海通证券荀玉根：“中国智造”有望为经济发展注入新动能

Investment Philosophy - The essence of investment is to manage desires, with a focus on "slowly becoming rich" rather than seeking quick gains [3][4] - Emphasis on understanding major variables and market trends, advocating for a "less is more" approach in research [2][3] Chinese Economic Outlook - "Intelligent manufacturing" is seen as a new engine for China's economic development, crucial for the transition from old to new economic drivers [4][5] - The real estate sector currently accounts for approximately 25% of GDP, while strategic emerging industries contribute around 15% [4] - Service consumption, currently at about 20%, is identified as a potential growth area, especially with advancements in AI [4] Market Dynamics - The second quarter of the year is viewed as a critical observation period for policy impacts on both the US and global economies [6][7] - The narrative of "East rising, West falling" is challenged, suggesting a more nuanced view of global economic interdependence [6][7] - The US economy's performance, which constitutes 26.1% of global GDP, significantly influences global market dynamics [7]