Core Viewpoint - Allianz Fund's first equity product, Allianz China Select Mixed Fund, has achieved a return rate exceeding 75% since its inception in early September 2024, indicating a favorable market environment for equity investments in China [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 the real estate sector, and strong supportive policy measures [1] - Market confidence is recovering, creating a positive feedback loop where main funds stabilize the market, followed by risk-sensitive funds responding quickly as bank deposit attractiveness declines [1][2] Group 2: Foreign Investment Perspective - Foreign institutions 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] - Factors contributing to the shift in foreign investment attitudes include global recognition of China's technological competitiveness, the emergence of engineer dividends replacing demographic dividends, and the ongoing resolution of systemic risks in real estate [2] Group 3: Hong Kong Market Insights - The recent volatility in the Hong Kong stock market is attributed to pressure on key sectors like the internet, which significantly impact indices such as the Hang Seng Index [2] - Despite the volatility, the Hong Kong market shows potential, sharing the same core drivers as the A-share market, with a greater potential for declining risk-free rates compared to Chinese government bonds [2] Group 4: Investment Strategy - Allianz China Select Mixed Fund maintains a high allocation, supported by a systematic investment framework that indicated an impending earnings inflection point and extremely low valuations at the time of establishment [2] - Future investment direction will focus on a "rule-based active management" approach, utilizing an enhanced GARP strategy to dynamically adjust the allocation between dividend assets and quality tech assets [2] - The technology sector is expected to see significant excess returns in the third quarter as its fundamentals improve [2][3]
立足“科技+红利” 中国股票迎来价值重估周期
Zhong Guo Zheng Quan Bao·2025-09-14 20:14