全球资产重估

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从2025全球投资者大会看市场机遇:全球资产重估的“中国叙事”正在展开!
证券时报· 2025-05-22 00:10
近日,来自19个国家和地区的近400名嘉宾齐聚深圳,在深交所主办的2025全球投资者大会的聚 光灯下,热议中国资本市场"新质生产力"与"开放创新"带来的投资机遇。 中国新质生产力重构全球产业链价值坐标。2024年,中国实体上市公司研发费用达1.6万亿元,超800家企业研 发强度超过10%。创新势能持续转化为产业优势,《2024年全球创新指数报告》显示,2024年中国拥有26个全 球百强科技创新集群,超过上年的24个,连续两年位居世界第一。摩根士丹利首席中国经济学家邢自强在会上 指出,中国的产业链已经凤凰涅槃,以人工智能为例,中国可能是全球唯一一个能形成比较完整产业链的国 家。 活力上市公司群体改写全球资产配置逻辑。A股市场的5000多家上市公司构成的产业矩阵,覆盖国民经济各领 域,是中国加快转型升级的鲜活样本。2024年年报数据显示,面对多重压力,A股上市公司业绩总体保持韧 性,四分之三的公司实现盈利,五成企业利润保持增长。世界银行前副行长、牛津大学教授伊恩·戈尔丁 说:"中国的股市正在快速增长,也将很快成为世界上最大的股票市场之一。" 资本市场系统改革成为吸引全球长期资本的"磁石"。一系列制度创新构建了"融 ...
全球资产重估的“中国叙事”正在展开
Zheng Quan Shi Bao· 2025-05-21 17:52
Group 1 - The core viewpoint of the articles highlights the investment opportunities arising from China's "new quality productivity" and "open innovation" in the context of the 2025 Global Investor Conference held in Shenzhen [1][2] - China's real listed companies are projected to spend 1.6 trillion yuan on R&D in 2024, with over 800 companies achieving a research intensity exceeding 10% [1] - The 2024 Global Innovation Index Report indicates that China has 26 of the world's top 100 technology innovation clusters, an increase from 24 the previous year, maintaining its position as the world's leader for two consecutive years [1] Group 2 - The A-share market, comprising over 5,000 listed companies, is seen as a vibrant example of China's economic transformation, with three-quarters of these companies reporting profitability and half showing profit growth despite multiple pressures [1] - The capital market reforms in China are attracting global long-term capital, creating a virtuous cycle of financing, investment, and exit [1] - Since the Central Political Bureau meeting on September 26 last year, the market value of foreign investments in strategic emerging industries in Shenzhen has increased by 40%, with trading volume rising by 90% [1]
中金研究 | 本周精选:宏观、策略、大类资产
中金点睛· 2025-03-14 10:51
Strategy - The recent AI boom has significantly shifted investor sentiment and macro narratives, driving the Hong Kong stock market's continuous rise, primarily through valuation-driven growth. The market's optimistic outlook is reflected in the risk premium (ERP) [2] - Currently, Hong Kong stock valuations are still at historical low to mid-levels. The dynamic sentiment-driven recovery appears to be nearly complete, with dividend sectors showing a 5% relative space compared to A-shares, while tech sectors are aligned with ROE. The essence of this rebound is based on optimism regarding technology trends [2] - The short-term target for the Hang Seng Index is set between 23,000 and 24,000, with an optimistic scenario reaching 25,000. This static assessment does not imply an inevitable decline upon reaching these levels, but rather indicates potential market divergence if long-term expectations are not met [2] Macro Economy - China's consumption-to-GDP ratio is relatively low compared to international standards. While absolute price levels for goods align with China's economic development stage, service prices are comparatively low. The relative price levels indicate that the perception of low consumption in China is not supported by data [12] - There is significant potential for future consumption growth in China, particularly in the service sector, which has more room for expansion than goods consumption. Areas such as health insurance and entertainment are highlighted as having substantial growth potential. Upgrading goods consumption focuses on quality, while service consumption may require an increase in quantity [12]