安联基金郑宇尘、程彧： 立足“科技+红利” 中国股票迎来价值重估周期

Core Insights - Allianz Fund's first equity product, Allianz China Select Mixed Fund, was established in early September 2024 and has achieved a return rate exceeding 75% since its inception [1] - The fund's management emphasizes a "technology + dividend" dual strategy, particularly favoring high-quality technology assets for growth [1] Group 1: Market Dynamics - The Chinese stock market is entering a significant value re-evaluation cycle driven by three core factors: improvement in corporate competitiveness and profitability, alleviation of risks including those in real estate, and strong supportive policy measures [2] - Market confidence is recovering, creating a positive feedback loop where main funds stabilize the market, followed by risk-sensitive funds responding quickly [2] - Foreign investors view Chinese assets as a standalone asset class, with potential for new capital inflows if the market continues to show profitability and fundamental improvements [2][3] Group 2: Hong Kong Market Potential - Recent fluctuations in the Hong Kong stock market are attributed to pressures on key sectors like the internet, which significantly impact major indices [4] - Despite the volatility, the Hong Kong market is seen as having strong earning potential, with shared core drivers with the A-share market [4] - The innovative drug sector in Hong Kong is experiencing a "milestone breakthrough," with increasing global patent licensing and a shift towards sustainable business models [4] Group 3: Investment Strategy - Allianz China Select Mixed Fund was established during a period of market pessimism, with a strategic decision to build positions based on systematic investment frameworks indicating an impending earnings inflection point [4] - The fund maintains a high allocation to equities, as models indicate that stocks are significantly more attractive than bonds [4] - Future investment direction will focus on a "rule-based active management" approach, dynamically adjusting the allocation between dividend and high-quality technology assets [4][5]