全球资本聚焦中国，经济韧性点燃资产配置热情

Group 1 - China's economy shows strong resilience, with GDP growth of 5.3% year-on-year in the first half of 2025, leading to better-than-expected major economic indicators [1] - High-tech manufacturing value added increased by 9.5% year-on-year, while strategic emerging service industry revenue approached a 10% growth rate [1] - Retail sales of consumer goods grew by 5.0% year-on-year, accelerating by 0.4 percentage points compared to the first quarter [1] Group 2 - Foreign institutions like Morgan Stanley and Deutsche Bank have raised their forecasts for China's economic growth, with Deutsche Bank noting a shift in focus from India to China for emerging market investments [2] - UBS Wealth Management is optimistic about excess return opportunities in China's tech sector, particularly in online gaming and cloud services, citing AI applications and policy support as key factors [2] - Goldman Sachs maintains an "overweight" stance on China, highlighting the potential for structural revaluation in the biotech sector, which is currently valued at only 14%-15% of its U.S. counterparts [2] Group 3 - Citic Securities points out that Asian equity assets are being revalued in the context of rising preferences for non-U.S. assets, with China's market still seen as undervalued [4] - Data from Huaxi Securities indicates that the PE levels of major indices in China are generally lower than those of major international indices [4] - The influx of funds into the A-share market is supported by various factors, including individual investors entering through ETFs and institutional funds increasing their holdings in passive funds [4]