The 2025 Weibo Finance Night and the Annual Meeting of the Beijing Financial Big V Alliance was held in Beijing on January 15, 2026. This annual event brought together heavyweight guests and hot topics from the financial world, presenting a spectacular financial feast.
At the annual meeting, Deng Qingxu, CEO of Sina Finance; He Ping, Vice Dean of the School of Economics and Management and Professor of Finance at Tsinghua University; Xing Ziqiang, Chief China Economist at Morgan Stanley; Song Xuetao, Chief Economist at Sinolink Securities; Fu Peng, former Chief Economist of Northeast Securities; Wu Qilun, financial commentator and columnist; and Li Daxiao, former chief economist of a securities firm, attended and delivered keynote speeches.
During the peak dialogue session, Lin Yixiang, Chairman of Tianxiang Investment Consulting and an economist; Niu Wenxin, former Executive Editor-in-Chief and Chief News Commentator of Securities Information Channel; and Dong Shaopeng, Senior Researcher at the Chongyang Institute for Financial Studies at Renmin University and a veteran financial journalist, shared insightful views on the theme "Dialogue Through the Storm: Predictions and Choices Across Bull and Bear Markets."
In the roundtable forum session, Bao Ran, Member of the Expert Committee of the China Interactive Media Industry Alliance and Head of the Digital Cultural Industry Working Group; Wan Zhe, Professor at Beijing Normal University and Researcher at the Belt and Road School; Ge Jin, Founder and COO of Proxima Universe Robotics Technology Co., Ltd.; and moderator Yuan Liyi, a financial journalist, engaged in an in-depth discussion on the topic "New Tracks and New Players for New Quality Productive Forces Under the AI Wave."
Deng Qingxu: Let the Bull Market Truly Rise and Slow Down
In his opening remarks, Deng Qingxu, CEO of Sina Finance, stated that as a platform with hundreds of millions of daily active users, Weibo is acutely aware that the market needs reliable voices, the industry requires deep exchanges, and the public needs financial content that is understandable and practical.
Deng Qingxu mentioned that over the years, Weibo has been quite "proactive" in the financial sector. They have gathered a large number of highly capable creators, analysts, and entrepreneurs, and have organized many professional topics and events. The aim is to make finance less about "cold, aloof jargon" and more something that can be understood, discussed, and participated in by a wider audience. After all, the economy does not belong solely to experts; it is relevant to each and every one of us.
The Big Vs bring not only viewpoints but also confidence; not just analysis, but direction. "Everyone feels it's a bull market and is very optimistic. Beyond this consensus, I hope for another consensus: that the bull market truly rises and slows down," he said.
He Ping: China's Capital Markets and Stock Markets Are Becoming a Vital Part of Global Asset Allocation
He Ping, Vice Dean of the School of Economics and Management and Professor of Finance at Tsinghua University, stated that two significant changes are occurring in China's capital markets: first, a shift from a policy-driven market towards a more efficient market; second, the increasingly profound impact of international capital flows on China's capital markets, which are becoming a crucial component of global asset allocation.
In He Ping's view, China's capital markets and stock markets are evolving into an important part of global asset allocation, with international economic and political factors exerting a growing influence. China's capital markets are entering a new phase characterized by structural opportunities, value reshaping, and synergistic advancement of institutional reforms, presenting a positive outlook. The transition from a policy-centric market to an efficient one, and from a relatively closed market to an open one, coupled with China's economic potential, resilience, and international capital flows, currently favor the development of the capital markets.
Xing Ziqiang: China's Share of the Global Export Market Is Still Expected to Rise
Xing Ziqiang, Chief China Economist at Morgan Stanley, pointed out that China is demonstrating "astronomical" breakthroughs in technological innovation, possessing three core advantages: industrial chain clusters, a dividend of STEM talent, and a super-sized market scale, which are difficult for other economies to replicate.
"China now graduates nearly 5 million students in science, technology, engineering, and mathematics annually, exceeding the combined total of Europe and the United States," he said. In the field of AI, he noted that Chinese companies are catching up technologically with just one-tenth of the investment scale of the US, and account for nearly half of the global AI talent pool.
"We estimate that by 2027 or 2028, China could achieve a 50% localization rate in GPUs, representing a significant leap forward," he stated.
