国投瑞银基金总经理王彦杰：看好下半年结构性机会

Group 1 - The eighth Asia-Pacific Precious Metals Conference (APPMC) will be held in Singapore from June 15-17, 2025, with a focus on industry trends and investment strategies [1] - The general manager of Guotou UBS Fund, Wang Yanjie, expressed optimism about the A-share market in 2025, particularly regarding structural opportunities in the second half of the year [1] - The A-share market is expected to outperform overseas markets due to a significant weakening of its financing attributes since 2024, which has historically constrained stock price performance [1] Group 2 - In 2024, the net financing scale of A-share listed companies drastically decreased from 1 trillion yuan in 2023 to 124.9 billion yuan [2] - The expansion of share buybacks alongside the reduction in net financing demonstrates companies' confidence in their development prospects, which is expected to boost stock prices and improve market liquidity [2] - The People's Bank of China and regulatory bodies introduced a "stock buyback and increase loan" policy in October 2024, significantly lowering corporate financing costs [2] Group 3 - Despite ongoing macroeconomic challenges and geopolitical uncertainties, investment strategies should focus on technology innovation and high-dividend assets [4] - Historical data indicates a positive correlation between the appreciation of the renminbi and the performance of Chinese equity markets, suggesting an increase in allocations to Chinese stocks, including Hong Kong stocks [4] - The implementation of buyback policies is expected to stabilize and uplift the market, with continued optimism for the investment value of the A-share market in 2025 [4]