Chief Economist of Guojin Securities, Song Xuetao: A-share investment logic will shift from seeking safety to looking for a new cycle.

On March 12, at the Guojin Securities 2026 Spring Strategy Conference, Guojin Securities' chief economist Song Xuetao pointed out that the current US economy is experiencing a "K-shaped split": AI investment overheating is driving GDP, but squeezing traditional employment, leading to a "prosperity without employment" situation, and tech giants' debt expansion is revealing bubble risks. In order to cope with the midterm elections, the US may adopt a policy of both fiscal and monetary easing and shift conflicts outward. In comparison, China's "Fifteenth Five-Year Plan" clearly transitions towards a "human-centered, real economy-focused" approach, supporting domestic demand and people's livelihood through central leverage, and the real estate market is approaching a critical point of clearing out, with hopes of achieving an L-shaped bottom in 2026. A-share investment logic will shift from risk avoidance to seeking new cycles, and enterprises with global competitiveness will become core assets.