He indicated that China's share of the global export market is still expected to increase. Based on calculations, China currently holds about one-seventh of the global export share, and in five years, this could rise to nearly one-sixth or even higher, exceeding 17%. This growth is rooted in the three major advantages and the "astronomical" innovations achieved in emerging frontier industries, making it difficult for any single economy to challenge.
Song Xuetao: Making Ordinary People Richer, More Willing to Spend, and Giving Them Places to Spend
In his speech, Song Xuetao, Chief Economist at Sinolink Securities, discussed how "investing in people" is the most direct way to improve the micro-level experience. In his view, there are three methods for "investing in people": First, give people more money to spend. Second, make people more willing to spend. Third, provide places for people to spend their money.
Specifically, Song Xuetao pointed out that first, having more money to spend requires increasing transfer payments, especially direct subsidies and grants for specific groups. Second, making people willing to spend involves improving areas where public services have been lacking, addressing gaps not only between urban and rural areas but also across sectors, incomes, and between capital and labor, as well as central and local government relations. Third, providing places to spend necessitates increased investment in consumption infrastructure and greater supply release in the service industry.
Fu Peng: Whether AI is a Bubble is Unimportant; What Matters is Whether It Can Deliver Investment Returns
Fu Peng, former Chief Economist of Northeast Securities, emphasized that over the past year and a half, from Washington to London to Hong Kong, everyone has been debating whether AI is a bubble. In reality, whether it's a bubble or not is secondary; the crucial question is whether such massive infrastructure investment will ultimately yield investment returns.
He believes that for an industry or technology, early-stage investment so-called bubbles are not necessarily bad; such risk-taking capital is needed. Looking back over a hundred years of human history, ventures like sailing expeditions required capital support, perhaps from kings or nobles, needing those willing to take risks—where money, ships, and people might not return—to challenge and support endeavors. Therefore, the entire industry lifecycle inevitably goes through stages of early-stage primary market investment, valuation bubbles, and the bursting of those bubbles.
Wu Qilun: Global Cross-Border Capital Flows Are Full of Variables, But China's Market's Strong Attraction Remains Firm
Wu Qilun, a financial commentator and columnist, stated that the economy is never just about the fluctuations of numbers; it is the pulse of the era, the trajectory of people's lives, and the footsteps of a nation's progress.
Looking ahead, Wu Qilun believes China's economic growth will be synergistically driven by the dual engines of an "ultra-large domestic market" and "high-level opening up." Domestically, the fundamental role of domestic demand in economic growth continues to strengthen. The government, through initiatives like special campaigns to boost consumption and the first-ever urban and rural resident income increase plan, is institutionalizing income growth arrangements. By strengthening the social safety net and filling residents' "pockets," China is continuously unleashing its unique domestic demand potential.
In terms of opening up, China is entering a new stage of institutional opening, extending its dimensions from the flow of goods and factors to deeper levels like rules, regulations, management, and standards. By creating a first-class business environment that is market-oriented, law-based, and internationalized, and proactively aligning with high-standard international rules, China is integrating into the global economic system with greater confidence, participating in and leading the improvement of global governance structures. Even in the face of variables in global cross-border capital flows, China maintains a strong magnetic attraction for global resources.
Li Daxiao: Very Optimistic About A-Shares' Future; Don't Be Pessimistic, Don't Despair
Li Daxiao, former chief economist of a securities firm, stated that good stocks and good companies have five dimensions. First, towards customers. Second, towards employees. Third, towards shareholders. Fourth, towards society. Fifth, towards nature—whether it makes a positive contribution. This is the standard for judging a good company. He particularly emphasized paying attention to the order, noting that shareholders come third.
What level can the A-share market reach this year? Li Daxiao mentioned that it is currently gaining weight rapidly. Around the 4200-point level, some stocks are already facing bottlenecks. However, it's important to note that IPOs have not yet reopened on a large scale, major share reductions are not yet operating extensively, and additional share issuances are not happening on a massive scale. Furthermore, reverse mechanisms have not been rapidly promoted.
"I am optimistic about the future; don't be pessimistic, don't despair. I believe the 'East rising, West declining' trend in China's economy is underway."
"Halting High-Frequency Quantitative Trading is an Explanation to Retail Investors"
During the "Dialogue Through the Storm: Predictions and Choices Across Bull and Bear Markets" session, Lin Yixiang, Chairman of Tianxiang Investment Consulting and an economist, pointed out that China's market is predominantly retail-driven, and retail investors also have high savings rates. In this context, encouraging retail investors to entrust their money to management institutions has resulted in investors losing tens of billions while management institutions collected billions in fees. It's entirely understandable that many investors are unwilling. Although this is not a universal phenomenon among asset management institutions, its occurrence has a significant impact and is an important issue to consider.
