Core Insights - The Shanghai Stock Exchange International Investor Conference is scheduled for November 12-13, 2025, focusing on investment opportunities in China [1] Economic Outlook - The chairperson of Huatai Securities' Institutional Business Committee, Liang Hong, predicts that China's GDP growth may stabilize around 5% in 2026 [1] - The drag from the real estate cycle on growth is expected to decrease gradually in the coming years, with the risk of real estate company debts accelerating their clearance [1] Investment Trends - There is anticipated recovery momentum in both investment and consumption, with a notable acceleration in capital investment in high-tech sectors, including AI and high-end manufacturing [1] - The downward trend in policy interest rates and loan rates is expected to facilitate a deeper revaluation of Chinese asset prices [1]

【文/观察者网 唐晓甫】 2025年8月20日15时，A股全天成交额定格在了2.45万亿元，这是A股连续第6个交易日成交额超2万亿。受益于近期成交额整体放大以及投资信心的回复，沪 指涨1.04%报3766点，续创10年新高。深证成指涨0.89%，创业板指涨0.23%，科创50指数涨3.23%创年内新高。全市场超3600股上涨。 从指数的角度来看，中国股市站在了牛市之上，但从个人持股体验来说，无论是否吃上去年"924"和今年4月初反转的红利，多数散户的收益率都不及指数涨 幅，甚至处于净亏损状态。 这种情况并不令人意外。也许，现在的指数上涨是为未来的普涨打出广告。某种程度上创造财富效应，用先涨带动后涨，实现普涨的一种手段。无论如何， 中国的资产价格重估、信心重塑就在眼前。 重塑中国资产价格信心 今年以来，有较大轮动的科技股大多集中在"新半军"（新能源、半导体、军工）+AI以及其他如创新药等板块。这些板块中，除了以光伏风能板块为代表 的"新"（能源）板块的上涨驱动因素是"反内卷"行动导致的资金抱团行为外，其他板块的上涨因素大多与对中国科技发展的预期改变有关。 军工板块是今年上涨的主线之一 东方财富 这意味着，投资界 ...