中国金融结构正在发生历史性转折！连平、郭磊、余向荣等大咖最新发声

Core Viewpoint - The article discusses the insights and predictions from the 2026 China Chief Economist Forum, highlighting the historical shift in China's financial structure and the investment opportunities during the "15th Five-Year Plan" period. Group 1: Economic Outlook - The global economy is expected to experience low growth as a norm by 2025, with instability arising more from structural issues than cyclical ones [2][3] - China aims to provide stability to the world economy through its own stable development, addressing external uncertainties with internal certainties [3] Group 2: Financial Structure Changes - China's financial structure is undergoing a historic transformation, with a steady increase in the proportion of direct financing compared to indirect financing, which has seen a decline [4][5] - As of November 2025, the proportion of direct financing increased by 4.7 percentage points compared to November 2019, indicating a faster growth rate than indirect financing [4] Group 3: Investment Opportunities - The "15th Five-Year Plan" is seen as a critical period for China to embrace a new wave of technological revolution, particularly in renewable energy and artificial intelligence [10] - Investment opportunities are identified in three main areas: AI application, large finance, and cyclical sectors, with a focus on companies that integrate AI into their business models [13] - The manufacturing sector is expected to benefit from the completion of the "Made in China 2025" initiative, with related companies entering a profit release phase [14] Group 4: Policy and Market Dynamics - The Chinese stock market is anticipated to recover steadily, supported by a surge of high-tech companies and unprecedented policy support from regulatory bodies [6][7] - The real estate market is undergoing significant changes, with a shift away from previous high-demand patterns, leading to a more stable market environment [7]