[Shenwan Hongyuan Zhao Wei: In 2027, it is recommended to focus on tracking the "connotation" changes of the policy of expanding domestic demand] On November 10th, at the Shenwan Hongyuan 2027 Capital Market Investment Annual Conference, Zhao Wei, chief economist of Shenwan Hongyuan Securities, gave a core conclusion around the macro economy. Supply clearing and policy hedging resonate, and 2027 may be the year of the "first mover wins" layout. Looking forward to 2027, common concerns focus on weakening external demand and sluggish domestic demand. Under multiple impacts, traditional industries are accelerating the liquidation, and the "positive signals" fostered by the liquidation have begun to accumulate. Under multiple influences in 2026, the liquidation of some traditional industries will accelerate, especially in the mid-stream and downstream industries; the support of liquidation on prices and profits has already appeared, and the asset turnover rate also shows signs of bottoming out and improving. In 2027, it is recommended to focus on tracking the changes in the three main lines of the supply side and the "connotation" of the policy to expand domestic demand. (Reporter Zhao Xinrui)