惠誉：沙特债务资本市场发展迅速，但面临全球市场的波动风险。 ...

Core Viewpoint - The recent statement from the Central Political Bureau emphasizes the need for a "stable and active capital market," indicating a dual focus on stability and market vitality moving forward [1][2]. Group 1: Stability as a Foundation - Stability is the essential foundation for the healthy development of the capital market, serving as a baseline requirement for preventing financial risks and activating economic momentum [2]. - The Chinese capital market has been recognized as one of the most vibrant globally, with its stock and bond markets ranking second in size worldwide, and commodity futures trading volumes consistently among the highest [2]. Group 2: Activity as a Driving Force - An active capital market enhances self-repair and adjustment capabilities, stabilizing prices and expectations while providing continuous financing support for enterprises [3]. - A vibrant market attracts more social capital, serving as a reservoir for wealth preservation and appreciation, which in turn promotes the stability of the real economy and the capital market [3]. Group 3: Strategies for an Active Market - Increasing the attractiveness of listed companies is crucial, as they are the source of investment value in the capital market [4]. - There is a need to attract more long-term capital into the market to enhance activity and improve risk resistance [4]. - Continuous optimization of a healthy market ecosystem is essential, including strict measures against financial fraud and market manipulation, to create a favorable investment environment [4]. Group 4: Future Outlook - The combination of stability and activity will provide a solid foundation for the Chinese capital market to face risks and challenges ahead [5].

以下文章来源于芒格书院 ，作者李录 芒格书院 . 由资深出版人施宏俊先生创立，定位于为终身学习者提供学习和思考的知识资源，推动认知升级和思想 分享。 " 中国还有好多比较容易的改革红利，是因为观念上的堵塞没有被疏通起来。疏通以后就可以在比较短 的时间之内加速，把经济迅速地从依赖外需和内需结合，变成主要由内需驱动。 " " 从更长期的影响来看，这次的贸易战可能加速中国经济从投资与出口驱动转向由内需驱动。 " " 世界秩序的变化已经不可逆转，它会演进到一种新的秩序上…… 中国有机会在国际秩序重塑中占据 对自己有利的位置。 " "三重动力——经济竞争收益、地缘政治压力、好奇心驱动——已使技术演进形成不可逆转的惯性。" 2024年12月7日，喜马拉雅资本创始人李录在北京大学光华管理学院"价值投资"课程十周年沙龙上， 提出了对国内、国际"时代困惑"的深刻反思。（ 点此阅读： 《 李录3万字演讲实录：理解了这些问题， 就理解了价值投资的当下可为之处……》 ） 今年4月6日，在59岁生日当天，在西雅图面对芒格书院部分会员的提问，李录进一步给出了自己的解 法。 谈保障体系、谈资本市场、谈全球秩序的演变，也谈AI带来的冲击与挑 ...