Core Viewpoint - The pricing logic of Chinese assets has significantly changed since the introduction of the "924" policy last year, leading to reduced risks in corporate earnings and promising medium to long-term performance [1] Investment Strategy - Following the opening of the interest rate cut window by the Federal Reserve in September, the outlook for the manufacturing sector may become clearer, with investment themes likely to extend beyond the AI technology sector to include manufacturing [1] Recommended Sectors - Attention should be given to cyclical goods under the inflation narrative, such as non-ferrous metals and chemicals, which are expected to solidify valuation bottoms due to the "anti-involution" trend [1] - Industries with improved export resilience and relatively low price increases, such as machinery, electrical equipment, and pharmaceuticals, are also recommended for investment [1] - After the recovery of corporate earnings, there will be investment opportunities in domestic demand-related sectors, supported by positive expectations regarding consumer policies, which may lead to a rotation into consumer and real estate sectors [1]
路博迈基金朱冰倩：中国资产中长期表现可期 关注AI科技与制造业
Zhong Zheng Wang·2025-09-25 14:07