广开首席产业研究院院长兼首席经济学家连平：“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

Group 1 - The Hainan Free Trade Port will officially start its full island closure on December 18, marking a significant milestone for the region [1] - The 2025 14th Annual Conference on the Development of Listed Companies and the Hainan Free Trade Port Opportunities Exchange Conference was held from December 11 to 13 in Haikou, Hainan [1] Group 2 - The Chinese stock market is entering a new era, driven by five dimensions including a new round of technological revolution, synchronized monetary policy easing between China and the US, significant structural changes in asset allocation, unprecedented policy support for the stock market, and innovative central bank support [2][3] - The electronic industry has surpassed the banking sector in market capitalization, becoming the largest industry in the A-share market, indicating a rise in technological content [2] - High-tech companies in China are expected to grow, with steady increases in revenue and profits, becoming the main force driving the stock market [2] Group 3 - Continuous monetary policy easing in China is necessary to meet the growing funding needs for credit expansion, government bond issuance, and capital market stability, indicating room for further interest rate cuts [3] - The adjustment of real estate policies has led to a shift in investment from the property market to other asset classes, with equities becoming the preferred choice for investors [3] - The central government aims to "activate the capital market" as part of national policy goals, enhancing market expectations and investor confidence [3][4] Group 4 - The central bank has introduced innovative monetary policy tools to support the stock market, marking a historical precedent in China's monetary policy [4] - The outlook for the Chinese stock market is optimistic, with expectations for improved inclusivity and adaptability in capital market systems during the 14th Five-Year Plan period [5] - The high-tech sector is anticipated to lead the market, creating a healthy ecosystem necessary for sustainable market operation [5] Group 5 - The continuous rise of high-tech industries will not only drive market innovation but also create more opportunities for financing through public listings [5][6] - The development of direct financing in the capital market is expected to undergo significant transformative changes during the 14th Five-Year Plan period [6] - An increase in property income is projected to boost consumption, with property income having a greater impact on consumption growth compared to wages [6]