Northeast Securities macro chief Liao Bo at the 2026 Shanghai Total Volume Forum
said recent market moves reflect liquidity rebalancing and that liquidity may
become the dominant driver of asset pricing. He expects equities to converge
toward intrinsic value and that sectors with larger prior drawdowns—Sci‑Tech
Innovation Board (STAR Market) and ChiNext—are poised for valuation repair.
Global markets will trade choppily in a volatile liquidity environment, with
fundamentals and corporate earnings resilience determining the slope and
sustainability of subsequent moves. On the industry side, demand for AI compute
and advanced storage is lifting volumes and prices across hard‑tech supply
chains; firms in AI, robotics and innovative pharmaceuticals continue to report
high revenue growth. China’s complete manufacturing ecosystem and product
cost‑performance are translating into export competitiveness. Asset allocation
shorthand: technology as spear, commodities as shield; exports remain a
structural bright spot for China into 2027.
