On September 9, Mou Yiling, chief strategist of Guojin Securities, said at Guojin Securities's 2026 fall strategy meeting that the expansion of AI financing has supported US growth and capital return, but uncertainty about return on investment is rising. He pointed out that high real interest rates in the US have suppressed demand from non-US, but demand for infrastructure and resource development in emerging markets is more suppressed by high financing costs and has not disappeared; if the slowdown in AI investment drives the US real interest rate to fall, the US dollar weakens, and capital flows back to the non-US market, a new path of real asset revaluation is expected to open up, and the reserve value of physical assets such as gold may also be taken seriously once again. In terms of allocation, Mou Yiling pointed out that the current decline in global crude oil inventories, the operating rate of European and American refineries is close to full capacity, and low inventories make energy prices more sensitive to supply disturbances. It is recommended that priority be given to energy chains such as coal, petroleum, oil transportation and refining; non-ferrous assets such as copper, gold, and aluminum are expected to benefit from the reduction of the US dollar and real interest rate suppression; dividend assets with high dividends and low volatility are still an important allocation direction for absolute income capital; export chains such as construction machinery and power grid equipment have mid-term allocation value.

On September 9, Mou Yiling, chief strategist of Guojin Securities, said at Guojin Securities's 2026 fall strategy meeting that the expansion of AI financing has supported US growth and capital return, but uncertainty about return on investment is rising. He pointed out that high real interest rates in the US have suppressed demand from non-US, but demand for infrastructure and resource development in emerging markets is more suppressed by high financing costs and has not disappeared; if the slowdown in AI investment drives the US real interest rate to fall, the US dollar weakens, and capital flows back to the non-US market, a new path of real asset revaluation is expected to open up, and the reserve value of physical assets such as gold may also be taken seriously once again. In terms of allocation, Mou Yiling pointed out that the current decline in global crude oil inventories, the operating rate of European and American refineries is close to full capacity, and low inventories make energy prices more sensitive to supply disturbances. It is recommended that priority be given to energy chains such as coal, petroleum, oil transportation and refining; non-ferrous assets such as copper, gold, and aluminum are expected to benefit from the reduction of the US dollar and real interest rate suppression; dividend assets with high dividends and low volatility are still an important allocation direction for absolute income capital; export chains such as construction machinery and power grid equipment have mid-term allocation value.