根本没必要慌！张忆东今日交流细谈机会：这次是“小白兔式”长牛，现在更应关注资产本身的价值……

Core Viewpoint - The current bull market in China could last for over 20 years, focusing on the intrinsic value of assets rather than short-term market fluctuations [2][52][85] Group 1: Market Dynamics - The bull market aims to revitalize social wealth and improve the balance sheets of local governments, enterprises, and residents [44][85] - The Hong Kong and A-share markets are expected to benefit from the reallocation of resident wealth from safe-haven assets to equities [5][56] - The current market environment indicates that the negative factors affecting the Hong Kong market since July are nearing an end [4][56] Group 2: Investment Opportunities - Key sectors to focus on include technology, innovative pharmaceuticals, and new consumption, with an emphasis on service and spiritual consumption [7][96] - The chemical and non-ferrous sectors are highlighted as potential golden tracks for long-term growth amid geopolitical tensions [8][105] - The internet sector in Hong Kong is seen as undervalued and poised for recovery, with expectations of a rebound in the fourth quarter [81][94] Group 3: Economic Transition - China's economic growth model is shifting from debt-driven expansion to high-quality development, necessitating a focus on direct financing and capital market empowerment [11][18] - The current debt levels in various sectors indicate limited room for further debt expansion, emphasizing the need for efficiency in economic growth [12][14] - The capital market is expected to play a crucial role in optimizing resource allocation and enhancing the efficiency of the economy [20][27] Group 4: Long-term Outlook - The bull market is characterized by a "slow and steady" approach, avoiding the extreme volatility seen in previous cycles [39][40] - The market is anticipated to experience periodic adjustments, but the overall trend is expected to be upward, with the Hang Seng Index projected to reach 28,000 points by November [6][84] - The long-term bull market is supported by a favorable policy environment and the increasing participation of long-term capital [44][90]