专访建银国际首席策略师赵文利：全球资本格局从单极走向多极

Group 1: Dollar's Decline and Global Currency Shift - The credit of the US dollar is declining, particularly due to rising fiscal deficits and policy uncertainties in the US, prompting countries to seek hedging solutions [1][3][4] - The global investment landscape is shifting towards a multi-polar structure, with emerging markets, led by China, becoming core pools of global capital [2][12][14] - The diversification of foreign exchange reserves is evident, with currencies like the euro and yuan gaining traction, alongside increased gold and cryptocurrency holdings [3][4] Group 2: China's Economic Opportunities - China's market is experiencing an "innovation bull market," driven by policy reforms, industry cycles, and capital flows, creating a fertile ground for tech-driven enterprises [7][8] - Key investment opportunities are identified in three main areas: hard technology breakthroughs, new consumption and cultural exports, and the synergy between primary and secondary markets [9][10] - China's advantages in AI and green energy position it as a potential global growth driver, with a comprehensive ecosystem that supports both sectors [5][6] Group 3: Investment Trends and Market Dynamics - The US stock market's weight in global equity markets has reached historical highs, raising concerns about concentration risks [11] - Recent capital flows indicate a shift away from the US towards emerging markets, particularly China, as investors seek better opportunities [12][13] - The long-term trend suggests a structural shift in asset allocation towards China, enhancing its role in global capital markets [14]