汇丰全球投资展望｜降息周期重启 多元配置应对多变环境

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut in nine months, aligning with market expectations [1] - HSBC anticipates two additional 25 basis point cuts in December and March, potentially lowering the target range to 3.50%-3.75% by the end of next year [1] - There is an increasing risk of multiple rate cuts if labor market data shows further weakness [1] Group 2: Investment Strategy - Emphasis on diversified asset allocation across asset classes, industries, and regions to enhance portfolio resilience in a changing environment [3] - The opportunity cost of holding cash assets may rise as the Fed's actions lower cash rates and bond yields, prompting a focus on high-quality bonds [4] - Preference for UK government bonds and investment-grade bonds in euros and pounds to hedge against downside risks, while maintaining a neutral view on US Treasuries [4] Group 3: Regional Market Outlook - The strategy maintains a diversified regional approach, favoring US, Asian, and UAE markets, with a positive outlook for Asian markets excluding China [5] - Singapore's defensive advantages and attractive dividends have made it stand out in Asia, while the UAE is seen as a market with structural growth potential [6] - The US market benefits from AI and economic growth, with second-quarter earnings exceeding expectations due to favorable conditions [6] Group 4: Sector Opportunities - The rapid application and commercialization of AI globally are enhancing productivity and creating new revenue streams, benefiting sectors like software, cloud services, and infrastructure [7] - The industrial sector is becoming a strategic focus due to ongoing trends in re-industrialization and the demand for digital infrastructure [7] - The financial sector is also showing growth potential, with banks being less affected by tariffs, making them an attractive investment opportunity [7]