风向大变！汇丰：美国、欧洲失宠，中国股市成投资者新宠

Core Viewpoint - Investors are increasingly diversifying into China to balance risks associated with the U.S. market, driven by geopolitical uncertainties and the dominance of major tech companies in the stock market [2][4]. Group 1: Market Performance - The S&P 500 index has risen by 15% over the past year, while the Chinese stock market, particularly the Shanghai Composite Index, has surged by 33.4% in the same period [5][6]. - U.S. companies are projected to achieve significantly higher returns on AI capital expenditures, with U.S. cloud platform revenues expected to reach nearly $400 billion in 2024 compared to $60 billion in China [6]. Group 2: Investment Strategies - Investors are advised to create global portfolios and reduce domestic asset holdings to achieve diversification, especially in light of the dominance of the "Tech Seven" companies [3][4]. - There is a growing trend of funds flowing from Europe to China, driven by interest in AI trends and supply-side reforms aimed at addressing overcapacity and profitability issues [4][5]. Group 3: Sector Insights - Within the AI ecosystem, infrastructure stocks have outperformed "enablers" and "adopters" since July, with returns of 22.2% compared to 11.3% and 13.5% respectively [5]. - Investors can find Chinese stocks comparable to U.S. stocks at a discount of 30% to 40%, particularly in sectors related to AI infrastructure, energy, and automation [5].