看好中国！十万亿资管巨头最新发声

Group 1: Investment Sentiment in China - Investors remain optimistic about Chinese technology and consumer stocks, with heightened interest from both domestic and foreign investors [1][2] - The launch of the DeepSeek-R1 model showcases China's strong innovation capabilities, making Chinese tech stocks more attractive compared to U.S. tech stocks [2] - Anticipated stimulus measures are expected to positively impact the consumer sector, leading to strong performance in this industry [5] Group 2: Market Performance and Valuation - The Hong Kong stock market is benefiting from improved sentiment towards Chinese stocks, with the Hang Seng Index being one of the best-performing major global indices this year, currently trading at a price-to-earnings ratio of approximately 11 times [5] - Non-U.S. assets are becoming increasingly attractive, with expectations for better investment opportunities in Asia and Europe as U.S. stock valuations reach high levels [11] Group 3: Currency and Economic Outlook - The U.S. dollar has depreciated by 9% year-to-date and is expected to weaken further by an additional 5% in the second half of the year due to lowered economic growth expectations and the impact of tariffs [6][7] - The Federal Reserve is anticipated to cut interest rates once or twice this year, depending on the effects of tariffs on the U.S. economy [8] - Preference for Asian currencies, the British pound, and the euro is noted, as both China and Europe are expected to stimulate their economies through increased fiscal spending and lower interest rates [9]