Guo Ji Jin Rong Bao·2025-06-06 23:52Group 1 - The core viewpoint emphasizes that despite the uncertainties caused by U.S. trade tariffs, the Asian market continues to show resilience and attract capital due to its structural growth and local opportunities [1] - The Chinese economy is characterized by strong manufacturing capabilities that are hard to replace, indicating ongoing structural growth opportunities [1] Group 2 - Domestic demand resilience is crucial, with current economic data showing stability, and the need for policy support to maintain economic momentum [2] - The focus of macroeconomic policy is shifting from infrastructure to consumer and corporate capital expenditure, highlighting the importance of internal demand [2] Group 3 - The consumption market is benefiting from policy support, with significant growth in sales of durable goods, particularly in the automotive sector, which saw a 15% year-on-year increase [3] - There is potential for further policy measures to stimulate consumption in non-durable goods and services, with a possibility of a 20 basis point interest rate cut in the second half of the year [3] Group 4 - The liquidity environment for A-shares remains favorable, supported by stock buybacks and renewed public fund issuance [4] - The focus on high-quality growth and deep value stocks is expected to continue, particularly in the context of China's technological innovation and the ongoing "AI+" trend [4] Group 5 - Core quality state-owned enterprises and sectors like food and beverage are expected to remain attractive, with a focus on artificial intelligence applications and long-term structural trends [5] - The strategy emphasizes diversification through low-correlation assets, particularly in light of ongoing geopolitical risks and global economic slowdown [5] - Gold is viewed as a stable asset during market volatility, with its price supported by a weaker dollar and central bank purchases, making it a recommended part of diversified portfolios [5]