任泽平：此轮牛市承担三大历史使命，发展新质生产力，助力大国博弈，修复居民资产负债表

Group 1 - The current bull market in the capital market is not just a wealth opportunity but carries three historical missions with significant strategic importance [1] - The bull market supports the development of new productive forces, facilitating the transition of the Chinese economy from traditional growth models to high-quality development, particularly through new infrastructure and hard technology [1] - The capital market's prosperity provides essential financing support for new economy and hard technology enterprises, which often struggle to secure funding from traditional banking systems due to their high-tech and asset-light characteristics [1] Group 2 - The bull market aids in the geopolitical competition, particularly in the context of rising anti-globalization and U.S. tariffs on Chinese high-tech products since 2018, emphasizing the importance of new productive forces in the U.S.-China rivalry [1] - The flourishing capital market is a key force supporting the development of new productive forces, which is crucial for national competition [1] - The bull market contributes to the repair of residents' balance sheets and stimulates wealth effects, with the A-share market capitalization increasing from less than 70 trillion to over 100 trillion, creating over 30 trillion in wealth [2] - This wealth creation helps offset losses from the real estate market and supports consumption recovery, with signs of recovery in Hong Kong's consumption and real estate due to the bull market [2] - The sustainability of the A-share bull market could lead to a prolonged "slow bull" trend, potentially boosting consumer spending and the recovery of core city real estate markets [2]