{"id":11538,"date":"2026-01-22T14:43:55","date_gmt":"2026-01-22T14:43:55","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/sc-asia\/?p=11538"},"modified":"2026-01-23T14:21:24","modified_gmt":"2026-01-23T14:21:24","slug":"setting-the-stage-for-a-sustainable-chinese-equity-rally","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/sc-asia\/insights\/setting-the-stage-for-a-sustainable-chinese-equity-rally","title":{"rendered":"\u4e3a\u4e2d\u56fd\u80a1\u5e02\u53ef\u6301\u7eed\u4e0a\u6da8\u5960\u5b9a\u57fa\u7840"},"content":{"rendered":"\n<p><strong>Jasmine Duan\u2014\u9999\u6e2f<\/strong><\/p>\n\n\n\n<p>\u4e2d\u56fd\u80a1\u5e02\u5728 2025 \u5e74\u4ee5\u5f3a\u52b2\u7684\u5e74\u5ea6\u6da8\u5e45\u6536\u5b98\uff0c\u8fde\u7eed\u7b2c 2 \u5e74\u5f55\u5f97\u663e\u8457\u4e0a\u5347\u3002MSCI \u4e2d\u56fd\u6307\u6570\u5927\u6da8 31%\uff0c\u9999\u6e2f\u7684\u6052\u751f\u6307\u6570\u4ea6\u4e0a\u534728%\u3002\u8fd9\u4e00\u6da8\u5e45\u4ee4\u4f17\u591a\u5e02\u573a\u53c2\u4e0e\u8005\u59cb\u6599\u672a\u53ca\u2014\u5e74\u521d\u65f6\uff0c\u7531\u4e8e\u4e2d\u7f8e\u8d38\u6613\u7d27\u5f20\u5c40\u52bf\u6301\u7eed\uff0c\u8bb8\u591a\u5206\u6790\u5e08\u66fe\u547c\u5401\u8c28\u614e\u884c\u4e8b\u3002 <\/p>\n\n\n\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u4e0b\u5217\u56e0\u7d20\u5c06\u5f71\u54cd 2026 \u5e74\u7684\u80a1\u5e02\u56de\u62a5\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u653f\u7b56\u5236\u5b9a\u8005\u5c06\u5982\u4f55\u8bbe\u5b9a\u7ecf\u6d4e\u589e\u957f\u76ee\u6807\">\u653f\u7b56\u5236\u5b9a\u8005\u5c06\u5982\u4f55\u8bbe\u5b9a\u7ecf\u6d4e\u589e\u957f\u76ee\u6807\uff1f<\/h2>\n\n\n\n<p>\u4e2d\u56fd\u653f\u7b56\u5236\u5b9a\u8005\u5df2\u4e8e 2025 \u5e74 10 \u6708\u516c\u5e03\u300a\u7b2c\u5341\u4e94\u4e2a\u4e94\u5e74\u89c4\u5212\u300b\uff0c\u52fe\u52d2\u51fa 2026\u20132030 \u5e74\u7684\u53d1\u5c55\u84dd\u56fe\u3002\u5728\u7ecf\u6d4e\u589e\u957f\u65b9\u9762\uff0c\u8be5\u89c4\u5212\u7684 \u76ee\u6807\u662f\u8ba9\u4e2d\u56fd\u4e8e 2035 \u5e74\u8fbe\u5230\u4e2d\u7b49\u53d1\u8fbe\u56fd\u5bb6\u6c34\u5e73\uff0c\u8fd9\u610f\u5473\u7740\u4eba\u5747 GDP \u5c06\u7531\u76ee\u524d\u7ea6 13,300 \u7f8e\u5143\u63d0\u5347\u8fd1 50%\uff0c\u81f3 20,000 \u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u6839\u636e\u5b98\u65b9\u515a\u5185\u5b66\u4e60\u6750\u6599\uff0c\u653f\u7b56\u5236\u5b9a\u8005\u660e\u786e\u6307\u51fa\uff0c\u4e2d\u56fd\u5728\u672a\u6765 10 \u5e74\u5c06\u5b9e\u73b0\u5e74\u5747 4.17% \u7684\u7ecf\u6d4e\u589e\u957f\u7387\u3002\u867d\u7136 