2025.11. 27 本文字数：982，阅读时长大约1.5分钟 作者 | 第一财经 祝嫣然 中银证券全球首席经济学家管涛11月26日在2025年度资产管理高峰论坛上表示，"十五五"时期是战 略机遇和风险挑战并存、不可预测性增多的时期。应对发展环境的挑战，重要的一招是以改革开放为 根本动力。 "深化改革不仅仅是财政货币政策的松和紧，根本上是聚焦高质量发展的体制机制障碍，推进深层次 改革，扩大高水平开放，推动生产关系和生产力、上层建筑和经济基础、国家治理和社会发展更好相 适应，持续增强发展动力和社会活力，推进供给侧结构性改革，建设现代化经济体系，构建新发展格 局，提升宏观治理效能，推动高水平的科技自立自强，扩大高水平开放。"管涛说。 管涛认为，未来中国市场的机遇来自经济的转型升级。未来五年权益类核心资产的配置方向主要有四 类：自主可控与新潮消费、龙头企业的并购重组、传统行业的创新发展和优质企业的产业外迁。 "长期来看，经济转型孕育了资本市场发展的机会。"管涛分析，一方面，应对大国博弈更加复杂激烈 的外部环境，重要的是因地制宜发展新质生产力，加快构建新发展格局，培育壮大新兴产业、未来产 业。国内将持续用新技术新模 ...

Core Insights - The future opportunities in the Chinese market stem from economic transformation and upgrading [1][2] - The "14th Five-Year Plan" period presents both strategic opportunities and challenges, necessitating deep reforms and high-level openness [1] Group 1: Economic Transformation - The focus should be on high-quality development and addressing systemic obstacles to enhance development momentum and social vitality [1] - The four main investment directions for core equity assets in the next five years include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [1] Group 2: Capital Market Development - Long-term economic transformation is expected to create opportunities for capital market development, with an estimated market space of approximately 10 trillion yuan in the next five years [2] - The current wealth distribution in China shows a high proportion of real estate and low allocation to equities, indicating a potential for growth in stock market wealth effects as the capital market matures [2] - The "14th Five-Year Plan" period is seen as a significant opportunity for the development of China's capital market, emphasizing the importance of macroeconomic fundamentals and policy direction [2]