经济学家研判：中国资本市场长期发展动能持续积聚

Group 1 - The core viewpoint of the articles highlights the steady development of China's capital market, driven by the recovery of the real economy, the acceleration of new productivity cultivation, and clearer policy expectations [1][2] - The recovery of market confidence is closely linked to the structural upgrade of the real economy, with increasing demand for capital markets from high-tech industries and new productivity [1] - The bond market is operating steadily, while the stock market is expected to experience long-term growth momentum, indicating a positive outlook for the capital market in 2026 and beyond [1] Group 2 - International investors are increasingly optimistic about Chinese assets, with 2025 being a pivotal year for reassessing these investments, influenced by advancements in technology and industry upgrades [1][2] - The understanding of China's cyclical policies among overseas investors has deepened, leading to a reduced sensitivity to short-term fluctuations and a greater focus on long-term strategic layouts and structural opportunities [2] - The development of China's capital market relies on institutional support and theoretical guidance, with a call for a domestic theoretical framework that aligns with China's unique conditions and market characteristics [2]