中国股市慢牛，基本面逻辑是什么？

Core Viewpoint - The article discusses the recent bullish trend in the Chinese stock market, highlighting the Shanghai Composite Index reaching a four-year high of 5777.7, and contrasts this with the persistent skepticism from some analysts regarding the sustainability of this growth [5][6]. Group 1: Market Dynamics - The current stock market rally is likened to the historical context of the repeal of the Corn Laws in 1846, which allowed for rapid development of the bourgeoisie, suggesting that the current market conditions may similarly benefit from structural changes [7][28]. - The article emphasizes that the relationship between real estate and the stock market is critical, indicating that a downturn in the real estate market could lead to a rise in stock market performance, and vice versa [24][27]. Group 2: Economic Theory - The ongoing struggle between landlords and business owners is presented as a fundamental economic dynamic, where increasing rents can stifle business profitability and investment, leading to lower valuations in the stock market [10][19]. - The article argues that in a scenario where land supply is inelastic, even with high GDP growth, business profits may remain low due to rising rents, which are captured by landlords rather than business owners [16][22]. Group 3: Future Outlook - The article posits that recent policy shifts signal a transition away from a "landlord economy" towards a "shareholder economy," where profits are more likely to flow to business owners, thus potentially enhancing stock market valuations [25][27][30]. - It concludes that the historical context of economic transitions suggests that the current changes in the real estate market dynamics could lead to a more favorable environment for stock market growth, moving away from the constraints imposed by real estate [28][30].