He believes that the entire design process of the trading system must return to its origin: what is the fundamental purpose of this market, and what are the principles that cannot be违背ed? "What is the mission of this market? With so many retail investors and such strong public sentiment, consider this: if high-frequency quantitative trading were halted, would it have such a massive impact on the market? I don't think so," Lin Yixiang stated. Halting high-frequency quantitative trading would be an explanation to retail investors and, in a sense, reflects the people-centric nature of standardizing capital market and trading system construction.
Niu Wenxin, former Executive Editor-in-Chief and Chief News Commentator of Securities Information Channel, stated that studying capital liquidity well is a crucial core for the long-term stability of the stock market.
He pointed out that without money, nothing is possible, but what kind of money should enter the stock market? "Currently, we fail to distinguish between monetary liquidity and capital liquidity. Therefore, the current level of capital liquidity is excessively low, which is a very significant problem. Of course, we have seen relevant authorities take note of this issue, but I believe the efforts are still insufficient. If we can inject more capital liquidity, long-term liquidity, into the market, our market transactions will become more stable," he said.
Dong Shaopeng, Senior Researcher at the Chongyang Institute for Financial Studies at Renmin University and a veteran financial journalist, discussed that investors are the foundation of the capital market, and listed companies are its base. The vast number of stock investors in China are a valuable asset for the development of the Chinese economy and capital markets. However, for investment based on fundamentals to become mainstream, and for value investing to prevail, it may still require regulatory oversight and mainstream institutions to play a guiding and mechanistic supporting role.
"Embodied AI Robotics Market Could Reach Trillions of USD"
During the roundtable discussion on "New Tracks and New Players for New Quality Productive Forces Under the AI Wave," Bao Ran, Member of the Expert Committee of the China Interactive Media Industry Alliance and Head of the Digital Cultural Industry Working Group, pointed out that embodied AI robots are the best bridge connecting the logical world and the physical world, addressing strong rigid demand, although the technology is currently in its infancy.
Bao Ran stated that embodied intelligence is a large family, and embodied AI robots undoubtedly have vast development prospects, potentially reaching a market size of trillions of US dollars. "Elon Musk has set a goal to increase his company's market capitalization to $10 trillion, primarily relying on the large-scale shipment of Optimus robots," he said.
Wan Zhe, Professor at Beijing Normal University and Researcher at the Belt and Road School, believes that the concept of embodied intelligence needs rational clarification. Robots are not limited to humanoid forms; industrial robotic arms, food delivery robots in restaurants, etc., all fall within its scope. The market's fixation on humanoid robots stems both from the need for adaptive technological innovation and隐含 potential demand for emotional value.
Regarding profit pathways, Wan Zhe proposed two core directions. First, technology needs to deeply penetrate the details of daily life. Second, emotional value will become a key profit growth point. Wan Zhe emphasized that the essence of AI innovation and profitability is to meet human needs. Whether through technological iteration or挖掘 emotional value, efforts must revolve around addressing users' unmet demands. With the continuous deepening of technological accumulation, AI is expected to achieve comprehensive commercial value explosion, driven by both detail optimization and emotional adaptation.
Financial journalist Yuan Liyi mentioned that the AI赛道 is far from saturated, and its ceiling is likely not yet fully visible. She pointed out that AI is changing our life structures, social structures, and work patterns, including the replacement of some job roles by AI.
Ge Jin, Founder and COO of Proxima Universe Robotics Technology Co., Ltd., stated that we are currently at the爆发 point where AI is truly integrating with the physical world, and embodied AI robots are the best载体 for AI + the physical world. Therefore, she believes this赛道 is one of the most promising new tracks currently, worthy of sustained investment.
In her view, the application of embodied intelligence technology in the industrial sector is poised for significant near-term爆发 on the demand side, and the application of this technology can achieve very good落地 in the short term. For companies, Ge Jin pointed out, the key task is to develop products suitable for specific scenarios based on a precise understanding of demand. This approach can address the current needs faced by the manufacturing industry while, through continuous implementation, accumulating the real, long-term industrial data required for their own development.
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