吉林省白山市副市长李研出席论坛并发表开幕致辞，系统阐述了白山市未来发展新战略。他强调，白山将持续拓宽 "两山"转化实践路径，同步培育文 旅、大健康、绿色食品、清洁能源、新材料及新兴与未来产业，始终坚持项目为王发展理念，着力构建生态赋能型可持续发展新模式，不断夯实高质 量发展根基、增强发展后劲。 春入长白，雪映新程。当前世界局势风云激荡，地缘政治冲突加剧全球经济格局动荡 。在此背景下，丙午马年开年之际，一场聚焦文旅与资本融合发 展、探寻变局中发展机遇的思想盛宴如约启幕。 3月5日，2026（第四届）长白山论坛暨中国旅游论坛在吉林省白山市盛大举办，本届论坛以投资赋能·文旅共生为核心主题，由吉林省白山市政府指 导，凤凰网财经、中国旅游论坛组委会联合主办，715传媒、中国财商管理精 英协会、鲸商教育协办。 政商学界大咖齐聚雪山之下，思想碰撞、智慧交融，立足全球变局，共话新质生产力培育、文旅新消费升级与区域经济高质量发展的全新路径，为不 确定性中的产业发展注入确定性力量。 吉林省白山市副市长李研 凤凰网 CFO吕靖在致辞中表示，凤凰网作为全球化媒体平台，始终以讲好中国故事为牵引，以维护全球华人利益为己任，持续传递中国价 ...

Core Viewpoint - The 2026 Chinese equity market is expected to enter a "long cycle, structural bull market," while the bond market will shift to a phase of volatility, and a super cycle for commodities may gradually begin, with global asset allocation focusing more on China [1][7]. Group 1: Chinese Equity Market - In the first 11 months of 2025, global major assets showed a comprehensive increase, with the South Korean Composite Index and COMEX gold rising over 60%, while the CSI 300 and Hang Seng Index increased over 25% [3][9]. - Foreign capital inflow into the Chinese stock market reached $50.6 billion in the first 10 months of 2025, significantly surpassing the total of $11.4 billion for the entire year of 2024 [3][9]. - The allocation ratio of global active mutual funds to Chinese stocks is currently at 6.4%, which is below the historical average of 9%, indicating significant room for growth [3][9]. - The equity allocation ratio of domestic wealth management products is only 2.1%, and if it rises to the average of 5.44% from 2017 to 2024, it could bring an additional 1.15 trillion yuan [3][9]. - The investment themes for 2024 Q3 to 2025 Q3 will focus on "innovative drugs + technology growth" (including innovative drugs, computers, and semiconductors), with energy storage and lithium batteries taking over in Q4 2025, and chemicals and consumer sectors entering a recovery cycle in 2026 [3][9]. Group 2: Bond Market - The rapid decline in bond market interest rates has ended, with the policy interest rate reduction space narrowing to 10-20 basis points, and the 10-year government bond yield expected to fluctuate between 1.5% and 1.9%, while the 30-year yield is projected to be between 1.8% and 2.3% [4][10]. - The bond market's single-sided bull market has concluded, and future trends are expected to be dominated by volatility [4][10]. Group 3: Commodity Market - Current commodity prices are at multi-decade lows relative to U.S. stocks, with the commodity equity ratio approaching historical lows, and gold has already begun to rise, along with noticeable increases in copper and aluminum prices [4][10]. - A new super cycle for commodities is anticipated, driven by global interest rate cuts, economic recovery, and factors such as the U.S. being the only source of growth in global oil production and OPEC+ reaching production limits [4][10].