“一些欧洲投资者参访宁德时代等工厂后，认为西方清洁能源几乎没有投资价值”

Core Insights - Investors are reassessing the balance between "safety" and "growth" amid market volatility and policy uncertainty, with gold's safe-haven appeal being reinforced and AI reshaping valuation frameworks [3][4] - Rich Nuzum from Franklin Templeton emphasizes a long-term bullish outlook on China, suggesting that Western clean energy investments are losing value compared to potential collaborations with Chinese firms [3][12] Group 1: Economic Impact of U.S. Government Shutdown - A prolonged U.S. government shutdown could lead to significant economic stagnation, with impacts felt after two weeks and severe consequences after six weeks [3][8] - The inability of businesses and individuals to obtain government approvals during a shutdown could create a self-reinforcing cycle of reduced spending and economic activity [3][9] Group 2: Investment Strategies and Asset Allocation - Gold is viewed as an effective hedge against inflation and government debt monetization, although its historical real returns are close to zero [6] - Bitcoin is not considered a reliable hedge against inflation due to its high correlation with stock markets and regulatory risks, making gold a superior long-term investment [7] Group 3: AI and Digitalization Trends - There is increased confidence in AI and digitalization's ability to enhance productivity and drive strong earnings growth, with investors now more optimistic than earlier in the year [11] - The understanding of AI's impact on energy demand, particularly electricity, has become clearer, leading to a more favorable investment outlook [11] Group 4: Emerging Markets and Global Cooperation - The recent visits of European investors to Chinese renewable energy firms indicate a shift towards collaboration rather than competition in the clean energy sector [12] - Nuzum advocates for the revival of U.S.-China cooperation in venture capital and research, highlighting the benefits of improved international relations for global development [4][12]