Group 1: Core Views - The growth of the Chinese capital market is seen as a significant turning point, with the long-term bull market being recognized as a national will and officially included in macroeconomic regulation [1][2] - The long-term bull market requires a supportive economic fundamental and monetary liquidity environment, as well as a conducive regulatory and social perception environment [1][3] Group 2: Economic Fundamentals for the Bull Market - A bull market cannot be solely based on high GDP growth; it must also ensure that the growth translates into returns for investors [2][3] - The technological revolution, particularly in artificial intelligence, is expected to drive economic growth and support a long-term bull market, with significant investments needed to close the gap in computing power between China and the US [2][3] Group 3: Interaction Between Capital Market and Real Economy - A long-term bull market must interact positively with the real economy, enhancing valuations for innovative companies and facilitating the exit of sunset industries [3][4] Group 4: Monetary Liquidity Conditions - Continuous deflationary pressures necessitate a loose monetary policy, which will support the bull market and help combat deflation [4][5] - The improvement in monetary liquidity since the central economic work conference has been notable, with M1 growth indicating potential stock market performance [4][5] Group 5: Interest Rate Policies - Significant interest rate cuts can alleviate the financial burden on households, businesses, and the government, potentially leading to increased consumption and investment [5][6] - The current interest rate levels in China still have room for significant reductions, which could further stimulate the economy and the stock market [5][6] Group 6: Strategic Planning for Capital Market Development - A strategic vision is essential for the capital market to thrive during the "15th Five-Year Plan," with a target for market capitalization to GDP ratio reaching international averages [7][8] - The shift in asset allocation from real estate to stocks and funds, along with the increase in long-term funds, could lead to substantial inflows into the stock market, significantly increasing market capitalization [7][8]