergence among investors around the 4000-point mark, with some funds opting to reduce holdings to realize profits [5] - December is described as a crucial window for positioning for the 2026 market, with historical trends indicating a "spring offensive" in January due to concentrated credit issuance [5] Group 3: Investment Opportunities - The article suggests that the current market fluctuations provide a good opportunity for investors to accumulate quality stocks or funds, particularly in sectors representing economic transformation such as technology and consumption [6] - It anticipates that the 2026 market may evolve from a structural bull market to a comprehensive bull market, with potential growth across various sectors including new energy, consumption, military, and non-ferrous metals [6] - The article indicates that the issuance of equity funds has shown signs of recovery, with several products exceeding last year's issuance scale, reflecting a rebound in the equity market and bringing in incremental capital [6]