At the 2026 Shanghai Aggregate Outlook Forum held on November 11, Liao Bo, Chief Macro Analyst at Northeast Securities, noted that recent market volatility has chiefly manifested in liquidity rebalancing, with liquidity likely to become the dominant thread in large asset class pricing. Stock market performance is expected to converge toward intrinsic value, and the STAR Market and ChiNext — which underwent more pronounced corrections earlier — are poised to usher in valuation repair. Global markets will continue to fluctuate amid liquidity swings, with fundamentals and corporate earnings resilience determining the slope and sustainability of subsequent performance. At the industry level, demand for AI computing power, advanced storage, and other areas is driving both volume and price increases across the hard tech chain, while new quality productive forces enterprises — in AI, robotics, innovative drugs, and beyond — continue to deliver high performance growth. Meanwhile, the dividends of a complete manufacturing system and product cost-effectiveness are being translated into global competitive advantages for export- and overseas-oriented enterprises. In terms of allocation, this can be summed up as "technology as the spear, commodities as the shield," and in 2027 exports will remain a structural highlight of China's economy.