East China Securities Lu Zhe: De-industrialization has become the main growth trend of the Chinese economy.

Lu Zhe, Chief Economist of Dongwu Securities, pointed out in his keynote speech that international experience indicates that economic cycles usually recover before real estate cycles, showing a "de-landization growth" characteristic. Currently, the proportion of the new economy represented by "new quality productivity" in China has surpassed the old economy represented by real estate. High-tech manufacturing, AI infrastructure, and other fields have strong potential for industrial upgrading and capital expenditure resilience, and can participate in the global investment cycle. Consumption is shifting from real estate-driven categories to services, experiences, and high-frequency consumption. Lu Zhe believes that the bright spots of China's economic growth are shifting from real estate and infrastructure-led to new quality productivity, advanced manufacturing, export structure upgrading, and service consumption, supporting a more diverse and sustainable growth model.