The "Navigating Long Waves, Viewing the Globe" GF Securities 2026 Global Investment Forum was successfully held in Hong Kong, China from November 5 to 6.
The forum focused on global technology and industry mainlines, inviting more than 100 outstanding listed companies from home and abroad, with over 20 chairmen and general managers from core industrial chain companies attending in person, attracting more than a thousand institutional investors for exchange. Gf Securities Co.,Ltd. (ASX: 000776) General Manager Qin Li and Deputy General Manager Zhang Wei attended the event and engaged in in-depth exchanges with numerous industry leaders and guests.
At the main forum on the morning of November 5, Zhu Jun, founder of Shengshu Technology and Vice Dean of Tsinghua University's Institute for Artificial Intelligence, delivered a keynote speech on "General World Models: From World Generation to World Action." He elaborated on the latest evolution trends of AI technology from three aspects: generative models profoundly transforming the AI paradigm, multimodal generative AI profoundly changing digital information creation models, and general world models moving toward the physical world. He proposed that a general world model is not a single generator, simulator, or robot policy, but rather a unified foundation formed by three capabilities—understanding the environment, predicting the future, and acting in the physical world—within a feedback loop, and will become a bridge connecting the digital world and the physical world.
Gf Securities Co.,Ltd. (ASX: 000776) Chief Economist Guo Lei delivered a keynote speech titled "China's Economy Through the Lens of Superimposed Cycles." He believes that China's economy is currently at a critical stage of multiple superimposed cycles: first, in the early phase of a new Kondratiev cycle, R&D and technology infrastructure investment is rising, hardware manufacturing exports are expanding, and the demand-side maturity of AI industry chain pricing has yet to unfold; second, the Kuznets cycle has not yet bottomed overall but first-tier real estate has initially stabilized, and consumption momentum will reopen after the cycle bottoms; third, the previous Juglar cycle has bottomed, capacity optimization continues, and the transition from leading industries to broad-based capital expenditure investment has yet to emerge; fourth, the inventory cycle is constrained differently by corporate investment and household consumption, and largely requires broad fiscal stimulus. Under the interweaving of multiple cycles, asset allocation naturally needs to maintain a certain breadth in direction.
Gf Securities Co.,Ltd. (ASX: 000776) Chief Strategist Liu Chenming delivered a keynote speech titled "A Preliminary Exploration of AH Market Strategy for 2027." He believes that current negative earnings expectations have been largely priced into valuations, and sentiment indicators are at freezing point; under current sentiment, the market's expected 2027 benchmark allocation framework is "dividends plus themes," with profitable and stable assets having a clear "valuation corridor," and thematic investment requiring attention to profit-taking rhythm; however, fiscal discipline, export chain prosperity, and AI breakthroughs constitute three key variables to the above pessimistic assumptions, and the AI industry chain investment logic is expected to shift from capital expenditure expansion to dual verification of structural increments and return on investment. He divided AH assets into three categories—economic cycle, stable value, and independent prosperity—each corresponding to different investment frameworks, using structure to address uncertainty.
The main forum featured a roundtable dialogue on "Changes in Asset Allocation in the New Cycle," hosted by Chen Jiali, Senior Overseas Macro Analyst at Gf Securities Co.,Ltd. (ASX: 000776). Li Yaozhu, Equity Investment Director and General Manager of International Business at GF Fund, Yan Taw Boon, Managing Director and Head of Asia Thematic Investment at Neuberger Berman, Liang Xin, Asia-Pacific Multi-Asset Product Specialist and Fund Manager at Allianz Global Investors, Chris Wang, Founding Partner and Co-Chief Investment Officer at CloudAlpha Capital, and Liu Chenming, Chief Strategist at Gf Securities Co.,Ltd. (ASX: 000776), among other Chinese and foreign institutional guests, shared insights on hot topics including new paradigms in global asset allocation, AI industry chain investment, and revaluation of Chinese assets, providing reference for investors to seize allocation opportunities in the new cycle.
At the technology forum on the morning of November 6, speeches were delivered by heads of AI industry chain companies including Zheng Hongmeng, Chairman of Foxconn Industrial Internet, Chen Tao, Chairman of Victory Giant Technology, Zhang Xingang, Chairman of Yuanjie Semiconductor Technology, Zeng Fangqin, Chairman of Lingyi iTech, Huang Gang, Chairman of Cambridge Technology, and Wu Huapeng, CEO of Qinhuai Data. They shared insights on AI industry trends and the latest company operations around topics such as AI computing infrastructure and hardware, demonstrating the certain value of investing in China's advantageous assets.
Currently, the logic of global capital allocation is undergoing profound changes, China's new economic momentum continues to be released, and the global competitiveness of Chinese enterprises and the allocation value of Chinese assets are increasingly prominent. This forum brought together wisdom from academia, industry, and global asset management institutions to jointly discuss technology breakthrough directions and global asset allocation logic under long-wave cycles, providing reference for domestic and overseas investors to grasp industry trends and discover the value of Chinese assets.
In recent years, Gf Securities Co.,Ltd. (ASX: 000776) has continuously promoted the internationalization of its research business, focusing on core advantageous tracks such as the AI plus industry chain. Its research coverage and professional quality have continued to improve, its overseas client base has been continuously consolidated, and the integrated synergy between domestic and overseas operations has gradually been released. In the future, Gf Securities Co.,Ltd. (ASX: 000776) will continue to deepen its research-driven development model, connect China's high-quality enterprises with global capital through professional research, deepen the interconnection between domestic and overseas capital markets, and contribute to serving the real economy and promoting the high-quality development of the capital market.