At the Global Wealth Management Forum 2026 Shanghai Suhewan Conference held in Shanghai from October 16 to 17, 2026, Shenwan Hongyuan Group Co.,Ltd. (ASX: 000166) Research Institute Director Wang Sheng attended and delivered remarks.
Wang Sheng stated that the impact of artificial intelligence on capital market investment and research can be summarized as "2, 3, 4." The "2" stands for two words: personalization and customization. The "3" refers to three numbers about AI. The "4" refers to four numbers about China's current situation.
Regarding the three numbers about AI, Wang Sheng pointed out that the first is "1." Sam Altman proposed in 2024 that a unicorn company valued at over $1 billion might now be built by just one person. At least after AI has substantially improved production and service efficiency, we can hope to see a one-person company. But in his view, AI's greatest future impact is personalization and customization, which is highly correlated with "1" 鈥?"1" is unique. If the products or services produced do not have unique attributes and can be mass-produced, ultimately any cost reduction will be reflected in lower prices for goods and services. "1" is embodied in professional support, proprietary data, organizational culture, and innovation capability.
Wang Sheng introduced that the second number is "23 trillion." The combined market capitalization of AI-related companies in the A-share and Hong Kong stock markets has reached 23 trillion yuan, and the overall weight of AI in the capital market is rising. When technology assets such as AI carry increasing weight in the capital market, their volatility brings significant potential challenges to portfolio management.
The third number Wang Sheng mentioned is "46%." This figure comes from the latest academic research in 2026. If the large models we use today suddenly become unavailable one day, academic research has found that the speed of price reactions slows down. If returning to normal, the entire timing and pace of the slowdown, as well as the magnitude of prices, would rebound by 46%. AI has greatly improved efficiency in the capital market, but it also brings challenges. Alpha is becoming increasingly difficult to obtain because price reactions are too fast. At the same time, if a financial asset management institution's model is no different from others' and lacks unique information or methods, it may not only fail to make money but also lose money.
Turning to the four data points about China's current situation, Wang Sheng introduced the first as China's nominal GDP growth rate, whose midpoint has risen. The second concerns the renminbi 鈥?as of yesterday, the renminbi had appreciated another 4.5% against the US dollar. The third is that the dividend payout ratio in China's capital market has risen substantially. In 2019, this figure was only 32%, and now it has reached 39.1%. The fourth data point is the global export share, and the 2025 figure is something we should be particularly pleased about.
"As China continues to accumulate its past competitiveness and leverages its own scenario advantages in AI personalization and customization, I believe the overall quality of Chinese listed companies and corporate profitability will continue to improve, and the capital market will have an even brighter tomorrow," Wang Sheng said.
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