连平：我国股票市场跨入新发展时代

Group 1: Core Insights - The new round of technological revolution is leading to significant breakthroughs in the market, with China actively participating and achieving global leadership in certain sectors [2][3] - The stock market in China has entered a new development era characterized by historical changes in demand structure, investor composition, policy environment, and institutional foundation [1][3] Group 2: Technological Revolution Impact - The rapid advancements in artificial intelligence, gene editing, and other cutting-edge technologies are driving the growth of strategic emerging industries in China [2] - High-tech enterprises now account for approximately 60% of listed companies, with over 90% of companies on the ChiNext and STAR Market being recognized as high-tech [3] Group 3: Market Asset Allocation Changes - The real estate market has undergone a deep adjustment, leading to a significant outflow of funds estimated at 24 trillion yuan from the sector [5][6] - There is a notable shift in asset allocation preferences, with a decrease in real estate and an increase in equities, index funds, and other capital market products [7] Group 4: Regulatory Support for Stock Market - The Chinese government has made "activating the capital market" a national policy goal, with various measures introduced to enhance market stability and investor confidence [8][9] - The regulatory environment has been significantly improved, focusing on investor protection and the integrity of the capital market [9][10] Group 5: Central Bank's Role - The central bank has introduced innovative support measures for the stock market, including direct liquidity injections and low-interest loans for stock buybacks [12][13] - The central bank's proactive approach marks a significant shift in its support for the stock market, contributing to its stability and growth [12] Group 6: Future Implications - The transition to a new development era for the stock market is expected to enhance support for high-tech enterprises and diversify investment products available to domestic and international investors [14][15] - The shift towards direct financing is anticipated to reshape the financial structure, promoting a more efficient allocation of resources and supporting the modernization of the industrial system [16]