Special Topic: 2026 Global and China Capital Markets Outlook Forum On January 15th, the 2026 Global and China Capital Markets Outlook Forum was held, gathering top experts to discuss the new logic of wealth generation in the AI era and the future of capital markets. Guests indicated that from Warren Buffett to Elon Musk, AI is fundamentally restructuring the logic of global wealth creation! The A-shares bull market has not concluded, retaining significant depth and room for further evolution! However, with intense style rotations, investors are cautioned against the risk of "losing money in a bull market."

Wang Zhongmin: From Buffett to Musk, AI Reshapes Global Wealth Generation Logic; Chinese Market Welcomes Shift to Thematic Assets Wang Zhongmin, former Vice Chairman of the National Council for Social Security Fund, delivered a keynote speech. Wang pointed out that global wealth management has comprehensively shifted from traditional models of the industrial civilization and internet era to a new paradigm dominated by AI. The asset allocation logic represented by Warren Buffett, emblematic of the industrial age, is gradually fading, while Elon Musk, through his extreme commitment to new technologies, has become a benchmark for wealth growth in the new era. Wang Zhongmin stated that the asset management model built by Buffett performed exceptionally well from the industrial to the internet phase, achieving nearly 30 years of stable annualized returns. However, with the advent of the AI era, this model has struggled to adapt to the new pace of wealth generation. In contrast, Musk's personal wealth has now surpassed $750 billion; if SpaceX completes an IPO or is reverse-merged into Tesla, his personal wealth could potentially exceed one trillion dollars, making him the world's first trillionaire. This disparity underscores the explosive wealth growth driven by a full commitment to AI technology, highlighting the fundamental difference between old and new-era asset management models.

Tian Xuan on the "Three Pillars" of the Capital Market during the "15th Five-Year Plan" Period: Inclusive Venture Capital, Robust Secondary Markets, and Improved Rule of Law Tian Xuan, Dean of the National Institute of Financial Research at Tsinghua University and Vice Dean of the PBC School of Finance at Tsinghua University, stated that the "15th Five-Year Plan" period has two core tasks: vigorously developing the real economy and achieving high-level technological innovation. Especially today, with artificial intelligence being a key driver, technological innovation holds strategic significance. Tian Xuan expressed that the higher the lead VC's tolerance for failure, the greater the quantity and quality of innovation will be post-IPO for the invested companies. He emphasized the need for a more inclusive innovation market. Policy direction has shifted from a passive approach focused on "maintaining strategic resolve" and "seeking advantages while avoiding disadvantages" to a proactive stance that emphasizes "overcoming difficulties, battling risks, and meeting challenges with a spirit of historical initiative."

Wei Baochuan, Chairman of Hongdao Investment: Four Sequential Relationships in AI Industry Development Wei Baochuan, Chairman of Beijing Hongdao Investment, stated that Chinese household savings deposits grew from 25.7 trillion yuan in 2010 to 135.5 trillion yuan in 2023, with growth accelerating significantly after 2017. The equity market is situated within a "favorable monetary condition." Current speculation focuses heavily on large language models, but the future will inevitably transition to real-world physical models. In this context, autonomous driving appears more certain than humanoid robots because it operates in a two-dimensional space, whereas the latter involves a very complex, multi-dimensional space. When considering investments, it is crucial to observe how industries are developing and not overly dwell on short-term policy signals. A simple perspective is to continue holding shares in promising industries and excellent companies.

Liu Gang of CICC: Intense Style Rotation, Beware of "Losing Money in a Bull Market," Avoid This Operation Liu Gang, Managing Director of Research at CICC and Chief Analyst for Overseas and Hong Kong Stock Strategies, pointed out that the intense rotation across all A-share and Hong Kong stock sectors, including various thematic tracks, over the past year or two, often leading to premature price surges, is essentially driven by excess liquidity continuously chasing scarce assets perceived to offer high returns. Capital has played a significant role. This results in extremely volatile rotations. For instance, Hong Kong stocks exhibited a distinct style each quarter last year: internet stocks in Q1, new consumption in Q2, and innovative pharmaceuticals in Q3. If an investor happened to buy into the leading sector at the end of each quarter, it was entirely possible to lose money during a bull market. Looking ahead to 2026, two key questions arise. First, has the liquidity environment been disrupted? The answer is straightforward: not yet, primarily because macro liquidity remains abundant. However, caution is advised regarding overseas liquidity, as the proportion of global central banks easing policy is unlikely to increase further, currently nearing 90%. Second, micro liquidity, often referred to as the activation of deposits and inflows from wealth management products into the stock market, has already shown significant effects last year and this year. It is recommended not to extrapolate these trends indefinitely or base strategies solely on this single factor.

