兴业证券张忆东：中国资产正处于重估的时代 短期逢低布局科技、新消费、黄金军工

Group 1 - The core viewpoint is that a new international order is emerging, and Chinese assets have significant potential for revaluation in the medium to long term [1][2] - Short-term strategies should focus on strategically positioning in technology, new consumption, gold, and military industries while being cautious of geopolitical uncertainties and trade policy disruptions [1][3] - The trade war is seen as having no winners, with potential impacts on both the US and global economies, and a typical bear market in US stocks is anticipated for 2025 [1][2] Group 2 - The revaluation of Chinese assets is a medium to long-term logic, with internal factors being the core variable influencing the capital market [2] - The development of new productive forces in China is expected to play a significant role in the future growth of A-shares and Hong Kong stocks, particularly in technology and new consumption sectors [2] - Defensive strategies are recommended in the short term, with a focus on technology as a primary investment line, while gold and military assets are suggested as traditional safe-haven investments [3]