东方财富证券研究所所长孟杰：A股慢牛有望持续！

Core Viewpoint - The article discusses the strategic vision and outlook of Dongfang Caifu Securities Research Institute under the leadership of Meng Jie, emphasizing a technology-driven and data-empowered approach to research in the A-share market, with a focus on understanding the Chinese market dynamics [1][2][3]. Group 1: Strategic Transformation - Meng Jie highlights the transition from being a top analyst to a research institute leader, focusing on team success rather than individual achievement [2]. - The "2.0 Launch" strategy aims to adapt to the new normal of the industry, emphasizing investor returns and shifting the business model from "sell-side research" to "buy-side advisory" [2][3]. - The research institute is committed to enhancing its deep research capabilities and integrating data, traffic, and financial technology to build a differentiated competitive edge [3][5]. Group 2: Market Outlook - The A-share market is expected to maintain a slow bull market pattern, with the index around 4000 points entering a consolidation phase [6]. - Key drivers for market recovery include supportive fiscal and monetary policies, sustained institutional investment, and technological advancements in the AI sector [6]. - The transition of the Chinese economy towards innovation-driven growth, particularly in sectors like new energy and high-end manufacturing, is seen as a foundation for long-term market strength [6]. Group 3: Investment Directions - The "15th Five-Year Plan" emphasizes three main investment themes: emerging industries and new tracks, disruptive upgrades in traditional industries, and the dual drive of technology empowerment and domestic demand [7]. - Emerging fields such as quantum technology, brain-computer interfaces, and low-altitude economy are expected to reach critical points for commercialization in the next five to ten years [7]. - Traditional industries are undergoing significant transformations towards high-end, intelligent, and green development, creating substantial market opportunities [7][8]. Group 4: Consumer Sector Insights - Traditional core assets, particularly in consumption, are entering historically low valuation zones, indicating increasing allocation value [8]. - The "15th Five-Year Plan" aims to boost domestic consumption, with policies likely to support consumer spending and enhance long-term confidence [8]. - The recovery of traditional consumption is expected to be gradual and structurally differentiated, with new consumption sectors showing stronger growth resilience [8][9].