惠理投资盛今：中国资产具备多重核心竞争优势

Core Viewpoint - The Hong Kong stock market has shown strong performance this year, driven by multiple core competitive advantages of Chinese assets, which are expected to enhance their attractiveness to international capital [1][2]. Group 1: Factors Driving Hong Kong Stock Market Strength - Three main factors are identified as driving the strength of the Hong Kong stock market: the "hard technology" wave, the rise of the "new economy," and the weakening of the US dollar [2]. - The "hard technology" revolution is expected to bring profound changes to production and lifestyle, with leading Chinese internet companies poised to capitalize on AI applications [2]. - The "new economy" has become a pillar of the Hong Kong stock market, with its market capitalization share increasing from 27% at the end of 2015 to an expected 51% by the end of 2024 [2]. - The weakening US dollar has led to a reallocation of funds, with a slowdown in foreign capital outflow from the Hong Kong market, making it an attractive option for global capital seeking undervalued assets [2]. Group 2: Core Competitive Advantages of Chinese Assets - Chinese assets possess three core competitive advantages: a complete modern industrial system, increased R&D investment leading to brand premium, and significant long-term investments in core technology fields [3]. - The manufacturing sector in China has achieved low-cost, high-efficiency capabilities through vertical integration and scale advantages [3]. - Chinese companies are increasingly recognized for their global competitiveness in areas such as AI, semiconductors, new energy, and aerospace [3]. Group 3: Investment Opportunities in A-Share Market - The A-share market presents four key investment opportunities: stable cash returns in sectors like telecommunications, finance, and utilities; potential in the internet sector and consumer sub-industries due to policy support and AI commercialization; growth in the biopharmaceutical industry driven by improved policies and global competitiveness; and a stabilization in the real estate sector along with improved prospects for chemicals and raw materials [3].