资本市场历史最好年份！东吴证券最新研判：物价合理回升可期，科技成长主线仍在

Core Viewpoint - The article emphasizes the unique value of Chinese assets in the context of global economic changes and the opportunities for investors to participate in the growth of the Chinese economy, driven by technological innovation and industrial upgrades [4][5]. Group 1: Market Dynamics - The capital market is undergoing deep transformation, driven by technological innovation and industrial upgrades, with sectors like artificial intelligence, low-altitude economy, commercial aerospace, and green energy emerging as key growth areas [5]. - The shift in global political and economic dynamics is leading to increased interest and allocation of international funds towards Chinese assets, potentially bringing significant liquidity to the Chinese capital market [5]. - East Wu Securities has achieved a historical high in performance, with a projected net profit of 2.935 billion yuan for the first three quarters of the year, representing a year-on-year increase of 60.23% [5]. Group 2: Economic Outlook - The chief economist of East Wu Securities highlights the importance of price recovery for economic growth and capital markets, indicating that nominal GDP growth during the 14th Five-Year Plan should not be less than 5.5% to achieve the 2035 GDP target [7][9]. - Factors such as long-term population and industrial transformations are expected to boost consumer demand, with a projected optimistic consumption outlook as the population and consumption peaks align between 2025 and 2035 [9]. Group 3: Investment Strategy - The strategy team at East Wu Securities suggests that November is a critical time for portfolio adjustments, as historical trends indicate a shift in market styles towards the end of the year [10]. - The recommendation is to focus on balanced allocations around the AI industry chain and high-growth sectors to navigate market volatility during the style-switching period, while maintaining a long-term view on growth stocks [11].