Group 1 - The core viewpoint of the report is that A-share companies are transitioning from domestic-focused enterprises to global multinational corporations, indicating a shift in the Chinese capital market from emerging to mature status [1] - During the "14th Five-Year Plan" period, Chinese enterprises are expected to enhance their position in the global value chain, converting their share advantages into pricing power, which lays the foundation for a "low volatility slow bull" market in A-shares [1] - The future performance of A-shares will be influenced by global market demand rather than solely domestic demand, with the China-US geopolitical landscape affecting market rhythm and smoothness [1] Group 2 - Three key industry configurations are highlighted: first, the upgrading of resource and traditional manufacturing industries, which will enhance pricing power and profit margins; second, the globalization of Chinese enterprises, significantly expanding profit growth potential and market capitalization ceilings; third, the further commercialization of AI, which will continue to drive trends in the technology sector and amplify the competitive advantages of Chinese companies [2]