From September 1st to 3rd, the autumn capital markets conference and closed-door exchange for listed companies, themed "Navigating Long Waves," was successfully held in Shanghai. The event, hosted by Gf Securities Co., Ltd., featured one main forum and ten parallel sessions, drawing over 4,000 institutional investors from public funds, insurance, banking, private equity, and overseas firms, alongside more than 800 listed companies for discussions.
In his opening address, Zhang Wei, Vice President of Gf Securities Co., Ltd., highlighted the accelerating evolution of the artificial intelligence technology revolution amid profound global political and economic shifts. He emphasized three key perspectives: firstly, AI is transitioning from technological innovation to practical application, and China's robust industrial base and rich application scenarios require a long-term view on the journey's inevitable fluctuations; secondly, technological revolutions aren't simply about replacing old industries with new ones, as opportunities exist in both emerging sectors and the intelligent upgrading of traditional industries, demanding keen identification of high-quality enterprises that continuously adapt and solidify their competitiveness; and thirdly, capital markets need to look beyond short-term volatility to understand industrial trends, corporate competitiveness, and value creation over longer time horizons. He reaffirmed Gf Securities Co., Ltd.'s commitment to strengthening professional capabilities, building a technology and industry-focused investment bank, and steadily advancing its international strategy.
Sun Maosong, Executive Vice President of Tsinghua University's Institute for Artificial Intelligence and a foreign academician of the Academia Europaea, shared insights on the latest technological evolution trends in AI, covering deep learning, reinforcement learning, and large models, along with opportunities and challenges for AI industrial implementation. Hu Jie, a former senior economist at the U.S. Federal Reserve and a practice professor at Shanghai Jiao Tong University's Shanghai Advanced Institute of Finance, discussed the Fed's operational mechanisms and how a new chairperson's shift in work paradigms could profoundly impact global financial markets.
Guo Lei, Chief Economist at Gf Securities Co., Ltd., delivered a keynote on "Four Relative Speeds on the Macro Front." He posited that the current macro landscape can be characterized as a contest among four dynamics: the speed of supply-demand iteration in technological revolution, the adjustment pace of growth performance versus capital costs in the global liquidity environment, the divergent velocity between domestic Kondratieff upswing and Kuznets cycle adjustments, and the offsetting momentum between short-term domestic economic pressures and fiscal stabilization policies. He observed that while the long-term technology outlook is clear, short-term supply-demand uncertainties are rising; major overseas central banks haven't concluded their tightening cycles; domestic real estate shows preliminary positive signs but its medium-term adjustment hasn't bottomed out; and accelerated fiscal pace in the second half could drive a shallow U-shaped economic recovery. For asset allocation, interest rates follow the Kuznets cycle, long-wave related assets should serve as foundational holdings, stable assets hedge against technology cycle and liquidity risks, and assets with the largest marginal changes can be tactical short-term adjustments.
Liu Chenming, Chief Strategist at Gf Securities Co., Ltd., presented the autumn strategy outlook for A-shares and Hong Kong stocks under the theme "Long-term Vision, Distant Horizons." He discussed key divergences and prospects across three areas: stable value assets still offer configuration advantages but with narrowed odds since mid-year as expected returns normalize; the investment paradigm for domestic consumption and real estate is fundamentally shifting, with pro-cyclical logic transitioning from betting on policy turning points to confirming earnings improvements; and institutional dynamics in A-shares have evolved from public fund dominance to a balanced multi-party game, with AI remaining the most growth-oriented structural theme. He noted that recursive superintelligence, or RSI, provides fresh narratives for AI investment, moving from "computing power expansion" to "demand recreation," particularly as agent capabilities achieve higher-level autonomous iteration breakthroughs, potentially unlocking new growth space for training and application demand.
Across the parallel sessions, over 70 industry experts and analysts from Gf Securities Co., Ltd. delivered insights on hot topics including AI hardware and applications, AI energy, innovative drugs, consumption, automobiles, and overseas expansion, alongside major asset classes, fixed income, and quantitative strategies. Listed companies spanning technology, advanced manufacturing, consumer healthcare, energy materials, and financial real estate engaged in in-depth discussions with institutional investors.
As the global political and economic order undergoes profound transformation and a new wave of technological and industrial revolution continues to break through, this forum brought together wisdom from academia and industry to explore long-cycle technological breakthroughs and economic cycle patterns, providing valuable references for future industrial development and asset allocation.