At the 2025 Analyst Conference and the 7th Sina Finance Golden Qilin Best Analyst Awards Ceremony held in Shanghai on November 28, GF Securities' research team (led by Chief Analyst Liu Chenming) claimed the top spot in the strategy research category. This marks Liu Chenming’s second consecutive year leading the rankings since joining GF Securities.
Liu Chenming’s trajectory in the Golden Qilin awards reflects a steady rise: from fifth place in the first edition while at Tianfeng Securities, to seventh, fourth, and third in subsequent years, before securing first place in the fifth edition. His move to GF Securities solidified his dominance, with back-to-back wins in the sixth and seventh editions.
The winning team includes co-chief Zheng Kai, alongside Li Rujuan, Ni Geng, Xu Xiangzhen, Zhao Yang, Yu Kecheng, Chen Zhenwei, Yang Zezhen, and Yang Qingyuan.
During the conference, Liu Chenming shared his latest outlook on A-shares. He emphasized that after nearly two years of valuation expansion, corporate earnings fundamentals will be critical next year. He highlighted significant shifts in profit analysis frameworks, urging greater focus on overseas revenue and emerging industries.
Liu Chenming pointed to a "hard-won" positive signal: A-shares’ overall ROE, after declining for 16 consecutive quarters, has stabilized and rebounded for three straight quarters amid weakening traditional domestic demand-driven ROE. He views this as a pivotal turnaround in fundamentals.
Looking ahead, Liu Chenming expects ROE to continue stabilizing and recovering in 2025, supported by slowing domestic PPI declines, overseas fiscal expansion, inventory restocking cycles, and U.S. political dynamics. "This forms the strongest foundation for sustaining next year’s bull market," he noted.
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