The 2026 Annual Conference on Finance: Forecasts and Strategies, alongside the 2025 Global Wealth Management Forum, was held in Beijing from December 18 to 20, 2025. Zhu Ning, a finance professor at Shanghai Advanced Institute of Finance (SAIF) and a researcher at Yale University's International Finance Center, stated that the revaluation of Chinese assets and the trajectory of A-shares are currently in a phase of steady accumulation. He revealed that his personal A-share holdings have reached their highest level in nearly a decade, while his U.S. stock holdings are at their lowest in ten years, reflecting his adherence to counter-cyclical value investing.
Zhu emphasized that the revaluation of Chinese assets is closely tied to high-quality macroeconomic development and the cultivation of new productive forces. He noted that retail investor sentiment often serves as a reliable contrarian indicator, and current investor hesitation presents an opportunity for long-term positioning.
From a capital perspective, a significant wave of asset allocation is underway among households. Following adjustments in the real estate market, financial assets have gained prominence, with pension needs driving funds toward capital markets. Excess savings are gradually entering the market, creating a trend of long-term capital inflows. Additionally, global capital—excluding the U.S.—has consistently increased allocations to Chinese assets over the past 12 months. Against a backdrop of rising global risks, the safety, predictability, and stability of domestic markets have become key attractions. Zhu predicted that if a bull market driven by capital reallocation maintains a steady pace, it could evolve into a sustained long-term rally.
For individual investors, Zhu offered three core recommendations:
1. **Adopt the Right Investment Philosophy**: Focus not on whether to enter the market but on selecting sectors, constructing diversified portfolios, and aligning investments with risk preferences and holding periods. Avoid speculative "all-in, all-out" behavior and commit to long-term, balanced value investing.
2. **Overcome Emotional Bias**: "One of my favorite sayings is that investing is an activity against human nature," Zhu remarked. "As Buffett famously put it, 'Be fearful when others are greedy, and greedy when others are fearful.' But this is difficult to practice. Many fail to recognize how emotions dominate their investment decisions. Human beings are prone to herd behavior and instinct-driven choices—both of which lead to poor investment outcomes."
3. **Implement Personalized Asset Allocation**: Adjust strategies based on individual career stages and existing asset conditions.
Zhu also highlighted that as market bubbles deflate, the long-term investment value of real estate is gradually re-emerging, with home purchases increasingly driven by genuine housing needs. "Looking at recent AI company IPOs, even disregarding valuations, their 'dream multiples' are staggering. If forced to choose between sectors, I might lean toward real estate in first-tier cities—though this prediction surprises even me," he said.
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