Core Viewpoint - The report advocates for elevating the construction of China's "Great Central Region" to a national strategic level, emphasizing the need for a shift towards domestic demand-driven growth in response to global trade fragmentation and external economic pressures [1][2]. Group 1: Strategic Framework - The "Great Central Region" strategy focuses on ten provinces and cities, including Sichuan, Chongqing, and Hunan, covering over 500 million people and accounting for more than 30% of the national economy [2][3]. - This strategy aims to break the dependency on coastal development paths, positioning the central region as a new growth hub and enhancing economic resilience against external uncertainties [2][3]. Group 2: Economic Potential - The report highlights that the ten provinces have a combined population of 540 million and a GDP of approximately 42 trillion yuan, representing 39% of the national population and 31% of the economic total [3][4]. - The potential for economic growth in the Great Central Region is significant, with projections indicating that the region could release trillions of dollars in growth potential as it transitions towards a higher GDP per capita [4]. Group 3: Consumption Dynamics - The diverse consumption culture and preferences in the Great Central Region are seen as key drivers for upgrading domestic demand, capable of supporting high-quality goods and fostering new consumption categories [3][4]. - The region is also identified as a core area for historical culture and tourism resources, which significantly contribute to consumption growth and the emergence of new consumer IPs [3].

Core Insights - The report emphasizes the need to elevate the construction of China's "Great Inland" as a national strategy, aiming to activate the potential of inland markets and create a virtuous cycle of development that permeates from coastal areas to inland regions and from cities to rural areas [1][4] - The "Great Inland Strategy" focuses on ten provinces and cities, covering over 500 million people and accounting for more than 30% of the national economic output, thereby restructuring the economic landscape to prioritize inland growth [2][3] Economic Context - The report highlights the shift towards an internal demand-driven economy in China, as traditional investment-driven growth faces diminishing returns and increasing debt pressures, with domestic consumption contributing over 80% to economic growth in the past five years [1][4] - The current economic environment, marked by trade fragmentation and external uncertainties, necessitates a strategic pivot towards enhancing domestic demand to mitigate external shocks [1][2] Structural Framework - The "Great Inland" is defined through a three-tier structure: the core layer (the "Inland Triangle" of Chengdu-Chongqing and Xi'an), the secondary layer (urban clusters including Zhengzhou, Wuhan, and others), and the extended layer that connects these urban clusters across the ten provinces [2][3] - This structure aims to facilitate resource integration and functional transmission from core strategic points to broader regions, leveraging the large-scale population and market advantages of the ten provinces [3] Growth Potential - The report projects significant growth potential for the "Great Inland," estimating that the region could release trillions of dollars in economic growth as it transitions towards a modernized economy with per capita GDP expected to rise to between $20,000 and $30,000 [4] - The diverse consumption culture and preferences in the "Great Inland" are seen as key drivers for upgrading domestic demand, with the region's historical and cultural resources further stimulating consumption growth [3][4]

以下文章来源于芒格书院 ，作者李录 芒格书院 . 由资深出版人施宏俊先生创立，定位于为终身学习者提供学习和思考的知识资源，推动认知升级和思想 分享。 " 中国还有好多比较容易的改革红利，是因为观念上的堵塞没有被疏通起来。疏通以后就可以在比较短 的时间之内加速，把经济迅速地从依赖外需和内需结合，变成主要由内需驱动。 " " 从更长期的影响来看，这次的贸易战可能加速中国经济从投资与出口驱动转向由内需驱动。 " " 世界秩序的变化已经不可逆转，它会演进到一种新的秩序上…… 中国有机会在国际秩序重塑中占据 对自己有利的位置。 " "三重动力——经济竞争收益、地缘政治压力、好奇心驱动——已使技术演进形成不可逆转的惯性。" 2024年12月7日，喜马拉雅资本创始人李录在北京大学光华管理学院"价值投资"课程十周年沙龙上， 提出了对国内、国际"时代困惑"的深刻反思。（ 点此阅读： 《 李录3万字演讲实录：理解了这些问题， 就理解了价值投资的当下可为之处……》 ） 今年4月6日，在59岁生日当天，在西雅图面对芒格书院部分会员的提问，李录进一步给出了自己的解 法。 谈保障体系、谈资本市场、谈全球秩序的演变，也谈AI带来的冲击与挑 ...

"对等关税"引发市场巨震！ 4月7日，受美国关税幅度超预期影响，全球金融市场遭受冲击，A股迎来调整，截至收盘，上证指数下跌 7.34%，深证成指跌9.66%，创业板指跌12.5%。 当日盘中，中央汇金公司公告称坚定看好中国资本市场发展前景，充分认可当前A股配置价值，已再次增 持了交易型开放式指数基金（ETF），未来将继续增持，坚决维护资本市场平稳运行。随后三大指数跌幅 有所收窄。 盘后，博时基金、国泰基金、永赢基金、中信保诚基金、鑫元基金、宝盈基金等十余家公募火速进行市场 解读，认为尽管此次关税事件会造成短期市场风险偏好的回落，但中长期来看A股市场韧性显著，政策支 持、内需驱动和科技自主可控将为市场带来动能。 关税影响主要体现在三大方面 关于今日A股市场的大幅调整，公募普遍表示，特朗普关税政策超预期加码或成为主要扰动。 博时基金表示，4月份市场进入业绩验证期，风险偏好有所回落，叠加外部风险超预期的背景下，市场短 期波动率或有抬升。等待风险渐次落地过程中，红利资产或阶段性占优。美国对中国大幅加征关税将进一 步拖累中国出口，国内稳增长政策有望在二季度加码以对冲外需不确定性，专项债、特别国债提速及消费 补贴等措施有 ...