Zhang Yu of Huachuang Securities on the New Narrative of Chinese Manufacturing: Producing for "Global Anxiety," Supply Scarcity as the Core Advantage Zhang Yu, Chief Economist at Huachuang Securities, stated that the "three-year tailwind for bonds" from 2022 to 2024 has ended, and by 2026, equity assets are expected to become a more attractive allocation direction. The prosperity of export-driven midstream manufacturing is not a short-term phenomenon but a clear, independent trend catalyzed by changes in economic structure, likely to persist for two to three years. During this period, new market capitalizations and investment opportunities will continuously emerge. In the relationship between supply and demand, whichever side is relatively scarce holds the dominant power. Currently, global anxiety is rising, and demand is fragmented, while China's supply capability stands as the uniquely scarce element.

Fu Jingtao of Shenwan Hongyuan: Comprehensive Bull Market May Launch in the Second Half of 2026 Fu Jingtao, Chief A-Share Strategist at Shenwan Hongyuan, pointed out that the A-share bull market is not over, but its subsequent evolution will display a clear two-phase characteristic. The current market is in the high range of a structural technology bull market, while a true comprehensive bull market might require a phase of consolidation before potentially launching in the second half of 2026. Fu Jingtao emphasized that his core judgment is that the A-share bull market still has depth and room for further development. Addressing market disagreements about the bull market's pace and depth, he systematically elaborated on the "two-stage bull market theory." He believes that 2025 featured a structural bull market in technology growth and AI. Since September 3rd of that year, the market entered a high oscillation range, with the subsequent spring rally resembling an extension and diffusion of this structural bull market within its high range. The initiation of a comprehensive bull market might require a period of adjustment afterward, with a key timeframe pointing to the second half of 2026. By then, cyclical improvements in fundamentals, the next phase of strengthening trends in emerging industries, and the positive feedback loop of incremental capital inflows are expected to jointly drive the comprehensive bull market.

Roundtable Forum: "The 'Evolution' of Securities Firm Wealth Management: The AI Era? Strategic Divergence? Ultimately About People?" During the roundtable forum, moderated by Ai Xiaojun, Director of Quantitative Investment and Fund Manager at Guotai Fund, participants including Wang Yanhua (General Manager of the Digital Finance Center, Wealth Business Department, and Shenzhen Internet Branch, Guosen Securities), Song Xinlei (Deputy General Manager of the Wealth Platform Department, Guotai Haitong Securities), Wu Xuewei (General Manager of Personal Trading Solutions Department, CICC Wealth), Xie Yanyang (Member of the Wealth and Institutional Business Committee, Administrative Head of the Internet Finance Research Institute, Founder Securities), and He Chunming (Deputy General Manager of the Wealth and Private Banking Client Department, Guohai Securities) discussed the topic "The 'Evolution' of Securities Firm Wealth Management: The AI Era? Strategic Divergence? Ultimately About People?"

Wang Yanhua of Guosen Securities: The Endpoint of Wealth Management is "People's Hearts," Public Trust is the True AUM Wang Yanhua, General Manager of the Digital Finance Center, Wealth Business Department, and Shenzhen Internet Branch at Guosen Securities, proposed that the industry should return to its "people-centric" nature, with "winning people's hearts as the ultimate goal" guiding all technological and business evolution. He believes that public trust is the true AUM (Assets Under Management). The foundation for gaining this trust lies in helping clients preserve and increase their asset value, particularly by guiding rationality during market euphoria and instilling confidence during market downturns. Wang Yanhua further pointed out that all AI applications and innovations are essentially aimed at providing better companionship, professional service, and accessibility, with accessibility and investor education being very important. All efforts should create a win-win situation with clients; aiming for people's hearts means being people-centric.

