基于上述宏观判断，刘煜辉给出了对A股的乐观预期。他预计，中国或用三年时间把"战略优势"转化 为"战略胜势"，而市场的超额收益将集中在与战略优势绑定的赛道，如循环经济、AI算力自主、关键材料 掌控等。 除产业层面，刘煜辉还聚焦货币金融与要素改革，建议以中国庞大的贸易规模与供应链优势为基础，在香 港市场推动核心资产"代币化"，为持有人民币的全球主体提供"资产沉淀市场"。他预判，未来5年人民币 有望抢占全球金融交易20%的份额，这将重塑全球货币格局，也为A股带来增量资金。 新华财经上海10月13日电（记者郭慕清）汇正财经日前在沪举办以"观潮谋新策，蓄势迎长虹"为主题的 2025年第四季度策略会。会上，上海首席经济学家金融发展中心副主任、中国首席经济学家论坛理事刘煜 辉就国内经济复苏逻辑、A股市场趋势及十五五规划方向等维度，为投资者解析了当前市场的核心矛盾与 长期机遇。 对于国内经济，刘煜辉聚焦两个关键指标PPI和M2-M1。PPI本质是"中国核心经济资产的盈利映射"，其转 正意味着成分股的收入与利润将显著改善，仅这一因素就足以支撑指数在未来的上涨可能。 数据显示，过去一年M2与M1的差距持续收窄，这一指标直接反映市 ...

Core Insights - The latest data reveals that 27 private equity firms with over 10 billion yuan in assets have appeared in the top ten shareholders of 94 A-share listed companies, with a total holding value of 34.731 billion yuan [1] Group 1: Private Equity Holdings - In Q2, 18 companies saw increased holdings from these private equity firms, while 47 companies maintained their positions, and 10 companies experienced reduced holdings [2] - Notably, Gao Yi Asset Management reduced its stake in Hikvision (002415) by 12 million shares but still holds a significant value of 9.373 billion yuan [2] - Gao Yi Asset also increased its positions in Longbai Group (002601), Angel Yeast (600298), and Yun Aluminum (000807) by 8 million, 3.5 million, and 8.4 million shares respectively [2] Group 2: Industry Focus - The concentrated holdings of private equity firms are primarily in five sectors: electronics, pharmaceuticals, computers, machinery, and basic chemicals, with the number of heavy stocks being 15, 13, 10, 8, and 7 respectively [3] - The electronics sector is particularly favored, with firms like Dazhongquan Investment and Shanghai Ruijun Asset Management making significant investments in companies like Shengyi Technology (600183) and Yangjie Technology (300373) [3] - The pharmaceutical sector also attracted attention, with new investments in companies like Taiji Group (600129) and increased holdings in companies like Fuyuan Pharmaceutical (601089) [3] Group 3: Market Trends and Insights - The movements of these private equity firms serve as a market barometer, reflecting their insights into global macro changes and China's economic transition [4] - The focus on sectors such as electronics and pharmaceuticals aligns with government support for new productivity and technological innovation [4] - The overall market sentiment is positive, with a mild improvement in the macroeconomic environment and increased investor risk appetite, supported by liquidity in the market [5]