天天基金网·2025-06-25 05:02Core Viewpoint - The article emphasizes that the A-share market is stabilizing and building a solid foundation due to ongoing capital market reforms, with a focus on new industrial transformations and institutional innovations driving market value reconstruction [1][11]. Group 1: Economic Development - The new quality productivity in China is steadily developing, with significant progress in the digital transformation of traditional industries and the flourishing of emerging sectors like low-altitude economy and commercial aerospace [3]. - Despite external shocks, China's long-term economic fundamentals remain unchanged, supported by a large market with both vitality and potential [4]. Group 2: Capital Market Reforms - The recent financial opening policies introduced at the 2025 Lujiazui Forum signify a transition from "factor-based opening" to "institutional opening" in China's capital market [4]. - The "new" supply-side reform during the "14th Five-Year Plan" period aims to adapt to the new development pattern and promote high-quality development, focusing on a balanced approach to economic challenges [6][7]. Group 3: Investment Opportunities - The article suggests four key investment themes for the A-share market: 1. Safe assets, which provide safety margins and yield certainty amid external uncertainties and low interest rates 2. Technological innovation, as a core driver of internal growth momentum and a key component of the "new" supply-side reform 3. Big consumption, with a focus on new consumption trends like pet economy and domestic beauty products 4. Mergers and acquisitions, particularly in strategic restructuring opportunities within tech firms and state-owned enterprises [10][11]. Group 4: Bond Market Insights - The bond market is expected to experience a prolonged period of fluctuation, with long-term bond yields projected to oscillate between 1.5% and 1.8% [11][12]. - In the credit bond and convertible bond sectors, there are opportunities for spread contraction supported by demand, with a potential slight increase in valuations for convertible bonds due to supply shortages [12].