HTSC's Liang Hong: In the transforming China, there are three main lines of innovation, restructuring, and going abroad, and the profit growth rate of various industries will rebound in 2026

On November 12th, the International Investors Conference of the Shanghai Stock Exchange was held in Shanghai. Liang Hong, Chairman of the Institutional Business Committee of Huatai Securities, stated that there are currently three main lines in the transforming China: innovation, restructuring, and going overseas, with consumption upgrades being the result of breakthroughs in these three lines. Liang Hong predicts that the macroeconomic trend in China for 2026 will show nominal growth recovery, especially in nominal growth measured in US dollars, and productivity improvements may become a more prominent macro narrative than the downturn in real estate. In terms of profits, it is expected that the net profit growth rate attributable to non-financial companies will be around 13% in 2026, with profit growth rates across various industries expected to rebound