刘煜辉：赢家的溢价【2025下半年投资机会前瞻】Liu Yuhui: Winner's Premium – 2025 H2 Investment Outlook

在这场极具前瞻性的演讲中，知名经济学者刘煜辉教授分享了他对2025年下半年中国及全球宏观经济、资本市场及投资格局的深度洞察。他提出“赢家的溢价”（Winner’s Premium）这一核心概念，指出在政策主导、资源重新配置和结构优化的趋势下，赢家行业和公司将持续获得溢价估值和超额收益。对当前的低利率环境、资产荒、结构性通胀等宏观变量进行了精辟分析，并提出了2025年关键投资机会的判断。

In this forward-looking keynote, renowned economist Professor Liu Yuhui shares his deep insights on China's and the global macroeconomic landscape, capital markets, and investment trends for the second half of 2025. He introduces the concept of “Winner’s Premium,” emphasizing that sectors and companies aligned with structural reform and policy direction will continue to command valuation premiums and generate alpha. He also offers sharp analysis on macro variables such as low interest rates, asset scarcity, and structural inflation, and outlines key investment themes for 2025.

🎙 发言人 Speaker

刘煜辉（Liu Yuhui），中国社会科学院经济学教授，国家高端智库特聘专家，著名宏观经济学者。长期专注于宏观经济周期、货币政策与资本市场的研究，是“资产负债表衰退”理论在中国的主要倡导者之一。
Professor Liu Yuhui, Economist at the Chinese Academy of Social Sciences (CASS), National High-End Think Tank Expert. A prominent macroeconomist known for his research on business cycles, monetary policy, and financial markets. He is one of the leading voices in China advocating the theory of balance sheet recessions.

Видео 刘煜辉：赢家的溢价【2025下半年投资机会前瞻】Liu Yuhui: Winner's Premium – 2025 H2 Investment Outlook канала Bridging MarketMinds