Zhongxin Jiandepu Huang Wentao: A shares, Hong Kong shares present a trend of "new four bulls" such as technology innovation bull.

Huang Wentao, Chief Economist of CICC Securities, mentioned at the 2025 Global Investors Conference that the global economic system is opening a new chapter, divided into four main lines: the international monetary system mainline, the asset price system mainline, the modern industry system mainline, and the trade market system mainline. Among them, the rise of the Asian economy represented by China is bringing a new atmosphere in the new pattern, with the trend of "new four bulls" in A-shares and Hong Kong stocks emerging: first, the trend of capital inflow; second, the trend of technological innovation; third, the trend of institutional reform; fourth, the trend of consumption upgrading.