Guotai Haitong Securities' Lu Ying: Global Asset Allocation Logic Is Being Reshaped, with Structural Opportunities in Self-Reliance and Industrial Upgrading

On November 12, the 2026 Shanghai Stock Exchange International Investor Conference was held in Shanghai.

During a roundtable discussion themed "Macro Vision: Global Changes and China's Opportunities," Lu Ying, Vice President of the Research and Institutional Business Committee and Director of the Research Institute at Guotai Haitong Securities Co., Ltd. (601211), stated that the global political, economic, and monetary orders are currently at a historic convergence point, with two opposing waves advancing simultaneously: on one hand, iterative general-purpose technologies continue to raise global potential productivity; on the other hand, great power rivalry, regional conflicts, and a trust deficit are continuously eroding the original collaboration framework of globalization.

Lu Ying pointed out that the development of artificial intelligence and application technologies is spawning new production factors and industrial growth space; however, global trade, supply chains, and settlement systems are exhibiting regionalized and bloc-based characteristics, with international coordination costs continuously rising.

She emphasized that this is not a short-term cyclical fluctuation, but a rebalancing process of underlying rules, which will directly change the risk pricing benchmarks for global capital. Global asset allocation needs to shift from a focus on chasing return efficiency to re-weighing among returns, security, and diversification, seeking actionable long-term mainlines in an environment of turbulence and high volatility where structural opportunities have not disappeared.

Regarding the Chinese market, Lu Ying believes that external challenges are also forcing new development opportunities, with potential in areas such as self-reliance, industrial upgrading, resource security, and tapping domestic demand.

Future investments are no longer suitable for simply betting on a single track or globalization dividends; instead, it is necessary to both hedge against external uncertainties and seize structural industrial dividends, prioritizing diversified allocation, fundamental screening, and long-term industrial trends.