联博基金朱良：在市场波动中寻找优质资产配置机会

Group 1 - The core viewpoint emphasizes the gradual recovery of investor confidence in the A-share market, which is beneficial for healthy market development and presents opportunities for quality asset allocation [1] - Two types of assets are highlighted for investment value during China's economic transformation: high-quality companies with stable cash flow and increasing dividend payouts, and industry leaders with sustainable growth in return on equity (ROE) [1] - Historical data suggests that when actual interest rates are between 1% and 2%, the probability of the CSI 800 index achieving positive returns in the following year is significantly high, indicating a favorable risk-reward ratio for investors [1] Group 2 - Specific investment directions include focusing on dividend sectors, where ongoing corporate governance reforms and increased stock buybacks are enhancing shareholder returns, which is expected to support market upward trends [2] - The new productivity sector is emphasized, particularly in light asset industries represented by technological innovation, where companies with stable R&D investment and strong market positioning are likely to show significant long-term growth potential [2] - Emerging consumer trends, particularly in niche markets that provide quality experiences, are gaining traction, reflecting a profound transformation in the Chinese consumer market towards value and experience [2] Group 3 - Investors are advised to seize valuation recovery opportunities while paying attention to the quality of corporate cash flow, with a focus on companies that have sound governance structures and can consistently generate cash flow [3] - The Hong Kong stock market has shown strong performance, attracting global capital, while the A-share market primarily serves domestic investors, creating a complementary relationship between the two markets [3] - The continuous improvement of the Hong Kong Stock Connect mechanism provides mainland investors with richer allocation choices, and the unique listing system in Hong Kong attracts new economy enterprises, enhancing the complementarity with A-share companies [3]