连平：“十五五”时期居民资产配置将获得更广阔的空间，财产性收入有望持续增长并对消费形成强劲拉动

Core Viewpoint - The official launch of the Hainan Free Trade Port on December 18 marks a significant milestone, coinciding with a series of events aimed at discussing opportunities in the capital market and the economic development of Hainan [1] Group 1: Stock Market Performance - China's stock market has shown a strong upward trend this year, with the Shanghai Composite Index reaching a nearly ten-year high of 4034 points, reflecting a cumulative increase of over 16% in the first eleven months, while the Shenzhen Component Index rose by 25% [1] - The ChiNext and STAR Market have performed exceptionally well, each with a cumulative increase exceeding 40% [1] Group 2: Factors Driving Market Growth - Five dimensions are identified as key to the new era of China's stock market: the new technological revolution, synchronized monetary policy easing between China and the U.S., significant structural changes in asset allocation, unprecedented policy support for the stock market, and innovative central bank measures to support the market [4][5] - The electronic industry has surpassed the banking sector in market capitalization, becoming the largest sector in the A-share market, indicating a rise in technological content [4] Group 3: Monetary Policy and Market Conditions - There is still room for further monetary easing in China, with expectations for continued support for credit expansion and government bond issuance [5] - The U.S. Federal Reserve is also expected to adopt a more accommodative stance, potentially leading to greater-than-expected rate cuts [5] Group 4: High-Tech Sector Outlook - The high-tech sector is anticipated to become the backbone of the market, with ongoing growth and development expected to drive innovation and create more opportunities for financing through public listings [7] - The continuous improvement of the capital market and the introduction of new products will attract global capital to invest in China's stock market, positively impacting economic structure and financial institution development [7] Group 5: Impact on Consumption and Economic Growth - The increase in property income is expected to significantly boost consumption, with property income having a greater impact on consumption growth compared to wages [8]