联博基金朱良——“政策底+市场底”共振 A股三大主线浮现

Core Viewpoint - The Chinese market is attracting more funds due to its valuation advantages and structural opportunities amid global uncertainties [1] Market Sentiment and Valuation - A-shares are showing signs of recovery, with low correlation to other global markets, providing good defensive characteristics [2] - Current market sentiment is improving, but overall valuation levels remain attractive, indicating a key window for value investors to acquire quality assets [2] Economic Transition and Interest Rates - The Chinese economy is transitioning from high-speed growth to high-quality development, necessitating a reduction in debt-driven growth [3] - A long-term downward trend in interest rates is anticipated, which may further enhance equity asset valuations [3] Asset Allocation Strategy - The investment strategy focuses on long-duration assets, particularly dividend-paying stocks and high-quality companies with sustainable return on equity (ROE) growth [4] Sector Focus - Three main investment themes are highlighted: 1. Dividend stocks, seen as "deposit substitutes" in a low-interest environment, supported by new regulations encouraging dividends and buybacks [5] 2. New productive forces, emphasizing companies with high intangible assets and technological innovation, particularly in the private sector [5] 3. New consumption trends, where consumer preferences are shifting towards experiences and emotional value, creating investment opportunities in emerging consumer products [5] Private Sector Recovery - The recovery momentum of the private economy is a critical observation point, with improved policy environments since 2023 positively impacting market sentiment [6] - Increased capital expenditure and recovering return on equity among leading private enterprises indicate preparation for a new growth cycle [7]