Changjiang Securities chief economist Wu Ge said oil prices may have peaked as
multiple channels are filling crude supply gaps and high prices risk reflexive
political effects on the US midterms. He said demand for AI-related compute and
tokens is showing non-linear growth while global power and related supply remain
linear, creating cost pressure; together with economic resilience this is
lifting overseas risk-free rates and returning assets to a macro-driven pricing
paradigm, with the scale depending on the earnings-versus-rates trade-off.
Domestically, a small pickup in some second-hand housing markets is visible, but
Household lending suggests housing and consumption are bottoming. Wu said
China’s export comparative advantage persists.
