At the 2025 Analyst Conference held on November 28, industry leaders including Wang Qing, Chairman and Chief Economist of Chongyang Investment, delivered insights on navigating cyclical market challenges. Wang presented a keynote speech titled "From Price Revaluation to Earnings-Driven Growth," outlining his perspective on China's capital market trajectory.

Drawing historical parallels with the U.S. and Japan, Wang highlighted China's unique post-property bubble challenge: severe local government fiscal strain. He likened China's post-September 24 policy package to Japan's "Abenomics three arrows," particularly emphasizing the critical role of central government assistance in resolving local debt. "This mirrors the U.S. government's financial institution bailouts, targeting the core blockage in China's economy," Wang noted, asserting these measures have stabilized economic fundamentals, market sentiment, and triggered equity revaluation.

Wang segmented market evolution into two phases: pre-September 24 saw high-dividend stocks revalued amid asset scarcity and ultra-low risk appetite; post-September 24 witnessed risk appetite recovery and growth stock revaluation, particularly in tech innovation sectors.

Looking ahead, Wang anticipates the broad revaluation phase has concluded, marking the "second half" of market development. Future opportunities will stem not from blanket valuation boosts but from earnings-driven performance at individual stock and sector levels, creating distinct structural patterns. "The accumulation of these phased structural trends constitutes a slow bull market," he explained. While acknowledging market skepticism around "slow bull" narratives, Wang stressed China's unprecedented structural economic transformations lay the groundwork for such conditions.