Group 1 - The overall stock market has not shown a clear trend since 2025, characterized by volatility with a bottom and top range, leading to "diversification" as a key theme [1] - The macroeconomic situation in China is also showing signs of divergence, with the old economy, represented by the real estate sector, still on a downward trend, although the pace of decline has slowed due to supportive policies [1] - New sectors such as high-end manufacturing and new consumption are performing well, contributing positively to stabilizing China's economic growth [1] Group 2 - Investment strategies for the second half of the year will continue to be dominated by diversification, with rotation playing a more significant role in investment decisions [2] - After the first half's gains, sectors with strong fundamentals and speculative themes have accumulated significant increases, leading to some valuations reaching high levels [2] - The impact of the trade war initiated by the U.S. has made valuations in export-oriented industries, particularly those related to AI, more attractive [2]
方正富邦基金首席投资官汤戈：行到水穷处 坐看云起时
Zhong Guo Jing Ji Wang·2025-06-12 08:35