The 2026 Annual Conference of Caijing Magazine: Forecast and Strategy & 2025 Global Wealth Management Forum was held in Beijing from December 18 to 20, 2025. Qiu Xiang, Chief A-Share Strategist at CITIC SEC, stated that the most significant transformation for A-shares in 2025 lies in the reconstruction of market perspectives. Data shows that in the first half of this year, overseas revenue accounted for 45% of the top 30 A-share manufacturing companies, yet they contributed 70% of the profits.
He emphasized that A-shares are no longer just China's A-shares but have become global A-shares. The market is no longer solely dependent on China's economic cycle, as a group of companies in sectors like electric vehicles, lithium batteries, solar energy, and new energy have emerged as global leaders. Investors are buying these stocks based on their global competitiveness rather than just the "China story."
Qiu highlighted that this "global A-share" characteristic is the core driver behind the sustained upward shift in market valuation benchmarks. A-shares are gradually moving away from the valuation logic of emerging markets and aligning more with mature markets where fundamentals are tied to global positioning.
He also pointed out two key challenges currently facing AI applications: 1. **Lack of User Stickiness**: Since early 2024, he has switched between five mainstream AI models, choosing solely based on "instant usability" with no brand loyalty. This limits users' willingness to pay, making it difficult to generate premium pricing. 2. **Difficulty Handling Ambiguity**: Analysts must first deconstruct complex problems and develop systematic understanding before providing precise prompts to AI for usable results. Such systematic cognition relies heavily on industry-specific "know-how," requiring long-term accumulation of vertical data and experience—unlike the rapid, near-zero marginal cost iterations typical of internet models.
Qiu noted that while enterprises remain the primary paying group for AI, stickiness and willingness to pay have fallen short of expectations. It remains unclear whether consumers, businesses, or governments will become the core paying segment, though he remains optimistic about AI's long-term prospects.