富达国际：中国资产正在重塑增长引擎

Group 1: Structural Investment Opportunities in China - The structural investment opportunities in Chinese assets have become a focal point for investors amid a turbulent external environment, with a stable economic recovery and clear policy direction [1][3] - The Chinese bond market, currently valued at 180 trillion RMB, is attracting global capital as a low-volatility investment option, with ongoing efforts to optimize market frameworks to draw foreign investment [4][3] - The recovery in domestic consumption and advancements in technology, particularly in AI, are creating a series of structural investment opportunities in the Chinese market [1][5] Group 2: Policy Support and Economic Stability - China's policy and growth trajectory remain relatively stable despite external pressures, with a focus on targeted easing measures and regulatory adjustments to stimulate domestic demand [3][4] - The government is expected to introduce counter-cyclical fiscal policies in the short term, while long-term initiatives may include the upcoming "15th Five-Year Plan" [3][4] - The integration of China into the global financial system is expected to increase as the demand for diversified investments grows, enhancing the attractiveness of Chinese assets [3][4] Group 3: Consumer Market and Investment Potential - The Chinese consumer market is entering a new structural upgrade cycle, driven by policy guidance and corporate innovation, with significant investment opportunities emerging [6][5] - High-quality durable goods and service consumption are regaining popularity, indicating a shift towards a consumption and innovation-driven economy [6][5] - Companies with strong product innovation, digital marketing capabilities, and clear brand positioning are expected to gain market share and present attractive investment opportunities [6][5] Group 4: AI Development and Market Impact - The rapid development of AI, particularly generative AI, is reshaping the future and creating significant investment momentum globally, with strong demand for AI technologies [8][9] - The introduction of DeepSeek, a cost-effective AI model, highlights China's structural advantages in research and talent, prompting investors to reassess the structural investment opportunities in the market [9][8] - China's unique supply chain ecosystem is deeply integrated with various industries, including advanced manufacturing and electric vehicle supply chains, showcasing the long-term investment value in the Chinese stock market [9][8]