张忆东：港股和A股将走出20年超级长牛

Group 1 - The core viewpoint is that both A-shares and Hong Kong stocks are expected to enter a super bull market lasting over twenty years, driven by "era dividends" and the guiding hand of the state [2][3][34] - The current market dynamics are compared to the real estate boom from 1998 to 2020, indicating a long-term bullish trend characterized by adjustments and policy interventions [14][80][86] - The shift in China's economic growth model from debt-driven expansion to a focus on high-quality development and capital market empowerment is crucial for the upcoming bull market [34][37][50] Group 2 - The characteristics of the Hong Kong market include embracing national development and benefiting from the reallocation of social wealth from safe assets to equities [24][25][116] - The ecological environment of the Hong Kong market is improving, with a shift from a focus on risk-averse assets to growth-oriented investments, particularly in technology and new consumption sectors [126][142] - The investment logic in the Hong Kong market is transitioning from foreign-led offshore market dynamics to a more localized, onshore market driven by Chinese capital and investors who recognize China's development philosophy [144][145]