洪灏：中国股市仍被低估，房价还要跌

Group 1 - The core viewpoint is that the US stock market is significantly overvalued, while many stocks in the Chinese stock market remain undervalued, leading to expectations of continued upward movement in major indices [1][3]. - The economic growth of China has gone through three stages: post-1978 reform and opening up, attracting foreign investment in the 1990s, and the housing system reform in 1998 [4]. - The housing system reform had a substantial impact by transferring wealth from the state to individuals, which initiated a housing boom [4]. Group 2 - The real estate sector has become increasingly important in China's economy, accounting for approximately 30% of the economy during its peak, which was around 130 trillion yuan [4]. - The management of macro funds includes trading in various assets such as stocks, commodities, and currencies, with a positive outlook on the Nikkei average stock index futures [3].