Group 1 - The core viewpoint is that the U.S. stock market is approaching historical highs, leading to concerns about expensive valuations and over-reliance on artificial intelligence spending, particularly in the U.S. [1] - Investors face risks as the artificial intelligence theme has become a major driver of market and economic growth, while other sectors are still pressured by high interest rates, unclear tariffs, and labor market challenges [1] - Following comments from Powell at the global central bank meeting, the market has almost fully priced in a 25 basis point rate cut on September 25, with Powell's remarks indicating a more balanced approach acknowledging potential labor market weakness [1] Group 2 - The company maintains a neutral allocation to equities, balancing robust fundamentals, ongoing fiscal support, and positive corporate earnings outlook against high valuations and trade uncertainties [2] - Regional allocation has been adjusted to increase exposure to Asian stocks (excluding Japan) to a higher allocation, while also increasing exposure to Latin American stocks to hedge inflation through commodity allocation [2] - The allocation to emerging markets (excluding China) has been raised to neutral [2]
普徕仕：人工智能企业盈利前景令市场失望的风险越来越高 提升对亚洲股票至偏高配置
Zhi Tong Cai Jing·2025-09-17 08:31