) 13:30-14:10 2026年度宏观展望 梁中华-国泰海通证券宏观首席分析师 11月4日 134 北京·中国大饭I ● 16:20-16:50 2026年度基金评价展望 倪韵婷-国泰海通证券基金评价与研究首席分析师 ● 14:10-14:50 2026年度中国权益投资策略展望 方 奕-国泰海通证券策略首席分析师 ● 14:50-15:20 2026年度港股投资策略展望 吴信坤-国泰海通证券海外策略首席分析师 ● 15:20-15:50 2026年度金融工程策略展望 郑雅斌-国泰海通证券金融工程首席分析师 ● 15:50-16:20 2026年IPO市场展望 王政之-国泰海通证券新股研究首席分析师 ● 16:20-16:50 2026年债市展望 唐元懋-国泰海通证券固定收益研究领域负责人 *参会请联系您的国泰海通对口销售报名 研究运营组制作 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注 ...

Core Insights - The forum focuses on key investment topics, analyzing the asset allocation logic for 2025 and the value of ETFs under the context of major power competition [1] - It emphasizes investment opportunities in Hong Kong stocks, exploring the potential of various ETFs and sharing investment strategies from overseas experts applicable to the Hong Kong market [1] Agenda Highlights - Discussion on asset allocation considerations led by Liu Xin, Assistant General Manager of Minsheng Jia Yin Fund [2] - Exploration of small-cap stocks and enhanced return strategies by Ye Letian and Liu Weilin [2] - Investment logic for innovative pharmaceuticals in Hong Kong stocks presented by Liu Weilin [3] - Opportunities in technology and strategic resources amid major power competition discussed by Lv Yuexian [3] - Outlook on investment opportunities in the Hong Kong market by Lu Yayun [3] - Initial exploration of stock selection strategies for Hong Kong Stock Connect by Luo Lei [3]

山日6日 下午13:30 北京 · 中国大饭店-多功能厅! 会议亮点 全球面临多极化格局与地缘关系新秩序的建立,中国产业升级和转移趋势则不 动摇。无论是欧洲、中东、东南亚、拉美或非洲等地区,中资企业出海面临新的 挑战与机遇。国泰海通证券政策和产业研究院国别研究领域举办本次会议,特邀 多位重磅专家学者与嘉宾,解析当前大国博弈与中资出海的新思路。 议程安排 会议主持人: 国泰海通证券政策和产业研究院国别研究负责人 陈熙淼 ● 13:30-13:35 领导致辞 路 颖 国泰海通证券研究与机构业务委员会副总裁、研究所所长 ● 13:35-14:20 孙彦红 国际地缘政治变化与中美关系走向 王绢思 北京大学国际战略研究院创始院长、北京大学博雅荣休讲席教授、 中华美国学会荣誉会长 ● 14:20-15:05 当前欧洲经济形势、核心政策与中欧经贸关系 中国社会科学院欧洲研究所欧洲经济研究室主任 ● 15:05-15:50 动荡变革中出海中东的挑战与新机遇 王 健 上海社会科学院国际问题研究所所长、中国国际关系学会副会长 ● 15:50-16:35 国泰海通证券机构客户请 日描本会场二维码报名: 关键矿产战略下的中非合作与中 ...

Core Insights - The article discusses the upcoming 2026 Annual Conference, highlighting key topics and speakers that will address macroeconomic challenges, investment strategies, and technological advancements in various sectors [2][4][12]. Group 1: Macroeconomic and Investment Outlook - The conference will feature discussions on China's macroeconomic challenges and strategies to address them, presented by experts from the Chinese Academy of Social Sciences [4]. - A session will focus on the outlook for the U.S. economy and monetary policy, providing insights into global economic trends [4]. - Investment strategies for 2026 will be explored, including equity investment strategies in China and Hong Kong, as well as financial engineering strategies [4][5]. Group 2: Technological Advancements - The future of artificial intelligence (AI) and its opportunities will be a key topic, with discussions on AI's impact on various industries [4][5]. - The conference will also cover advancements in humanoid robotics, including product iterations and applications, as well as the development of AI infrastructure in China [5][8]. Group 3: Consumer and Sectoral Insights - The conference will address the transformation of traditional consumption and the rise of new consumption trends, emphasizing the high growth potential in sectors like food and beverage, beauty, and home appliances [12][14]. - Insights into the agricultural sector will be shared, focusing on opportunities in pet care and livestock farming [14][23]. Group 4: Financial Strategies and Asset Allocation - Discussions will include asset allocation strategies in a low-interest-rate environment, with a focus on the implications for various asset classes [21][31]. - The role of ETFs and quantitative products in modern investment strategies will be examined, highlighting their relevance in the current market landscape [9][32].