How to Gain Investor Trust? Song Xinlei of Guotai Haitong: Treating Clients as Friends is Key Song Xinlei, Deputy General Manager of the Wealth Platform Department at Guotai Haitong Securities, shared during the roundtable that the traditional "massive manpower" strategy of securities firms is outdated, and the future will be an era of widespread intelligent agent application. He revealed that the company is actively experimenting with building intelligent agents to stabilize service output and significantly enhance content production and service efficiency through technologies like digital human systems. Discussing how to gain investor trust, Song Xinlei likened it to "making friends," emphasizing the key is providing stable, consistent, and warm companion-style service. He stressed that service output must remain stable, avoiding fluctuations; help should be provided promptly when investors need it, appropriate distance maintained when they don't, and companionship and psychological support offered during times of confusion. He believes that treating clients as friends and building long-term, mutually beneficial relationships is key to winning hearts. Although AI currently has shortcomings in emotional interaction and stability, these can be addressed through prompt engineering, model optimization, and continuous correction, gradually "training" AI like an employee to learn how to interact with clients and grow together.

Wu Xuewei of CICC Wealth: Determining "True" Buyer's Investment Advisory Based on Two Core Standards Wu Xuewei, General Manager of the Personal Trading Solutions Department at CICC Wealth, stated that, on average, one investment advisor needs to serve about 2,800 investors, making it impossible to manage effectively! AI empowerment of investment advisors is expected to become a core driver for improving quality and efficiency. Buyer's investment advisory services are not limited to public and private fund allocation; clients' stock and ETF trading also fall within its scope, and his focus is primarily on the stock and ETF trading领域. He further indicated that judging whether transaction-based services truly possess buyer's advisory attributes can be based on two core standards: first, the trading solutions tailored for clients must be based on their genuine needs, abandoning sales-oriented or trend-chasing recommendation logic; second, the professional services provided must be able to create substantial practical value for clients.

Navigating Cycles, How to Walk Alongside Clients? Xie Yanyang of Founder Securities: The Ultimate Answer in Wealth Management is "People's Hearts" Xie Yanyang, Member of the Wealth and Institutional Business Committee and Administrative Head of the Internet Finance Research Institute at Founder Securities, discussed the proposition of "the endpoint of wealth management." Xie Yanyang stated that the phrase "people's hearts as the center" is particularly apt, perfectly interpreting the essence of wealth management. In wealth management, this concept combines two elements. Xie Yanyang analyzed: The first point is emotional companionship. Technology empowers the former but cannot replace it. Technology realizes the latter and amplifies its value. Founder Securities holds an annual cultural case competition, where frontline wealth managers, through their companionship, generate numerous cases that transcend mere transactions. He believes this represents the cultural foundation within companionship. The second point is professional responsibility. Our wealth managers or investment advisors are not just asset allocators but also behavioral trust coaches for their clients. They must guide clients towards rational decision-making through allocation and behavioral coaching, forming positive habits in the process, thereby achieving account health and navigating bull and bear markets, which he views as a core objective.

He Chunming of Guohai Securities: Breaking the "Weather-Dependent" Dilemma in Wealth Management Relies on Truly Accompanying Clients Through Cycles He Chunming, Deputy General Manager of the Wealth and Private Banking Client Department at Guohai Securities, shared during the roundtable that for the wealth management industry to break the "weather-dependent" dilemma, the core lies in truly accompanying clients through bull and bear cycles. This requires institutions to undergo a fundamental transformation in their business models, insisting on a client-centric approach, and achieving long-term client satisfaction through deep service, expectation management, and behavioral guidance. He Chunming further pointed out that even if excellent investment advice is provided, client behavioral biases can still affect the final outcome. Therefore, investment advisors must also play the role of "behavioral coaches," helping clients reduce irrational operations and enhance their cognitive level to make their investment behavior more rational.

The 2nd Sina Finance Golden Kirin Best Investment Advisor Honors (Awards List) Simultaneously, the 2nd Golden Kirin National Top 100 Best Investment Advisors list, along with awards for Best Wealth Management Institutions and Best Investment Advisory Service Institutions, among others, were announced.