安联基金程彧：以长期视角布局A+H两市，把握中国股票价值重估机遇

Core Viewpoint - Both A-shares and H-shares are driven by common long-term support factors, including corporate competitiveness, long-term profitability, systemic risk mitigation, and policy support, which influence stock pricing on both the numerator (corporate earnings) and denominator (risk premium) sides [1][2] Group 1: Market Dynamics - The primary difference between A-shares and H-shares lies in the risk-free interest rates used for pricing, with H-shares being more influenced by U.S. Treasury yields due to higher foreign ownership [1] - H-shares have greater potential for downward adjustment in risk-free rates compared to A-shares, as U.S. Treasury yields have more room to decline [1] Group 2: Investment Opportunities - The current market is undergoing a re-rating cycle, with H-shares showing potential in sectors that are innovative, differentiated, and sensitive to interest rate changes, particularly in the innovative drug sector [1] - H-shares are home to many biotech and innovative drug companies that are scarce in the A-share market, providing unique investment opportunities [1] - H-shares' dividend assets are primarily found in traditional high-dividend sectors like finance and energy, which exhibit stable profitability and dividend policies, thus showing strong resistance to volatility [2] Group 3: Portfolio Strategy - Both A-shares and H-shares present significant investment opportunities, and including both in a portfolio can allow for a more comprehensive sharing of China's economic growth and structural transformation benefits [2] - The structural differences in market opportunities and potential asynchronous market rhythms necessitate a long-term perspective for effective allocation based on sector characteristics [2]