【金麒麟】吴晓求：中国资本市场未来成长可期

Group 1 - The core viewpoint is that the positive trend of China's capital market in 2026 is expected to continue, driven by both reform logic and industrial structure transformation logic [1][2] - The first dimension of development is systematic reforms in the asset, funding, and institutional aspects, with ongoing reforms in the asset side focusing on optimizing the structure of listed companies through the registration system and the Sci-Tech Innovation Board [2] - The second dimension emphasizes funding reforms, particularly the orderly entry of large funds into the market, including the gradual involvement of social security funds and commercial insurance funds, along with the innovation of product tools like broad-based ETFs [2] - The third dimension highlights institutional reforms aimed at enhancing market transparency and implementing severe legal penalties for serious violations, shifting from administrative penalties to criminal and civil liabilities [2] Group 2 - The significance of these reforms lies in their ability to restore market confidence and stabilize development expectations through coordinated reforms in the asset, funding, and institutional dimensions [3] - These reforms align with the major transformation of China's economic structure, as traditional economic theories struggle to explain new phenomena, such as the dominance of high-tech enterprises, which is altering the relationship between GDP growth and labor income [3] - The changing economic structure significantly impacts the market, as high-tech and innovative enterprises, traditionally viewed as "bubbles" under conventional valuation methods, are undergoing profound changes in valuation logic due to the transformation of development models [3]