国泰海通证券 国泰海通证券2026年度策略; 11月4日上午 北京 · 中国大饭店 · 会议大厅ABC 议程安排 ● 09:00-09:10 致辞 李俊杰-国泰海通总裁 ● 09:10-10:00 中国宏观经济面临的挑战和应 对之策 余永定-中国社会科学院学部委员 ● 10:00-10:40 美国经济和货币政策展望 郭 凯 - 中国金融四十人研究院 执行院长 ● 10:40-11:20 全球变局下的大国关系走向 赵 海 - 中国社科院国家全球战略智 库国际政治研究部主任 *参会请联系您的国泰海通对口销售报名 研究运营组制作 更多国泰海通研究和服务 亦可联系对口销售获取 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险，还请取消关注，请勿订阅、接收或使用本订阅号中的任何信息。我们对由此给您造成的 不便表示诚挚歉意，非常感谢您的理解与配合！如有任何疑问，敬请按照文末联系方式与我们联系。 法律声明 本公众订阅号(微信号 GTHT RESEARCH )为国泰海通 ...

Core Viewpoint - The speech by the Chairman of the China Securities Regulatory Commission (CSRC) at the 2025 Financial Street Forum emphasizes the need for comprehensive reform in the capital market to support high-quality development during the 14th Five-Year Plan and transition into the 15th Five-Year Plan, highlighting the importance of balancing investment and financing [1][2]. Group 1: Reform Framework - The reform framework focuses on four core tasks: advancing sector reforms, solidifying market stability, expanding institutional openness, and enhancing risk prevention and investor protection [2]. - The implementation of the "1+6" policy in the Sci-Tech Innovation Board has shown effectiveness, leading to the initiation of reforms in the ChiNext and optimization of the Beijing Stock Exchange system [2]. - A new refinancing framework is proposed to guide long-term capital into the market, alongside deepening public fund reforms [2]. Group 2: Market Opportunities - The reforms are expected to create new opportunities for investment banking, with an anticipated increase in equity financing driven by the expansion of the Sci-Tech Innovation Board and ChiNext reforms, as well as broader merger and acquisition channels [2]. - In the first three quarters, A-share IPOs increased by 67% year-on-year, while refinancing (excluding large issuances) rose by 139%, indicating a robust market environment for leading brokerage firms [2]. - Wealth management and institutional business are expected to see dual upgrades, with long-term capital inflows likely boosting fund distribution and custody services [2]. Group 3: Competitive Advantage - Leading brokerage firms with strong corporate client resources, professional service capabilities, and cross-border service abilities are positioned to maintain their competitive edge in the evolving investment banking ecosystem [2].

Core Viewpoint - The article discusses the challenges faced by large language models (LLMs) due to the "memory wall" issue and proposes SSD-based storage offloading technology as a new path for efficient AI model operation [1]. Group 1: Industry Insights and Investment Recommendations - The massive data generated by AI is impacting global data center storage facilities, leading to a focus on KV Cache caching that can offload from GPU memory to CPU and SSD [1]. - The traditional Nearline HDD, which has been a cornerstone for massive data storage, is experiencing supply shortages, prompting a shift towards high-performance, high-cost SSDs, resulting in an "overweight" rating for the industry [1]. Group 2: KV Cache Technology and Its Implications - The growth of KV Cache capacity is exceeding the capabilities of HBM, as it temporarily stores generated tokens to optimize computational efficiency and reduce redundant calculations [2]. - As the demand for larger models and longer sequences increases, the reliance on HBM is becoming a bottleneck, leading to frequent memory overflows and performance issues [2]. Group 3: Technological Developments in Storage Solutions - The industry is exploring tiered caching management technologies for KV Cache, with NVIDIA launching a distributed inference service framework called Dynamo to offload KV Cache from GPU memory to CPU, SSD, and even network storage [3]. - Samsung has proposed an SSD-based storage offloading solution to address the "memory wall" challenge, which can reduce the first token latency by up to 66% and inter-token latency by up to 42% when KV Cache size exceeds HBM or DRAM capacity [3]. Group 4: Market Trends and Supply Chain Dynamics - The demand for AI storage is driving a replacement effect for HDDs, with NAND Flash suppliers accelerating the production of large-capacity Nearline SSDs due to significant supply gaps in the HDD market [4]. - NAND Flash manufacturers are investing in the production of ultra-large capacity Nearline SSDs, such as 122TB and even 245TB models, to meet the growing demand from AI inference applications [4].

