SWHY(SZ:000166) 申万宏源证券上海北京西路营业部·2025-06-12 02:24Core Viewpoint - The conference highlighted the acceleration of global de-dollarization and the rise of China's technological strength, emphasizing the shift of international capital from the US to other markets, particularly Germany and Hong Kong [4][5]. Group 1: Conference Overview - The conference, themed "In the Midst of Turmoil, Heroes Emerge," featured one main forum and twelve sub-forums covering key market topics such as asset allocation, AI and chips, financial innovation, and more, with participation from nearly 500 listed company executives and over 2,200 investors [3]. Group 2: Economic Insights - The new economic momentum in China has reached a significant scale, with high-tech industries accounting for 16.3% of industrial output, indicating a transformative shift in the economy [6]. - The policy framework for the new transformation phase is taking shape, focusing on high-quality development, dual circulation, and sustainable growth, with an emphasis on human-centered approaches [6][7]. Group 3: Market Outlook - The A-share market is poised for a potential bull market, with 2025 expected to be a peak period for asset reallocation as residents shift their investments [9]. - The potential bull market is characterized as a "Chinese-style slow bull," with improvements in fundamentals expected to be gradual but sustained, supported by enhanced investment returns and controlled market volatility [9][10].