Core Viewpoint - The event "Transformation of Macroeconomic Research under New Circumstances" highlighted the accelerating transformation of China's economy towards high-quality development, emphasizing the importance of macroeconomic research in guiding investment strategies and understanding market dynamics [2][3]. Group 1: Economic Transformation and Opportunities - China is at a critical juncture with the conclusion of the 14th Five-Year Plan and the preparation for the 15th, focusing on new development patterns such as domestic demand, high-level openness, and green development, which present both opportunities and challenges [3][4]. - The capital market is transitioning from a "financing market" to an "investment market," enhancing its attractiveness to both domestic and foreign investors [3][4]. - The three narratives of asset revaluation in China include the global reassessment of China's innovation capabilities, signs of stabilization in housing prices in first-tier cities, and the gradual effectiveness of macroeconomic policies in stabilizing the real economy [4][5]. Group 2: Macroeconomic Research and Strategic Insights - The current macroeconomic research paradigm must adapt to the significant changes in the international landscape, requiring a more comprehensive set of indicators that reflect China's unique economic logic and resilience [5][6]. - Key issues affecting the Chinese economy include real estate dynamics, tariff impacts, and consumption stimulus policies, which need to be addressed with a long-term perspective [6][7]. - The resilience of the Chinese economy is attributed to its large scale and heterogeneity, allowing it to maintain stability and recover quickly from external shocks [7][8]. Group 3: Market Dynamics and Future Outlook - The recent stock market rally is driven by improved expectations of national governance and technological advancements, rather than direct macroeconomic data [8][9]. - The U.S. economic growth forecast is declining, which may lead to a reallocation of global capital towards emerging markets, including China, potentially benefiting its market performance [9].