Huatai Securities' Liang Hong: In the midst of change in China, there are three main themes of innovation, restructuring, and going global. The profit growth rates of various industries will all see a rebound by 2026.

On November 12th, the Shanghai Stock Exchange International Investor Conference was held in Shanghai. Liang Hong, Chairman of the Institutional Business Committee of Huatai Securities, stated that there are three main themes in the current reforming China: innovation, reorganization, and going global, with the upgrade of consumption being the result of these three themes breaking through. Liang Hong predicted that China's macroeconomic trend in 2026 will show a recovery in nominal growth, especially in US dollar-denominated nominal growth, and productivity improvement may become a more attention-grabbing macro narrative than the downturn in the real estate sector. In terms of profits, it is estimated that the net profit growth rate of non-financial industries in 2026 will be around 13%, and the profit growth rate of various industries will also rebound.