Guojin Securities Mu Yiling: Chinese assets have become "HALO assets" in the eyes of global investors.

On March 12th, at the Guojin Securities 2026 Spring Strategy Conference, Guojin Securities Executive Vice President and Chief Strategy Officer Mou Yiling stated that the market's focus on AI has shifted from the "technology narrative" of light assets to the "hardware reality" of heavy assets. Chinese assets, with a high proportion of manufacturing and substantial tangible assets, have become "HALO assets" in the eyes of global investors. He pointed out that in terms of global turmoil and reshaping, the closure of the Strait of Hormuz after the outbreak of the US-Iran conflict will lead to an upward trend in oil prices, but the rate of increase will gradually converge. The current economic cycle between China and the US is different from the Russia-Ukraine conflict, with opportunities outweighing risks. In terms of industries, optimism is placed on energy, industrial metals, Chinese chemical industry, power equipment, and machinery, with consumer recovery expected to occur as foreign exchange funds increase.