贝莱德范华：全球市场已进入更为复杂的结构性调整阶段

Group 1 - The current macro environment reflects a deep transformation in global markets, influenced by geopolitical tensions and disruptive trends like artificial intelligence [1][3] - BlackRock emphasizes the need for deeper scenario analysis in asset allocation processes, focusing on short-term certainties amidst uncertainty [3][4] - In the context of market volatility, BlackRock sees opportunities for excess returns (Alpha) and highlights the importance of flexible position management [4][5] Group 2 - BlackRock identifies three key themes to navigate the current market: seeking certainty in uncertain environments, strategically managing macro risks, and adapting to the failure of traditional anchors [3][4][5] - The firm expresses a preference for U.S. equities and short-term U.S. bonds, while also emphasizing the value of gold during high volatility periods [3][4] - In the Chinese market, BlackRock is focused on structural opportunities, particularly in the photovoltaic sector and the growth potential from artificial intelligence [6]