On November 26, Guohai Securities convened its "2026 Capital Market Annual Conference" in Nanning. During the event, Xia Lei, the Chief Economist at Guohai Securities, offered insights into the macroeconomic outlook for 2026, predicting that A-shares are poised to maintain a steady, albeit slow, bullish trajectory, with technology continuing to be the central focus.

Xia Lei emphasized that policymakers place a high premium on the stable growth of the capital market. This is because stock market stability is intricately linked to the broader economic and social fabric, while also directly influencing the fundamental interests of countless investors. Presently, the A-share market boasts a robust liquidity base conducive to a bullish market environment, with household savings acting as a significant reservoir of liquidity that bolsters the stock market. By October 2025, China's household deposit balance had soared to RMB 162.6 trillion.

Furthermore, Xia Lei highlighted the vigorous development of China's emerging quality productive forces, particularly in technology and industrial innovation. He noted that international trade tensions have expedited the process of domestic substitution. When comparing the market capitalization and capital expenditure scales of Chinese and U.S. tech firms, Xia Lei observed that China's tech sector still has considerable ground to cover in catching up.