From "Beta" to "Alpha": Experts Discuss How Chinese Assets Are Gaining Global Weight

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Facing the normalization of geopolitical conflicts, the long-term low-interest-rate environment, and disruptive AI transformations, how can the asset management industry navigate the waves and reshape value?

On March 26, the “Value Rebuilding, Intelligent Future” 2026 Global Southern Asset Management Forum was successfully held at the National Financial Information Building, hosted by China Securities Journal. As a parallel forum to the Xinhua News Agency’s key international high-end financial dialogue platform—the 2026 Global Southern Financial Leaders Forum—this event attracted experts and scholars from authoritative think tanks, financial institutions, and the global asset management field to discuss new trends in global capital allocation and explore new paths for China’s asset value revaluation.

A basic consensus is that China’s assets are changing their strategic position in global investment portfolios. Chinese assets will no longer be just simple beta opportunities but may provide high-quality and unique alpha sources. The technological revolution is also reshaping the investment logic of global asset allocation, making investing in Chinese assets a must. Experts attending the forum believe Hong Kong is expected to become a “safe haven” for global capital.

During the keynote speeches, participants focused on macro policies, financial empowerment, corporate valuation, and other dimensions, exploring how technology and finance can mutually empower each other. Ma Jiantang, former Party Secretary of the Development Research Center of the State Council, stated that in the first year of the “14th Five-Year Plan,” more proactive macro policies should be implemented. This includes more active and efficient fiscal policies, flexible moderately loose monetary policies, and more precise and high-quality investment policies.

Regarding monetary policy, Ma Jiantang said this year should see flexible and efficient use of tools like reserve requirement ratio cuts and interest rate reductions. There is still room for China to lower reserve requirements and interest rates as needed based on economic conditions. The growth of money supply should also align with economic growth and inflation expectations. Additionally, investment policies should be refined and targeted. To stimulate private investment, market access for private investors needs to be further relaxed. Meanwhile, the scale of investment funds allocated by central and local governments should be increased and used effectively.

Ma Jiantang, former Party Secretary of the Development Research Center of the State Council

Currently, the asset management industry is undergoing profound changes. Securities firm asset management faces challenges in breaking out of homogeneous competition and rebuilding its competitive moat. Ge Xiaobo, President of Guolian Minsheng Securities, stated in his keynote speech that to create a differentiated competitive advantage, securities firm asset management needs to do thorough work in three areas: diversified strategies, integration with wealth management, and collaboration with corporate clients.

Regarding strategic transformation, Ge Xiaobo believes that securities firm asset management should first focus on developing diversified trading strategies. Low-beta, low-correlation, and high-Sharpe strategies play important roles in asset allocation. Securities firms should deepen their fixed income capabilities based on future cash flows, which are key to fixed income asset management. They should leverage their licensing advantages to make strategies more flexible, upgrade to multi-strategy approaches, and build strong fundamental analysis and financial engineering research capabilities. Additionally, they should utilize their private equity attributes to serve institutional investors and high-net-worth clients more effectively.

Ge Xiaobo, President of Guolian Minsheng Securities

The value of a company is reflected not only in its financial statements but also in its industry position, growth logic, and market perception. How to tell compelling industry stories and highlight unique advantages to enhance corporate valuation is a challenge for every company and investor. Wang Chenhui, Managing Partner and President of Frost & Sullivan China, said that as markets develop and investors demand more authentic sources of information, industry research should shift from “closed-source” to “open-source” to meet the needs of different investor levels.

Wang Chenhui believes that when investors buy stocks of listed companies, they are essentially paying for the company’s future prospects. Therefore, companies need to provide clear future visions through scientific and reasonable forecasts of their own business and industry. As AI becomes more prevalent in investment analysis, simple “investor stories” can no longer satisfy investors’ need for verifiable trust. Frost & Sullivan will, under regulatory guidance, use transparent research methods to clearly show data sources, analysis models, and research logic, ensuring the research process is traceable and verifiable, Wang Chenhui explained.

Wang Chenhui, Managing Partner and President of Frost & Sullivan China

During the forum, a roundtable discussion titled “China’s Weight in Global Capital Allocation: Opportunities, Divergence, and Rebalancing” was held simultaneously. Participants included Liu Gangling, Vice President of Tianjin Bank; Hu Yanru, General Manager of Kaisa Fund; Ru Ping, General Manager of Lubbock Overseas Investment Fund; He Li, Chairman of Beijing Zhiyuzhishan Private Equity; and Nie Xianchao, Vice President of ISI Markets Greater China. Industry insiders agree that the logic of global asset allocation is undergoing a fundamental shift, with structural changes in global capital flows. Increasing allocations to Chinese assets is highly likely, and in the long term, assets with low correlation to the dollar and with safety cushions will be favored.

As the participants concurred that “technological revolution is reshaping investment logic,” they look forward to joint efforts among financial systems, regulatory authorities, corporate institutions, media, and other stakeholders to promote value rebuilding and intelligent leapfrogging in the asset management industry under the new era, contributing more to economic and social development.

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