At Shenwan Hongyuan's 2027 Capital Market Investment Annual Conference, Zhao Wei, chief economist of Shenwan Hongyuan Securities, presented core conclusions on macroeconomics. Clearing supply resonates with policy hedging. 2027 may be a “first mover wins” layout year. Looking ahead to 2027, common concerns focus on both weakening external demand and weak domestic demand. Under multiple shocks, traditional industries are being cleared up at an accelerated pace, and the “positive signals” that have been nurtured have begun to accumulate. Under multiple influences in 2026, clearance of some traditional industries accelerated, especially in the middle and downstream industries; clearance support for prices and profits was already evident, and asset turnover showed signs of bottoming out and improving. The 2027 proposal focuses on tracking changes in the “content” of the three main supply-side lines and policies to expand domestic demand.

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