Group 1 - The article emphasizes the upcoming financial policy and capital market reforms in China, which are expected to further promote economic transformation and enhance the perception of Chinese assets [2][3]. - The Shanghai Composite Index is approaching 4000 points, indicating a "transformation bull" market in China, which is becoming an increasingly important asset in global allocations [2]. - The 20th Central Committee's Fourth Plenary Session reaffirmed the focus on economic development, serving as a cornerstone for capital market valuations [2]. Group 2 - The People's Bank of China announced the resumption of public market treasury bond trading, signaling a shift towards substantial monetary policy easing and a decrease in risk-free interest rates [3]. - The introduction of the "Double Innovation" reform and the new refinancing framework is expected to create a virtuous cycle between capital markets, economic transformation, and technological advancement [4]. - The establishment of the Sci-Tech Innovation Board's growth tier and the reform of the ChiNext Board will support economic transformation and align with national strategies [4]. Group 3 - Strict regulatory measures and the establishment of market stabilization mechanisms are aimed at improving the investability of Chinese assets and enhancing resilience against risks [5]. - The article highlights the potential for a diverse market with various sectors, including technology, new materials, and financial stability, to experience revaluation [5]. - The focus on technology growth sectors such as internet, TMT, new energy, and innovative pharmaceuticals is noted as a key driver for the current market trend [5].

Core Viewpoint - The resumption of government bond trading is more significant for long-term logic than for short-term market points, indicating a potential shift in monetary policy and market stability [1][2]. Group 1: Short-term Market Reactions - The People's Bank of China (PBOC) announced the resumption of government bond trading, which may serve as a response to recent market conditions and the Fourth Plenary Session's directives [1]. - The bond market showed a stronger performance in long-term bonds compared to short-term ones, with 10-year and 30-year government bonds declining over 5 basis points [1]. - The strengthening of the RMB in the night market suggests that foreign capital may interpret the resumption as an expansionary economic stimulus policy [1]. Group 2: Long-term Implications - The primary significance of resuming government bond trading is to provide a safety net for the bond market, establishing an upper limit on long-term interest rates and enhancing the safety cushion for long-term bond investments [2]. - The resumption allows for better coordination with fiscal policies, especially as government leverage increases, preventing rapid upward movement of bond market interest rates that could constrain fiscal space [2]. Group 3: Flexible Operations Post-Resumption - The operations following the resumption of government bond trading are expected to be more flexible, with uncertainty regarding the pace, direction, duration, and scale of transactions [3]. - The approach may resemble the reform of reverse repos and MLF, allowing for adjustments based on market conditions rather than a fixed strategy [3]. Group 4: Broader Market Impact - The resumption of government bond trading is not only beneficial for the bond market but is also expected to support the stock market in the medium to long term [4]. - The fundamental nature of government bond trading as a liquidity management tool can complement fiscal issuance, potentially benefiting equity assets in a broader economic context [4]. - The current bond market conditions validate the expectation of a "weak front, strong back" scenario for the fourth quarter, with opportunities for capital gains in long-term bonds [4].

Core Insights - The conference "AI Accelerates, Connecting Global Capital Markets" held by Guotai Junan Securities focused on AI transformation and investment opportunities, gathering insights from listed companies, industry experts, and investment institutions to enhance global capital market connectivity [1][3]. Group 1: Conference Highlights - Guotai Junan Securities aims to enhance its global research and asset allocation capabilities driven by technology, showcasing its international service capabilities through this summit [3]. - The chief analyst of overseas technology at Guotai Junan, Qin Heping, emphasized that globalization through social networks is accelerating, creating a collaborative global community that enhances AI application and evolution [3]. - The summit attracted over 40 listed companies from Hong Kong and the US for in-depth discussions on new engines in the AI era, allowing investors to better understand the operational strategies of technology companies [5]. Group 2: Future Directions - Guotai Junan Securities plans to leverage its research advantages in the global technology sector and build an overseas research network focused on cutting-edge technologies like AI and semiconductors [5]. - The research institute will actively participate in top international technology summits and organize closed-door seminars with industry experts to strengthen technology ecosystem connections and help clients seize investment opportunities in global technological innovation [5].