CITIC Securities Zhu Yexin: A more resilient and more stable new ecosystem for the capital market has already taken shape

Ask AI · How can the implementation of new-quality productive forces rewrite the asset pricing logic?

China Economic News reporter Sun Ruxiang, Xia Xin, Beijing

“Under the dual drivers of fundamental recovery and increased inflows of incremental capital into the market, the A-share market is entering a critical turning point—shifting from a game of existing stockholders to one of incremental allocation. A more resilient and stable new ecosystem for the capital market has already taken shape,” said Zhu Yexin, Executive Committee Member of the Business Management Committee and Head of the Research Department at Citic Securities.

At the Citic Securities 2026 Spring Capital Market Forum held on March 19, Zhu Yexin stated that the current ecosystem of China’s capital markets has been clearly optimized, and the attractiveness of Chinese assets continues to grow. From the “14th Five-Year Plan” outline combined with the recent statements and measures by the China Securities Regulatory Commission, stabilizing the market and improving the ecosystem for long-term investment have become essential requirements for high-quality development of the capital markets.

“We are pleased to see that a capital market with better investor returns and protections is taking shape,” Zhu Yexin said. The regulatory authorities have also continued to strengthen efforts—cracking down on financial fraud and insider trading, and strictly implementing the mandatory delisting system, greatly purifying the market environment. Meanwhile, the multi-level capital market system is becoming more inclusive and adaptable. Regulators are deepening reforms of the ChiNext board, optimizing refinancing mechanisms, introducing more inclusive listing standards, and precisely supporting new industries, new business models, and technological innovation enterprises.

“Precisely because of this solid foundational logic reshaping, the global appeal of Chinese assets continues to rise,” Zhu Yexin added.

Zhu Yexin pointed out that the transition from old to new growth drivers is bringing about a qualitative leap. The development of a modern industrial system and the globalization of Chinese enterprises are reshaping the core asset pricing logic in China.

The “14th Five-Year Plan” emphasizes building a modern industrial system and consolidating the foundation of the real economy, proposing to construct a modern industrial system with advanced manufacturing as its backbone.

Against this grand backdrop, Zhu Yexin believes that new-quality productive forces, represented by artificial intelligence, commercial spaceflight, and biotechnology, are moving from conceptual exploration to full industrial implementation, rewriting the main growth trajectory of the economy and markets.

“Even more exciting is that the strategic resonance between Chinese companies going global and the internationalization of the renminbi is forming a powerful synergy, opening up an extremely broad space for the systematic revaluation of Chinese assets,” Zhu Yexin said.

(Editor: Xia Xin; Review: Li Huimin; Proofreading: Wan Ling)