Core Insights - The recent increase in Chinese asset prices is driven by systemic factors, including the depreciation of the US dollar and a favorable low-interest-rate environment, which enhances the attractiveness of Chinese equities compared to fixed-income investments [1][2] - The impact of AI and technological changes is expected to surpass traditional economic drivers in influencing long-term economic growth and capital markets [1] - There is a growing interest from overseas long-term funds in Chinese assets, particularly as the accessibility of Hong Kong stocks improves for domestic investors [2] Group 1 - The current market dynamics show a systematic increase in Chinese asset prices, influenced by the depreciation of the US dollar, which has led to a rise in the value of assets like gold and Chinese equities [2] - The low-interest-rate environment, combined with increased dividends from listed companies, provides investors with more stable long-term returns compared to fixed-income investments [2] - Despite the positive outlook, there are concerns regarding high local valuations, the complexity of technological changes, and the potential for rapid shifts in investor risk appetite, which could lead to market volatility [2] Group 2 - The development of the Hong Kong Stock Connect has made it easier for domestic investors to access Chinese assets, marking a significant shift in the investment landscape [2] - The long-term appeal of Chinese assets is highlighted by the positive feedback loop between the increasing allocation of overseas institutional investors and the rising proportion of Chinese assets in global investment benchmarks [2] - The emphasis on a gradual bull market over a rapid one suggests a preference for stability in investment strategies, taking into account various influencing factors [2]
南方基金副总裁、基金经理史博： AI驱动市场持续上涨 中国资产估值仍处提升阶段
Zheng Quan Shi Bao·2025-10-09 21:56