青春飞扬，爱拼敢赢 申万宏源研究总经理 王胜 此外，近期的外部不确定性，反而可能最终导致中国的国际影响力不断上升， 中国商品可能将逐步成为品质和实力的象征，这对于反内卷、提升要素回报，特别 是劳动力要素回报，并最终提振内需意义重大。中国资本市场也可能进入ROE回报 提升、 龙头 品 牌 影 响 力 日 益 突 出的 时代 ，也 将 证明 GDP 增 速 哪 怕 回 落 到 中 高 速 增 长，也能迎来长牛。 最后，除了助力发挥类"平准基金"作用的中央汇金、以及全国社保、各类保险 公司等耐心资本，我们认为"居民存款搬家"可能也会最终发生，成为资本市场生力 军，而不少国家和地区的外资最终也将加入人民币资产重估的大潮。 在这浩如烟海的中国经济史、证券史中，我的职业生涯虽微不足道，但最令自 己骄傲的或许就是能与申万宏源研究同行的十六载。作为"土生土长"的申万宏源研 究人，从20 09年毕业入职作为建筑行业分析师的萌新，到现今即将奔赴总经理（所 内称"所长"更多）的新岗位，借机整理并分享近期的思考和感悟。 乱云飞渡仍从容 风云际会，"百年未有之大变局"徐徐展开，世界秩序重构过程中或许有"惊涛 骇浪"，"特里芬两难"已经 ...

Core Viewpoint - The Chinese capital market is expected to enter a long-term bull market, driven by external challenges that strengthen the economy and enhance market resilience [4][5]. Group 1: Leadership Changes - Wang Sheng has been appointed as the new General Manager of Shenwan Hongyuan Research, succeeding Zhou Haichen, who will continue to oversee research and institutional business [1]. - Wang Sheng holds a PhD in management from Tongji University and has extensive experience in strategy research and analysis [2]. Group 2: Market Outlook - The Chinese capital market is anticipated to grow stronger, with improved corporate governance and increased shareholder returns, as evidenced by dividends and buybacks exceeding financing for three consecutive years [4]. - The rise of Chinese technology companies, such as Huawei and ByteDance, alongside advancements in artificial intelligence, presents a unique opportunity for the market [4]. Group 3: Research Development - Wang Sheng emphasizes the need to enhance the "research product" concept, focusing on quality and customization to better serve clients [6]. - The research team aims to integrate artificial intelligence into their methodologies, improving data processing and analysis capabilities [7].