中外资机构：中国资本市场迎来“慢牛”行情

Group 1 - The Chinese capital market is entering a "slow bull" phase, reflecting improved long-term investment expectations from investors due to economic stabilization and structural optimization [9][11] - A-share and H-share markets have completed a round of value reassessment, indicating a shift from short-term speculation to long-term investment strategies by both domestic and international institutions [10][11] - The market is expected to continue its upward trend, supported by macroeconomic policies and the elimination of outdated production capacity, which will enhance corporate profit margins [11][12] Group 2 - Current economic conditions in China show a "steady progress" trend, with internal consumption recovery and industrial upgrades providing a solid foundation for achieving annual growth targets [12] - The government is expected to maintain a proactive fiscal policy and moderately loose monetary policy to support economic growth, with a focus on implementing the 2025 fiscal budget [13] - There is a consensus among financial institutions to increase allocations to non-USD assets, as the dominance of the dollar is expected to weaken, prompting a rebalancing of global asset allocations [14][16] Group 3 - The outlook for the U.S. Federal Reserve's monetary policy suggests a likelihood of interest rate cuts, with expectations of a cumulative reduction of 50 to 75 basis points by year-end [14] - Investors are advised to diversify their portfolios and reduce concentration in USD assets, as the market anticipates fluctuations in U.S. tariff policies [16] - There is a bullish outlook for stocks over the next 6 to 12 months, with a focus on reallocating funds from U.S. investments to Asian markets, while also considering emerging market local currency bonds [16]