On September 10, the “2026 Financial Institutions Annual Meeting and Securities Investment Banking Forum” hosted by the Securities Times was held in Shenzhen. Zhang Yidong, member of the Haitong International Securities Executive Committee, head of the stock research department and chief economist, said in his keynote speech that, on the one hand, he continues to be optimistic about the fundamentals of the AI technology market and the new momentum of the Chinese economy. On the other hand, whether overseas capital is expected to be strong in September, the 10-year yield on US bonds is expected to fall after reaching around 5%. Therefore, September will usher in a reversal upward trend, and it is recommended that the fall market be laid out when September falls. However, he also mentioned that the market situation in the next few months will focus more on the orderly spread of investment logic that generates internal growth or epitaxial growth in performance, rather than the sharp rise in the current year, which was mainly based on valuation restoration. Zhang Yidong said that the fall market will further spread from the AI hardware market. The new investment logic dominated by AI applications empowering thousands of industries should be embraced and developed along two main lines: one is that the TMT market focuses on “differentiation”, which includes not only moving from thematic investment to performance verification, but also the AI industry logic shifting from focusing on infrastructure to focusing on applications; the other is the spread in the direction of “non-AI technology”, where hard-core assets in non-AI technology industries such as resources, energy, agriculture, and finance are expected to “blossom”. + Local Government Bonds” and ushered in mergers, acquisitions and restructuring Or an epitaxial increase in asset injections will result in a revaluation.
Zhitongcaijing · 2d ago
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On September 10, the “2026 Financial Institutions Annual Meeting and Securities Investment Banking Forum” hosted by the Securities Times was held in Shenzhen. Zhang Yidong, member of the Haitong International Securities Executive Committee, head of the stock research department and chief economist, said in his keynote speech that, on the one hand, he continues to be optimistic about the fundamentals of the AI technology market and the new momentum of the Chinese economy. On the other hand, whether overseas capital is expected to be strong in September, the 10-year yield on US bonds is expected to fall after reaching around 5%. Therefore, September will usher in a reversal upward trend, and it is recommended that the fall market be laid out in September. However, he also mentioned that the market situation in the next few months will focus more on the orderly spread of investment logic that generates internal growth or epitaxial growth in performance, rather than the sharp rise in the current year, which mainly focused on valuation restoration. Zhang Yidong said that the fall market will further spread from the AI hardware market. The new investment logic dominated by AI applications empowering thousands of industries should be embraced and developed along two main lines: one is that the TMT market focuses on “differentiation”, which includes not only moving from thematic investment to performance verification, but also the AI industry logic shifting from focusing on infrastructure to focusing on applications; the other is the spread in the direction of “non-AI technology”, where hard-core assets in non-AI technology industries such as resources, energy, agriculture, and finance are expected to “blossom”. + Local Government Bonds” and ushered in mergers, acquisitions and restructuring Or an epitaxial increase in asset injections will result in a revaluation.
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