申万宏源王胜：这一轮牛市持续的时间会很长

Core Viewpoint - China's international competitiveness is reflected in the rise of its manufacturing industry, which in turn validates the enhancement of China's overall competitiveness [1] Group 1: Market Dynamics - The core driving force behind the revaluation of Chinese assets is the continuous rise in China's international influence, which is expected to manifest in a bull market for capital [2] - The "中特估" high-dividend market initiated in 2022 reflects a revaluation of physical assets, particularly benefiting companies with upstream resources amid global monetary expansion [2] - The revaluation of manufacturing is anticipated to be the next phase, as it plays a crucial role in transforming upstream resources into downstream products, with China holding a central position [2] Group 2: Manufacturing Sector Insights - The export-oriented economy has been vital for China's development, with the manufacturing sector aligning well with China's comparative advantages [3] - The rise of Chinese manufacturing has shifted from low-cost goods to high-quality products, enhancing pricing power in global markets [4] Group 3: Innovation and Technology - Breakthroughs in sectors like innovative pharmaceuticals and AI signify a critical juncture for Chinese innovation, indicating a potential explosion of growth [4] - The development of military products also reflects the enhancement of China's competitiveness, with traditional internet industries transitioning to new productive forces [4] Group 4: Economic Outlook - China's GDP growth is expected to transition from high-speed to medium-speed, while the return on equity (ROE) for Chinese companies is projected to systematically increase, leading to improved profitability and higher valuations [5] - The bull market is anticipated to be long-lasting, driven by the robust performance of new economy sectors and the stabilization of traditional economic dynamics [9][12] Group 5: Investment Opportunities - Key sectors to watch include internet platform companies in Hong Kong benefiting from AI advancements, innovative pharmaceutical companies, and leading firms in the electric vehicle sector [13][14] - Traditional consumer goods companies, particularly in the liquor sector, and new consumption companies in the A-share market are also expected to present significant investment opportunities as the bull market progresses [14]