国泰海通证券研究·2025-10-28 12:00Group 1 - The article emphasizes the upcoming financial policy and capital market reforms in China, which are expected to further promote economic transformation and enhance the perception of Chinese assets [2][3]. - The Shanghai Composite Index is approaching 4000 points, indicating a "transformation bull" market in China, which is becoming an increasingly important asset in global allocations [2]. - The 20th Central Committee's Fourth Plenary Session reaffirmed the focus on economic development, serving as a cornerstone for capital market valuations [2]. Group 2 - The People's Bank of China announced the resumption of public market treasury bond trading, signaling a shift towards substantial monetary policy easing and a decrease in risk-free interest rates [3]. - The introduction of the "Double Innovation" reform and the new refinancing framework is expected to create a virtuous cycle between capital markets, economic transformation, and technological advancement [4]. - The establishment of the Sci-Tech Innovation Board's growth tier and the reform of the ChiNext Board will support economic transformation and align with national strategies [4]. Group 3 - Strict regulatory measures and the establishment of market stabilization mechanisms are aimed at improving the investability of Chinese assets and enhancing resilience against risks [5]. - The article highlights the potential for a diverse market with various sectors, including technology, new materials, and financial stability, to experience revaluation [5]. - The focus on technology growth sectors such as internet, TMT, new energy, and innovative pharmaceuticals is noted as a key driver for the current market trend [5].