资管一线｜国金资管王斯杰：左手红利右手成长，哑铃型配置应对市场不确定性

Core Insights - The traditional investment strategies are showing limitations in the face of increasing market volatility and uncertainty, prompting a need for new approaches [1] - The focus on macro-level risk-reward ratios can help navigate uncertainties in investment [1] - The "barbell" strategy is recommended for balancing stable and growth-oriented investments [1][5] Investment Strategies - The semiconductor industry is experiencing a shift, with inventory cycles decreasing from 8.7 months in Q2 2023 to 6.3 months by Q3 2024, indicating a potential recovery [2] - The innovative drug sector has rebounded significantly, with the Hong Kong Innovation Drug Index rising by 25.93% year-to-date as of May 16 [4] - AI remains a hot investment area, but there is a notable divergence between North American and domestic market developments, presenting both opportunities and challenges [4] Asset Allocation - A dual approach is suggested: investing in stable cash flow assets while also targeting innovative growth companies in sectors like new energy materials, high-end equipment, and AI applications [5][6] - The focus on high-dividend assets should prioritize stable companies with growth potential while avoiding those at cyclical peaks [6] - Growth-oriented investments should target sectors with low stock prices and high potential returns, particularly in innovative drugs, service consumption, and technology semiconductors [6]