2026 \u5e74\u7684 GDP \u589e\u957f \u76ee\u6807\u9884\u8ba1\u5c06\u4e8e 3 \u6708\u6b63\u5f0f\u516c\u5e03\uff0c\u4f46\u6211\u4eec\u9884\u671f\uff0c\u5728\u672a\u6765\u6570\u5e74\u5185\u589e\u957f \u7387\u4ecd\u5c06\u7ef4\u6301\u5728\u76f8\u5bf9\u8f83\u9ad8\u6c34\u5e73\uff08\u7ea6 5%\uff09\uff0c\u4e4b\u540e\u624d\u4f1a\u9010\u6b65\u653e\u7f13\u3002<\/p>\n\n\n\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u5728\u300a\u7b2c\u5341\u4e94\u4e2a\u4e94\u5e74\u89c4\u5212\u300b\u521d\u671f\u786e\u4fdd\u8f83\u9ad8\u7684\u7ecf\u6d4e\u589e\u957f\uff0c\u6709\u52a9\u4e8e\u5728\u540e\u7eed\u5e74\u5ea6\u9002\u5ea6\u4e0b\u8c03\u76ee\u6807\u3002\u5728\u521d\u671f\u9636\u6bb5\u79ef\u6781\u8ffd\u6c42 \u66f4\u5f3a\u52b2\u7684\u589e\u957f\uff0c\u4ea6\u53ef\u80fd\u91ca\u653e\u6b63\u9762\u8baf\u53f7\uff0c\u8fdb\u4e00\u6b65\u63d0\u632f\u5bb6\u5ead\u4e0e\u4f01\u4e1a\u4fe1\u5fc3\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u4f46\u957f\u671f\u589e\u957f\u6311\u6218\u4f55\u5728\"><strong>\u4f46\u957f\u671f\u589e\u957f\u6311\u6218\u4f55\u5728\uff1f<\/strong><\/h2>\n\n\n\n<p>\u96c4\u5fc3\u52c3\u52c3\u7684\u589e\u957f\u76ee\u6807\u867d\u5177\u6fc0\u52b1\u4f5c\u7528\uff0c\u4f46\u4e5f\u5f15\u53d1\u4e86\u4e00\u4e9b\u6295\u8d44\u8005\u7684\u5ba1\u614e\u5173\u6ce8\u3002\u8bb8\u591a\u5e02\u573a\u53c2\u4e0e\u8005\u8ba4\u4e3a\uff0c\u4e2d\u56fd\u4ecd\u9762\u4e34\u591a\u91cd\u957f\u671f\u589e\u957f\u6311\u6218\uff0c\u4f8b\u5982\u623f\u5730\u4ea7\u5e02\u573a\u8c03\u6574\u5c1a\u672a\u5b8c\u6210\u3001\u5185\u9700\u75b2\u8f6f\u3001\u901a\u7f29\u538b\u529b\u4ee5\u53ca\u6301\u7eed\u7684\u5730\u7f18\u653f\u6cbb\u7d27\u5f20\u5c40\u52bf\u3002\u6211\u4eec\u8ba4\u4e3a\uff0c\u5c3d\u7ba1\u8fd9\u4e9b\u6311\u6218\u9700\u8981\u4e00\u5b9a\u7684\u65f6\u95f4\u5316\u89e3\uff0c\u867d\u5176\u5bf9\u6574\u4f53\u7ecf\u6d4e\u548c\u80a1\u5e02\u7684\u5f71\u54cd\u8fd8\u662f\u9700\u8981\u4ed4\u7ec6\u5206\u6790\u3002<\/p>\n\n\n\n<p>\u4ee5\u623f\u5730\u4ea7\u4e1a\u4e3a\u4f8b\uff0c\u4f4f\u5b85\u4ef7\u683c\u4e0e\u6295\u8d44\u4ecd\u5904\u4e8e\u4e0b\u884c\u8d8b\u52bf\uff0c\u5f00\u53d1\u5546\u6301\u7eed\u9762\u4e34\u8d22\u52a1\u56f0\u5883\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u8fd1\u5e74\u6765\u4e2d\u56fd\u524d 50 \u5927\u5f00\u53d1\u5546\u4e2d\uff0c\u5df2\u6709\u4e09\u5206\u4e4b\u4e8c\u53d1\u751f\u503a\u5238\u8fdd\u7ea6\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u5176\u5bf9\u7ecf\u6d4e\u4e0e\u80a1\u5e02\u7684\u51b2\u51fb\uff0c\u5e94\u8f83\u8fc7\u5f80\u51e0\u5e74\u4e3a\u4f4e\u30022018 \u5e74\u9ad8\u5cf0\u65f6\uff0c\u623f\u5730\u4ea7\u53ca\u76f8\u5173\u4ea7\u4e1a\u7ea6\u5360\u4e2d\u56fd GDP \u7684 25%\uff1b\u4f46\u6839\u636e\u5f6d\u535a\u7ecf\u6d4e\u7814\u7a76\u7684\u4f30\u7b97\uff0c\u8be5\u6bd4\u91cd\u5df2\u5927\u5e45\u4e0b\u964d\uff0c\u800c\u79d1\u6280\u4e1a\u5bf9\u7ecf\u6d4e\u7684\u8d21\u732e\u5219\u9010\u6b65\u586b\u8865\u4e86\u623f\u5730\u4ea7\u4e1a\u7684\u89d2\u8272\u3002\u76ee\u524d\uff0c\u623f\u5730\u4ea7\u4e1a\u4ec5\u5360 MSCI \u4e2d\u56fd\u6307\u6570\u7684 1.4%\uff0c\u5373\u4f7f\u672a\u6765\u4ecd\u6709\u8d1f\u9762\u6d88\u606f\u51fa\u73b0\uff0c\u5176\u5bf9\u80a1\u5e02\u7684\u76f4\u63a5\u5f71 \u54cd\u4ea6\u76f8\u5f53\u6709\u9650\u3002<\/p>\n\n\n\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u623f\u5e02\u4fee\u6b63\u5df2\u4e0d\u518d\u6784\u6210\u7cfb\u7edf\u6027\u91d1\u878d\u98ce\u9669\u3002\u653f\u7b56\u5236\u5b9a\u8005\u5bf9\u623f\u5730\u4ea7\u4e1a\u7684\u91cd\u89c6\u7a0b\u5ea6\u4ea6\u660e\u663e\u4e0b\u964d\uff0c\u5728 2026 \u5e74\u516b\u5927\u7ecf\u6d4e\u5de5\u4f5c\u91cd\u70b9\u4e2d\u6392\u540d\u6700\u540e\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-\u79d1\u6280\u4e1a\u5bf9\u4e2d\u56fd\u7ecf\u6d4e\u7684\u8d21\u732e\u5df2\u53d6\u4ee3\u623f\u5730\u4ea7\u4e1a\">\u79d1\u6280\u4e1a\u5bf9\u4e2d\u56fd\u7ecf\u6d4e\u7684\u8d21\u732e\u5df2\u53d6\u4ee3\u623f\u5730\u4ea7\u4e1a<\/h3>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-\u79d1\u6280\u76f8\u5173\u4ea7\u4e1a\u4e0e\u623f\u5730\u4ea7\u76f8\u5173\u4ea7\u4e1a\u5bf9\u4e2d\u56fd-gdp-\u7684\u8d21\u732e\">\u79d1\u6280\u76f8\u5173\u4ea7\u4e1a\u4e0e\u623f\u5730\u4ea7\u76f8\u5173\u4ea7\u4e1a\u5bf9\u4e2d\u56fd GDP \u7684\u8d21\u732e<\/h4>\n\n\n\n<div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/setting-stage-chinese-equity-en-chart-1-in-page-corp.png\" alt=\"Technology-related and property-related sector contributions to Chinese GDP\" class=\"img-fluid mb-1-half\" aria-describedby=\"ex1desc\" \/>\n        <ul class=\"rbc-legend rbc-legend-inline\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\">\n              <div class=\"rbc-legend-circle c-warm-yellow\"><\/div>\n            <\/div>\n           \u623f\u5730\u4ea7\u76f8\u5173\u884c\u4e1a\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\">\n              <div class=\"rbc-legend-circle c-dark-blue-tint-1\"><\/div>\n            <\/div>\n            \u79d1\u6280\u76f8\u5173\u884c\u4e1a\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">\n\u8d44\u6599\u6765\u6e90\u2014RBC \u8d22\u5bcc\u7ba1\u7406\u3001\u5f6d\u535a\u7ecf\u6d4e\u7814\u7a76\u3001\u4e2d\u56fd\u56fd\u5bb6\u7edf\u8ba1\u5c40\uff1b2025 \u5e74\u53ca 2026 \u5e74\u6570\u636e\u4e3a\u5f6d\u535a\n\u7ecf\u6d4e\u7814\u7a76\u7684\u9884\u6d4b\u503c\u3002\n\n        <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-\u63d0\u632f\u5185\u9700\u65b9\u5f0f\u7684\u8f6c\u53d8\"><strong>\u63d0\u632f\u5185\u9700\u65b9\u5f0f\u7684\u8f6c\u53d8<\/strong><\/h2>\n\n\n\n<p>\u300a\u7b2c\u5341\u4e94\u4e2a\u4e94\u5e74\u89c4\u5212\u300b\u524d\u6240\u672a\u6709\u5730\u5c06\u5185\u9700\u4e0e\u6d88\u8d39\u7f6e\u4e8e\u4f18\u5148\u5730\u4f4d\u3002\u7136\u800c\uff0c\u8fd1\u671f\u7684\u523a\u6fc0\u63aa\u65bd\uff08\u4f8b\u5982\u6d88\u8d39\u54c1\u4ee5\u65e7\u6362\u65b0\u8865\u8d34\u8ba1\u5212\u7684\u8c03\u6574\uff09\u663e\u793a\uff0c2026 \u5e74\u7684\u8865\u8d34\u91d1\u989d\u4e0e\u9002\u7528\u8303\u56f4\u53ef\u80fd\u8f83\u53bb\u5e74\u66f4\u4e3a\u6536\u655b\u3002\u8fd9\u4e5f\u5f15\u53d1\u4e00\u4e2a\u95ee\u9898\uff1a\u63d0\u632f\u5185\u9700\u7a76\u7adf\u53ea\u662f\u53e3\u53f7\uff0c\u8fd8\u662f\u653f\u5e9c\u5c06 \u63a8\u51fa\u5177\u4f53\u800c\u6709\u529b\u7684\u884c\u52a8\uff1f<\/p>\n\n\n\n<p>\u6211\u4eec\u8ba4\u4e3a\uff0c\u652f\u6301\u5185\u9700\u7684\u653f\u7b56\u601d\u8def\u5df2\u51fa\u73b0\u8f6c\u53d8\u3002\u653f\u7b56\u5236\u5b9a\u8005\u6b63\u5c06\u91cd\u5fc3\u653e\u5728\u7f29\u5c0f\u6240\u5f97\u5dee\u8ddd\uff0c\u4ee5\u53ca\u9632\u6b62\u519c\u6751\u8d2b\u56f0\u518d\u5ea6\u6076\u5316\u3002\u8fd1\u671f\u5c31\u4e1a\u5e02\u573a\u75b2\u5f31\uff0c\u5df2\u6291\u5236\u519c\u6c11\u5de5\u85aa\u8d44\u589e\u957f\uff0c\u81ea 2023 \u5e74\u4ee5\u6765\uff0c\u519c\u6c11\u5de5\u4eba\u6570\u589e\u901f\u4ea6\u660e\u663e\u653e\u7f13\u3002\u82e5\u519c\u6c11\u5de5\u5728\u57ce\u5e02\u5931\u4e1a\u5e76\u8fd4\u56de\u519c\u6751\uff0c\u519c\u6751 \u8d2b\u56f0\u7387\u53ef\u80fd\u4e0a\u5347\u3002<\/p>\n\n\n\n<p>\u56e0\u6b64\uff0c\u6211\u4eec\u9884\u671f\u672a\u6765\u5c06\u63a8\u51fa\u66f4\u5177\u9488\u5bf9\u6027\u7684\u63aa\u65bd\uff0c\u7740\u91cd\u4e8e\u6536\u5165\u518d\u5206\u914d\u4e0e\u5f3a\u5316\u4f4e\u6536\u5165\u65cf\u7fa4\u7684\u793e\u4f1a\u5b89\u5168\u7f51\uff0c\u800c\u975e\u5e7f\u6cdb\u6027\u7684\u6d88\u8d39\u8865\u8d34\u3002\u6f5c\u5728\u7684\u65b0\u653f\u7b56\u65b9\u5411\u4ea6\u53ef\u80fd\u5305\u62ec\u964d\u4f4e\u751f\u80b2\u76f8\u5173\u6210\u672c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" 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