兴证全球谢治宇：今年四月份以来，我们更有信心了

Core Viewpoint - The speech by the Deputy General Manager of Xingzheng Global Fund, Xie Zhiyu, emphasizes a positive outlook on the market despite facing numerous challenges and risks ahead, indicating a matured approach to investment strategies [2][8]. Group 1: Market Conditions and Economic Challenges - The current economic environment is marked by significant volatility, with the company adopting a more mature mindset in response to external pressures, moving from constant worry to a more measured approach [2][3]. - The trade conflict today is notably different from that of 2018, with potential tariffs reaching as high as 125%, indicating a shift towards the highest tariff levels since 1900 [3][4]. - The U.S. economy is experiencing structural changes, including a declining manufacturing sector and increasing wealth disparity, which are contributing to a high level of national debt [6][7]. Group 2: Investment Opportunities and Strategies - The company believes that despite the challenges, there are potential long-term benefits, including a controlled increase in government debt and a stabilization in the real estate market, which could positively impact the economy [8][10]. - There is a growing emphasis on technology and innovation, with increased R&D investment as a percentage of GDP, which is expected to drive future growth [10][13]. - The equity market is evolving to provide more sustainable investment products, particularly in technology sectors, which are seen as having higher risk and return potential [11][12]. Group 3: Future Market Outlook - The company anticipates that the A-share and Hong Kong markets will become more internationalized, attracting larger capital inflows due to their appealing valuation levels [12][14]. - There is a strong belief in the importance of dividend-paying stocks, which are expected to provide stable returns and contribute to market revaluation [14]. - The company remains optimistic about sectors with ongoing breakthroughs, such as semiconductors, which are expected to play a significant role in global competition [14].