On November 11, at the Northeast Securities 2026 Shanghai Total Volume Forum, Liao Bo, chief macro analyst at Northeast Securities, said that recent market fluctuations are mainly reflected in liquidity rebalancing. Liquidity may become the main line of asset pricing from the perspective of old and new kinetic energy. Stock market performance is expected to converge in connotative value, and science and technology innovation boards and GEM, which have been adjusted a lot in the early stages, are expected to achieve valuation repair; the global market will fluctuate in an environment of fluctuating liquidity. Fundamentals and corporate resilience together determine the slope and sustainability of subsequent performance. At the industrial level, Liao Bo mentioned that demand for AI computing power, advanced storage, etc. is driving a sharp rise in the volume and price of the hard technology chain, the performance of new productivity companies represented by AI, robots, and innovative drugs continues to increase. A complete manufacturing system and product cost performance dividends are being transformed into a global competitive advantage for enterprises exporting overseas. The configuration can be summed up as “technology as a spear, commodities as a shield”. Exports in 2027 are still a structural highlight of the Chinese economy.

On November 11, at the Northeast Securities 2026 Shanghai Total Volume Forum, Liao Bo, chief macro analyst at Northeast Securities, said that recent market fluctuations are mainly reflected in liquidity rebalancing. Liquidity may become the main line of asset pricing from the perspective of old and new kinetic energy. Stock market performance is expected to converge in connotative value, and science and technology innovation boards and GEM, which have been adjusted a lot in the early stages, are expected to achieve valuation repair; the global market will fluctuate in an environment of fluctuating liquidity. Fundamentals and corporate resilience together determine the slope and sustainability of subsequent performance. At the industrial level, Liao Bo mentioned that demand for AI computing power, advanced storage, etc. is driving a sharp rise in the volume and price of the hard technology chain, the performance of new productivity companies represented by AI, robots, and innovative drugs continues to increase. A complete manufacturing system and product cost performance dividends are being transformed into a global competitive advantage for enterprises exporting overseas. The configuration can be summed up as “technology as a spear, commodities as a shield”. Exports in 2027 are still a structural highlight of the Chinese economy.