Core Insights - India's manufacturing sector has declined from 16.5% of GDP in 2014 to 14.1% in 2024, indicating a regression in industrialization efforts over the past decade [1] - Infrastructure projects, such as the high-speed rail line, have faced significant delays due to land acquisition issues, with only 10 kilometers completed by 2024, originally scheduled for completion in 2022 [1][3] - The reliance on landowners and the lack of government authority to enforce land acquisition have hindered infrastructure development [3] Education and Workforce Challenges - The quality of education in India is poor, with 2022 data showing that third-grade students struggle to read first-grade texts, and 40% of sixth graders cannot perform basic arithmetic [3] - The definition of literacy in India is overly simplistic, with "being able to write one's name" counted as literacy, raising concerns about the quality of the workforce [3] - There is a preference among the youth for software jobs over low-end manufacturing, leading to a shortage of skilled workers in the manufacturing sector [3][4] Manufacturing Sector Limitations - India's manufacturing industry lacks a robust heavy industry base, resulting in reliance on imports for equipment and raw materials, contributing to a projected trade deficit of $189 billion for 2024-2025, with a $99.2 billion deficit against China alone [4] - The failure of Modi's $23 billion initiative to boost manufacturing is attributed to over-reliance on external factors, such as U.S. efforts to restructure supply chains, which have not materialized as expected [6] - Systemic issues, including land reform challenges, inadequate education, incomplete supply chains, and policy reliance on external support, are significant barriers to India's industrial growth [6]

文/李悦 在全球经济格局正经历深度重构、不确定性 显著增强的当下，中国资本市场的估值优势正愈发成为 全球投资者瞩目的焦点。 当前， A股与港股估值水平已 滑落至历史相对低位区间 。 以沪深300指数为例， 其市盈率仅为 12.6倍 ， 这一数值 不足标普500 指数 的一半， 相较于 日经225指数、德国DAX指数等国际主要 股指，同样处于明显低位。 这 意味着在全球资本市场中，A股市场正以极具吸引力的价格，为投资者提供分享中国优质企业成 长红利的机会。 然而，从市场的实际情况来看，A股对外资的吸引力并未如预期般强劲。 据Wind数据，近三年外资持有A股数量虽呈增长趋势，但外资持股市值在流通A股市值和总股本市值 中的占比，均呈下降趋势。截至5月26日，外资持有A股数量合计1274.85亿股，持股市值达2.33万 亿元，占流通A股市值约2.95%，占总股本市值为2.33%。这一数值 与 中国作为世界 第二大经济 体的 庞大 体量形成巨大错位 ， 与A股估值洼地优势 更是 形成鲜明反差 。 数据来源：Wind 在关税战阴云未散的背景下， 中国资本市场该如何突围， 将估值洼地转化为全球资本的"价值锚点" ？ 围绕上 ...