中外资机构：“AI+新消费”点燃外资投资中国兴趣

Group 1 - The current investment strategy for Chinese markets should focus on increasing the proportion of Chinese assets, as they are expected to be revalued with the receding of the "American exceptionalism" narrative [11][12] - In the Hong Kong market, defensive sectors with high dividends from state-owned enterprises should be prioritized, while also investing in technology growth sectors during dips [12] - In the A-share market, attention should be given to consumer sectors such as agriculture, food and beverage, and consumer electronics [13] Group 2 - The focus should be on hard technology sectors related to chips in the A-share market, while technology and new consumption sectors are favored in the Hong Kong market [14] - The emergence of DeepSeek has sparked interest in China's latecomer advantages in the AI industry, leading to increased foreign investment interest in the Chinese market [14] - The rating for Chinese technology stocks has been upgraded from "neutral" to "positive," reflecting expectations of 20%-30% profit growth [14][15] Group 3 - Structural opportunities exist in the AI industry chain, innovative pharmaceuticals, and new consumption sectors [15][16] - Domestic AI companies are showing advantages in large model development and industry applications, with some segments like optical modules and industrial robots seeing over 50% year-on-year profit growth [16] - The innovative pharmaceutical sector is benefiting from policy incentives and international breakthroughs, with leading companies enhancing global competitiveness [16] Group 4 - The dominance of the US dollar is beginning to wane, influenced by tariffs, geopolitical factors, and fiscal deficits, leading to a potential long-term depreciation of the dollar [21][22] - Many economies, including Europe and China, are seeking to reduce reliance on the dollar, indicating a shift towards a more multipolar global currency system [23][24] - The share of the dollar in global foreign exchange reserves has dropped to 58%, with central banks increasing gold holdings to hedge against risks [25][27] Group 5 - The US Treasury market is experiencing changes that may lead to increased volatility in international financial markets, prompting investors to diversify their portfolios [30][31] - The long-term outlook for US Treasury yields is expected to rise due to concerns over fiscal deficits and inflation, with recommendations to focus on high-rated short-term bonds [31][32] - Despite the lack of clear alternatives to US Treasuries, the market is cautious about long-term US debt due to potential uncertainties surrounding the debt ceiling [32][33]