管涛：未来五年权益类核心资产的配置方向主要有四类

Core Viewpoint - The "14th Five-Year Plan" period presents both strategic opportunities and challenges, with increasing unpredictability, necessitating reform and opening-up as fundamental drivers for development [3][4]. Group 1: Economic Transformation and Market Opportunities - Future opportunities in the Chinese market stem from economic transformation and upgrading, with four main asset allocation directions for the next five years: self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovative development in traditional industries, and the relocation of quality enterprises [3][4]. - The economic transformation is expected to create significant opportunities for capital market development, with an estimated market space of approximately 10 trillion yuan in the next five years, as traditional industries account for 80% of modern manufacturing output [4]. Group 2: Wealth Allocation and Capital Market Development - Chinese residents have a high allocation in real estate and low in financial assets, with a low proportion of stocks and funds in overall wealth, which is not expected to change significantly in the short term [5]. - In a low-interest-rate environment, the capital market is anticipated to improve, leading to a more pronounced wealth effect, while global reflections on the current international monetary system may drive capital towards non-dollar assets, creating a favorable outlook for the future of China's capital market [5].