中央财经大学贺强谈股市行情：现在资金是太着急了，冲得太猛了

Group 1 - The conference "Sina Finance 2025 Annual Meeting and the 18th Golden Unicorn Forum" will be held on January 15, 2026, in Beijing, focusing on the theme "The 14th Five-Year Plan Begins, Economic New Voyage - Reshaping Growth Paradigms, Creating Future Prosperity" [1][4] Group 2 - Professor He Qiang from Central University of Finance and Economics emphasized that for the capital market to thrive during the "14th Five-Year Plan," two key conditions must be met: sufficient market funds and the quality of listed companies [3][6] - He noted that the A-share market fell below 2,600 points in early 2024 due to an oversupply of stocks without a corresponding increase in funds, leading to a significant supply-demand imbalance [3][6] - Following the efforts of the China Securities Regulatory Commission to attract long-term funds since September 24, 2024, the market has seen a strong recovery, with daily trading volumes nearing 4 trillion yuan, marking historical highs [3][6] - However, He cautioned that the current rush of funds could jeopardize the long-term stability of the market, indicating that the focus should shift towards improving the quality and performance of listed companies [3][6] - He cited the U.S. stock market's performance from 2009 to 2025, where the Dow Jones Industrial Average rose from 12,000 to nearly 50,000, attributing this sustained growth to continuous earnings growth of listed companies rather than mere liquidity [3][6] - He warned that if a company's performance declines while its stock price rises, it could lead to a significant risk of a market correction when the disparity becomes too great [3][6]