中金点睛"本周精选"栏目将带您回顾本周深受读者欢迎的研究报告。 >>点击图片查看全文<< A股历史上难以形成慢牛，是基本面、制度面、资金面多重因素交织的结果。但随着宏观范式转变与资本市场制度改革推进，A股底层环境已从量 变引发质变：国际货币秩序重构带来"新秩序"，全球资金再配置为A股注入外部动力；经济转型与新质生产力崛起形成"新动能"，盈利稳定性与可 持续性显著提升；投融资改革、"稳市"机制与中长期资金入市构建"新生态"，市场韧性与吸引力持续增强。在此背景下，A股"这次可能不一样"， 比以往更具备形成"有底无顶"慢牛的条件，这一慢牛对金融强国建设、消费提振、产业升级具有深远意义。而慢牛的最终实现，仍依赖我国坚定不 移推进经济转型、深化资本市场制度改革，持续提升市场中长期吸引力，让"有底无顶"的慢牛真正成为中国经济高质量发展的重要支撑。 01 策略 Strategy "有底无顶"的慢牛如何形成？ ——新秩序，新动能，新生态 2026.1.18 | 缪延亮 黄凯松等 02 策略 Strategy 提升人民币储备货币地位 >>点击图片查看全文<< 市场自发力量、政策推动、历史惯性是一国货币取得国际储备货币地位的三大 ...

Core Viewpoint - The report from CICC indicates that the resurgence of the US-Japan bond turmoil, similar to last year, reflects global geopolitical tensions and liquidity fluctuations driven by fiscal dominance [1] Group 1: Market Dynamics - The volatility in the US bond market poses a potential risk for systemic issues in overseas markets due to the constraints of fiscal dominance, making it politically unfeasible to control deficits [1] - Financial repression policies, such as Yield Curve Control (YCC), may be implemented to suppress long-term interest rates and potentially the entire yield curve [1] Group 2: Future Outlook - Looking ahead, debt monetization and YCC are expected to lead to a trend of increasing dollar liquidity, which may result in a weaker dollar and a continuation of a global bull market [1] - This environment is likely to benefit precious metals like gold and silver, as well as copper, and emerging markets, particularly the Chinese stock market, which remains significantly underweighted by global funds [1] Group 3: Currency and Stock Market Implications - The global liquidity easing, combined with a trend of overseas funds converting to RMB, may drive an appreciation of the RMB against the USD [1] - The Chinese stock market is anticipated to maintain a long-term bullish trend [1]