Group 1 - The core viewpoint is that market volatility is expected to persist, and investors should diversify their U.S. assets to other regions while managing portfolio risks [1][2] - The U.S. credit rating downgrade and economic slowdown are anticipated to lead to a fluctuating stock market in the second half of the year [1] - The company maintains a neutral outlook on Hong Kong stocks and a slightly positive view on selective bonds, while cash is adjusted to a neutral position as a defensive asset [1] Group 2 - The uncertainty caused by tariff news is expected to remain high in the short to medium term, prompting investors to allocate funds to lower-risk assets [2] - The company holds a cautiously optimistic view on global bonds, particularly investment-grade credit, as a means to enhance risk management in portfolios [2] - Despite concerns over the negative impacts of tariff policies on the economy and stock market, recent data shows economic resilience, with a focus on long-term growth sectors while being mindful of short-term pullback risks [2]
永明资产管理：保持香港股票中性看法 留意美股短期回调风险
Zhi Tong Cai Jing·2025-07-03 11:02