Liang Hong from Huatai Securities: "The attention on high-quality leading companies in the 'old economy' sector is expected to increase."

Chairman Liang Hong of the Institutional Business Committee of Huatai Securities recently stated at the Huatai Securities 2026 Annual Investment Summit that the "15th Five-Year Plan" proposal suggests focusing on economic development and explicitly aims to increase the proportion of household consumption in GDP, shifting from export and investment-driven growth towards consumption-centric and domestic demand-driven growth model. Looking ahead to next year, it is believed that the reevaluation of Chinese assets will continue to deepen, equity investors may gradually shift their focus from the strategy of "left-hand dividends, right-hand technology" in the past two years to sectors such as energy, consumption, and real estate that are closely related to improving economic fundamentals, especially high-quality leading companies in these "old economy" sectors.