用投资视角洞见企业，用企业视角理解投资

Group 1 - Recent focus on Chinese assets, with A-shares showing resilience and the Hang Seng China Enterprises Index performing notably well, linked to global macro policy shifts [1] - Market sentiment changes are closely tied to expectations of a Federal Reserve interest rate cut, with the probability of a September rate cut rising from 80% to 90%, leading to a significant jump in the Hong Kong market [1][2] - The recent appreciation of the RMB from 7.18 to around 7.15 suggests international capital inflow into Chinese assets [2] Group 2 - Historical trends show that foreign capital has shifted towards Chinese bonds due to higher yields compared to US bonds, but recent Fed rate hikes have led to capital withdrawal from China [2][3] - Domestic interest rates in China have been on a downward trend, prompting local investors to seek opportunities in Hong Kong stocks, particularly high-dividend, low-valuation assets [3] - The potential return of foreign capital to China is expected to favor equities, particularly high-quality companies with stable cash flows and higher dividend yields compared to US stocks [5][6] Group 3 - The investment philosophy is shifting towards a "deep well" investment mindset, focusing on long-term value and sustainable returns rather than short-term market fluctuations [6][7] - The emphasis is on holding quality assets to share in corporate growth, moving away from a zero-sum game mentality in investing [7] - With the Fed's policy shift and increased attractiveness of Chinese assets, the likelihood of foreign capital returning to the Chinese market is rising, suggesting a need for an asset-based allocation approach [7]