Zhou Junzhi from CITIC Securities: Chinese assets are still seeking structural opportunities in liquidity pricing.

At the Mid-term Capital Market Investment Summit 2025 of Citic Securities, Zhou Junzhi, Chief Macro Analyst of Citic Securities, pointed out that Chinese assets are still seeking structural opportunities in liquidity pricing. Specifically, there are three aspects: first, breakthroughs in emerging industries, such as the next DeepSeek moment in the technology sector and the continued acceleration of innovative drug exports. Second, with liquidity improvement, the premium of AH shares is expected to continue to converge. Third, export chain companies with competitive advantages that were wrongfully impacted by tariffs in the first half of the year. At the same time, bonds are favored, with liquidity and fundamentals resonating, providing more bond investment opportunities in the second half of the year.