<p>This report is from Dr. Xiong Yuan's presentation at the 2026 Guosheng Securities Spring Capital Market Forum, analyzing the impact of the Iranian situation on the global economy. Despite multiple shocks, the global economy has remained resilient since 2021, primarily due to increased Capex, especially in the technology, security, and defense sectors. Taking the U.S. as an example, its GDP grew by 2.1% in 2025, with technology investment contributing significantly and surpassing the influence of traditional consumption</p>

- The report discusses the impact of recent geopolitical tensions, particularly the U.S.-Iran conflict, on global economic resilience and capital expenditure.  
- It highlights that increased capital spending in technology, security, and defense over the past few years has been crucial for economic stability amid external shocks, despite rising oil prices potentially leading to inflation.  
- The report suggests the need to monitor how sustained high oil prices may disrupt liquidity and affect global markets, emphasizing the importance of capital expenditure and its connection to policy responses in China and beyond.

Xiong Yuan: The Great Era of Capex