At the "2026 Global and Chinese Capital Market Outlook Forum," heavyweight speakers including Wang Zhongmin and Tian Xuan gathered to discuss the new logic of wealth and the future of capital markets in the AI era. Wang Zhongmin, former Vice Chairman of the National Council for Social Security Fund, delivered a keynote speech. He pointed out that global wealth management has completely shifted from the traditional models of the industrial civilization and internet era to a new paradigm dominated by AI. The asset allocation logic represented by Warren Buffett, emblematic of the industrial age, is gradually fading, while Elon Musk, through his extreme commitment to new technologies, has become the benchmark for wealth growth in the new era. Wang Zhongmin stated that the asset management model built by Buffett performed exceptionally well from the industrial to the internet phase, achieving nearly 30 years of stable annualized returns. However, with the arrival of the AI era, this model has struggled to adapt to the new pace of wealth generation. In contrast, Musk's personal wealth has now surpassed $750 billion, and if SpaceX completes an IPO or a reverse merger into Tesla Motors, his personal fortune could break the trillion-dollar mark, making him the world's first trillionaire. This disparity highlights the explosive wealth growth driven by a full-fledged commitment to AI technology, underscoring the fundamental difference between the old and new asset management models. Focusing on the Chinese market, Wang Zhongmin believes that since the "September 24th" policy announcement two years ago, the core driving force behind the market's rise has been capital concentration in the AI sector. Both small and medium-sized AI innovators and leading platform companies are focusing their capital investments on the AI track. At the fiscal level, government funds, through a strategy of "investing early, investing small, and investing in black tech," are attracting global assets to empower early-stage AI investments, continuously stimulating innovation vitality in the primary market. The implementation of the registration-based IPO system has further provided valuation and exit channels for these AI companies. A typical example is Moore Threads, where early Series A investors achieved a staggering 2,000-fold return upon its listing. Policy support is also clearly defined. Wang Zhongmin mentioned that the "capital market facilitation" monetary policy launched by the central bank on "September 24th" revolves around equity and securities markets, providing controllers with low-cost, accessible monetary services to help market players achieve breakthroughs in the AI field. From early-stage布局 in the primary market to valuation realization in the secondary market, China has formed a closed-loop AI ecosystem of "policy + capital + industry," driving a comprehensive shift of thematic assets from the industrial era to the AI era.