Group 1 - The core viewpoint of the article emphasizes the significance of overseas capital increasing its allocation in China, signaling a potential stock market rebound, while also highlighting the importance of the 2026 Central Political Bureau meeting's focus on "deepening the construction of a unified national market" [1][3] - The article notes that by September 2025, foreign investment in China has exceeded 573.7 billion, indicating a growing recognition of the long-term logic of the Chinese market among overseas investors [3] - It mentions that investors from France, Germany, and South America have begun to increase their positions in Chinese assets, reflecting a rising confidence and interest in the Chinese market [5] Group 2 - The Central Political Bureau meeting on December 8 outlined a strategic framework for the economy in 2026, emphasizing "deepening the construction of a unified national market" as a focus for policy [8] - The meeting's shift from "preventing external shocks" to "coordinating domestic economic work and international economic struggles" indicates a proactive approach to external challenges while prioritizing internal order [10] - The article discusses the "regional economic fragmentation" issue in China, where administrative divisions create barriers that hinder cross-province operations and lead to inefficiencies [12][14] Group 3 - The article explains that the fragmented market results in high circulation costs and difficulties for enterprises to expand across provinces, ultimately suppressing domestic demand [20] - It argues that a unified market is essential for activating development potential by breaking down regional barriers, reducing circulation costs, and lowering product prices, thereby unleashing consumer potential [24] - The ongoing reforms aim to tighten tax regulations, eliminate administrative barriers, and unify industry standards, which are crucial for establishing a "national chessboard" approach [26]

文/李悦 2025年4月初，一场由美国单方面挑起的关税风暴席卷全球，且战争似才开场。政策制定者面临诸 多难题，内需能否抵御外需压力、关税战长期化有哪些储备工具等成关注焦点。 资本市场上，危机在全球蔓延。美股动荡、美债遭抛售、美元指数创新低，资金涌入致黄金价格屡创 新高，市场正在以脚投票的方式表达对美国的信任危机。而中国资本市场展现韧性，A股在4月7 日"黑色星期一"后持续反弹，期间上证指数累计涨幅超6%。 "关税战"走向不明，投资者决策困局重重。美股跌到底了吗？黄金的强劲走势是否还能持续？A股命 运又将如何？哪些资产可能成为新一代"硬通货"？ 围绕上述问题，和讯网对话清华大学国家金融研究院院长、五道口金融学院副院长田轩。 田轩表示，特朗普的关税政策使美国经济不确定性增加，资金逃离美国资产是合理避险，开始寻求新 的避险港湾。若关税战持续，黄金、稀有金属、优质房地产、高信用评级债券和国债等将成为"硬通 货"。 谈及A股，他认为长期来看，A股处于估值低位，受科技创新和内需扩大的双重驱动将稳健向上，科 技、新能源等新兴产业板块配置价值高。 01 关税博弈从贸易摩擦转向战略对抗 和讯网：您判断关税战会长期存在吗？若长期 ...