凤凰网财经讯 9月23-24日，由凤凰卫视、凤凰网主办的"凤凰湾区财经论坛2025"在广州举行，本届论坛以"新格局·新路径"为主题，汇聚全球政商学界精 英，共同洞察变局脉络、探寻发展新机。 "2025年之前，外籍投资者都说中国是'不可投资'的市场，因为这个市场没有什么科技进步，平台公司都在搞外卖补贴，等等。但是，今年以来，我们在 AI、低空经济等关键领域取得了长足的进步，成就是举世瞩目的，都是可以和任何国家媲美的。所以，中国出口的周期在不断上升，而产生的美元流动性 在不断地回流中国。今年，A股遥遥领先全球其他各个国家的主要指数，包括美股、日股，以及欧洲各个国家的股票。" 洪灏还指出，沪指3900点和恒指26000点，都远远没有反映过去几年，中国在这些领域取得的成就。"市场预期依然过度悲观，市场依然没有涨完，中国股市 上升的空间依然没有结束。" "另外，随着国家对于上游企业不规范竞争的依法治理，大宗商品的价格也已经回暖。各位如果做铜商品、铜、铝、黄金、白银期货的，今年都会感受非常 棒，黄金、白银是今年表现最好的资产类别，没有之一。这些资产类别的价格上涨将远远超过各位的想象，这个是一个世纪大牛市。"洪灏继续说道。 ...

Group 1 - Foreign investors currently have a neutral view on the Chinese market, with European long-term funds remaining cautious while American investors show more interest, particularly in A-shares and sectors like AI and innovative pharmaceuticals [3][4] - The interest from American investors in the Chinese market is at its highest since 2021, driven by recognition of China's technological innovation capabilities and improved policy direction [4][6] - Despite the interest, the allocation of global funds to China remains low due to a lack of understanding of new economic companies and the strong performance of the US market [4][6] Group 2 - The current bull market is primarily driven by liquidity, with significant capital moving from deposits to equity assets, estimated at around 800 billion RMB in the past two months [6][7] - Economic growth is expected to slow down to around 4.5% in the third and fourth quarters, potentially prompting new policy measures to support the economy [7][8] - Structural challenges such as debt, deflation, and an aging population are significant headwinds for the economy, necessitating reforms in social security and consumption to stimulate growth [8][9] Group 3 - The upcoming Fourth Plenary Session in October is a critical event to watch, as it will discuss the 15th Five-Year Plan, which could have significant implications for economic policy [9]