Guotai Haitong Liang Zhonghua: Boosting internal demand and promoting economic transformation and upgrading are the key to market pricing.

On June 18, 2025, the Lujiazui Forum opened, and the Chairman of the China Securities Regulatory Commission, Wu Qing, delivered a keynote speech on better leveraging the functions of the capital market, promoting the integration of technological and industrial innovation. In response, Liang Zhonghua, Chief Macro Analyst at Guotai Haitong Research Institute, analyzed that future policies supporting technological innovation may further increase. China will fully utilize its institutional advantages, further optimize the layout of national strategic scientific and technological forces, especially strengthening the research and development of key core technologies and cutting-edge, disruptive technologies. As for the capital market, external disturbances have little impact, and boosting domestic demand and promoting economic transformation and upgrading are the keys to market pricing. Next, domestic policy efforts may drive fundamental repairs, promote the integrated advancement of technological innovation systems, accelerate the opening of the capital market, or drive a reassessment of asset prices in China. China's capital market is expected to continue to operate steadily.