On November 6th, the financial association news reported (Journalists Chen Junlan and Zhao Xinrui) that on November 4th, the 2026 annual investment strategy conference of Kaiyuan Securities, with the theme of Braving the waves and moving forward to t

With a focus on technology investment, a lively roundtable discussion featuring five chief analysts from Open Source Securities was held. The discussion was hosted by Chief Strategist Wei Jixing, with the participation of Computer Chief Chen Baojian,

Li Gang, secretary of the Party Committee and Chairman of the Board of Directors of Open Source Securities, pointed out in his speech that as the 14th Five-Year Plan comes to a close, China's economy is moving steadily forward in a complex environmen

Li Gang recalled that during the 14th Five-Year Plan period, the capital market has continued to increase its support for technological innovation and new productivity, promoting the entry of long-term funds and cultivating patient capital, effective

In terms of research, Open Source Securities Institute has built a research system covering more than 30 directions such as total quantity, technology, and consumption through differentiated layout. It has established several professional platforms s

Looking ahead to the 15th Five-Year Plan, Li Gang stated that Open Source Securities will firmly grasp the political and people's nature of financial work, prioritize functionality, and remain true to its original intention of serving small and mediu

He Ning: Consumption upgrading and common prosperity are the new engines for domestic demand growth in 2026

He Ning emphasized at the strategy meeting that consumption has been the long-term direction he has been focusing on since the past two years. China's promotion of consumption must be placed against the background of common prosperity, and its policy

He Ning analyzed that the residents' consumption rate can be broken down into two factors: first, the proportion of residents' per capita disposable income to GDP, which is about whether the general public has money; second, residents' marginal prope

Compared with OECD countries and the European Union, China's household consumption rate has a potential room for improvement of around 15 to 20 percentage points. He Ning pointed out that if we break it down, compared with developed countries, our co

In terms of consumption structure, He Ning believes that more potential lies in service consumption in the future. Currently, service consumption in China accounts for less than 50% of total consumption, while in developed countries it stands at arou

At the policy level, there are expected to be multiple measures: first, improving the income distribution system to form an olive-shaped distribution pattern; second, improving social security, with a focus on the elderly and children; third, narrowi

Regarding the wealth effect that the market is concerned about, He Ning said that Chinese academic research generally believes that the wealth effect of A-shares is relatively weak. When the stock market wealth increases by 1%, the consumption tenden

Wei Jixing: From “Valuation Cow” to “System Cow”, Factor Selection Is More Critical

Standing at the end of 2025, Wei Jixing, the chief strategist analyst at Open Source Securities, published his outlook for asset allocation in 2026 with the theme of “Slow Bull Market with No Slowdown and Flat Top Not Being the Top”. He predicted tha

Wei Jixing said that market judgment in 2026 will follow the logic of building on the past and forging ahead. The core of building on the past is to study the space and pace of the bull market of asset revaluation that will begin in 2025, among which

It is noteworthy that this round of market movement has significant peculiarities, and ETFs may become an important new channel for resident funds to enter the market. Wei Jixing pointed out that if ETFs continue to be the main entry point for increm

Judging from the bull market rhythm of asset revaluation, Wei Jixing analyzed that in 2026, there is a high probability that there will be no traditional peak. The elevation of the valuation center driven by the institutional bull will promote the ma

Judging from the evolution trend of the market structure, Wei Jixing judged that as the market switches from "valuation bull" to "institutional bull", although technology is still the core main line, market performance will become more balanced and t

However, Wei Jixing pointed out that next year, the market will shift from 'industry beta investment' to 'factor investment', with styles switching more frequently and the importance of factor selection further increasing. Based on this judgment, ind

Round Table Forum: Diversified Development along the Technology Theme

During the roundtable discussion session chaired by Wei Jixing, chief analyst of Open Source Securities Strategy, Open Source Securities 'computer chief Chen Baojian, communications chief Jiang Ying, electronics chief Chen Rongfang, media chief Fang

Over the past year, the technology sector has continued to be a core driving force in the market. On one hand, the application of large models has gradually penetrated into the industrial sector from computational power dividends. On the other hand,

In terms of the computer sector, regarding whether the sector can replicate the beta of the AI market and the allocation of weights between the application and infrastructure ends in 2023-2024, Computer industry expert Chen Baojian points out that th

As the cornerstone of the digital economy, the communications sector this year has focused on AI computing infrastructure. According to Jiang Ying, the chief analyst of communications, the optical module, liquid cooling, optical fiber and copper cabl

In response to fluctuations in storage chip prices, Chen Rongfang, the chief of electronics, has clearly confirmed the bottom of the storage sector. At the beginning of the year, industry manufacturers reduced production, and in September, leading co

The media sector has the conditions for a cross-year market trend, said Fang Guangzhao, the chief of media. In the past five years, the media industry has been in a performance vacuum during the cross-year phase (from after the third-quarter report t

The humanoid robot race in the field of machinery has attracted much attention. Meng Pengfei, the chief of machinery, believes that this field will reach the critical point of mass production in the next year. The core logic includes two aspects: Fir