CGS(601881) 证券时报·2025-04-23 18:15Core Viewpoint - Despite external disturbances such as the so-called "reciprocal tariffs" from the United States, the resilience of Chinese assets is increasingly evident, and the asset revaluation process has not been interrupted [1] Group 1: Economic Transition and Asset Revaluation - The current round of asset revaluation in China is a market-driven re-pricing of technological dividends and an inevitable result of resource allocation optimization [1] - The role of China in the global industrial chain is expected to transition from "scale-driven" to "innovation-driven," evolving from a "key node" in the global value chain to a "system integrator" [1][3] - The underlying logic of asset revaluation stems from the deepening transition between old and new growth drivers, with traditional real estate economic momentum weakening and new productive forces represented by AI, new energy, and high-end manufacturing becoming the new engines of economic growth [2] Group 2: Policy and Market Dynamics - The resonance between the "dual easing" policy cycle and technological breakthroughs at the industrial level is driving capital migration from low-efficiency old economies to high-growth new economies [2] - The complete nature and scale effect of Chinese manufacturing remain irreplaceable core advantages, stabilizing the global supply chain [3] - The integration of regional value chains through initiatives like the Belt and Road and the Regional Comprehensive Economic Partnership is enhancing industrial collaboration with Southeast Asia and Central and Eastern Europe [3] Group 3: Market Performance and Structural Changes - The logic of asset revaluation is not only based on technological breakthroughs but also on policy dividends, global capital rebalancing, and industry ecosystem collaboration [4] - Future investment logic will shift towards a "high-quality development" framework, emphasizing policy guidance and technological breakthroughs [5] - A structural differentiation in performance is expected between A-shares and Hong Kong stocks, with Hong Kong stocks benefiting from global capital re-evaluation of new productive forces like AI and humanoid robots, while A-shares reflect domestic demand recovery and policy-driven traditional economic restoration [5][6] Group 4: Foreign Capital Inflows and Market Dynamics - Foreign capital is increasingly optimistic about Chinese assets, with many foreign institutions expressing their intent to increase investments [7] - The inflow structure of foreign capital may shift from being predominantly passive to a balance of active and passive investments, with market pricing power leaning towards value investment logic that emphasizes fundamentals [7] Group 5: Ensuring Sustainable Asset Revaluation - Continuous breakthroughs in technological innovation and efficiency in industrial transformation are critical engines for sustainable asset revaluation [9] - The precision and coherence of policy tools are essential, requiring structural tools to guide capital towards hard technology sectors while preventing local debt risks from squeezing policy space [10] - The rebalancing of global capital must resonate with improvements in fundamentals, as long-term allocation intentions depend on corporate profitability and return on equity [10] - A sustainable revaluation should be based on a closed loop of "technological breakthroughs - commercial realization - capital feedback," enhancing value discovery and resource allocation efficiency through a multi-tiered capital market [10]