邢自强：2026“开门红”背后有三大引擎

Core Viewpoint - The 2026 market is experiencing a "good start" with unexpected activity in the stock and commodity markets, driven by three main factors: industrial momentum, funding dynamics, and emotional factors [1][2] Group 1: Market Drivers - Industrial momentum is supported by the "14th Five-Year Plan," with breakthroughs in cutting-edge technologies such as AI, biopharmaceuticals, and brain-computer interfaces becoming highlights in the capital market [1] - Funding dynamics are influenced by capital market reforms since September 2024, encouraging long-term capital inflow, leading domestic investors to gradually increase their allocation to equity assets [1] - Emotional factors include geopolitical influences prompting global funds to reduce their dollar asset holdings and increase allocations to other markets, resulting in a moderate inflow of foreign capital into China [1] Group 2: Economic Considerations - Despite the market's enthusiasm, it is essential to align with the economic fundamentals, as domestic demand, consumption, and real estate still require improvement [1] - While technological innovation holds great promise, it cannot address the current core economic challenges in the short term [1] - Bridging the gap between the market and economic fundamentals relies on two key actions: stabilizing the real estate market through measures like lowering or subsidizing mortgage rates, and promoting consumption by accelerating social security system reforms to unleash consumer potential [1]