专访荷宝全球股票联席总监：中国股市走牛有三大关键驱动力

Group 1: China Economic Outlook - The company holds an optimistic view on China's economic prospects, driven by government support for large tech platforms and a focus on technological self-sufficiency [1][16] - There is significant potential for innovation across the entire technology value chain, particularly in semiconductors and artificial intelligence [1][16] - The recovery in the real estate market is expected to boost consumer confidence, contributing to a positive economic outlook [16] Group 2: Gold Market Insights - Gold prices have seen a significant increase, with a notable rise from $3,700 to around $4,380 in October, attracting international investor attention [1][3] - The company suggests maintaining a 5% allocation of gold in investment portfolios, advising against increasing this proportion despite recent strong performance [2][6][7] - The long-term outlook for gold remains positive, with expectations of upward price movement despite potential short-term adjustments [4][5] Group 3: U.S. Economic Analysis - The U.S. economy is transitioning from consumer-driven growth to investment-driven growth, supported by the AI boom and manufacturing reshoring [10][11] - Concerns exist regarding the credit market, particularly in private credit sectors where transparency is low, posing potential risks [15] - The company anticipates a slight economic slowdown in the U.S., with growth rates projected to decline to around 1.7% or 1.8% by the end of 2025 [10][11] Group 4: Investment Themes and Strategies - The restructuring of global supply chains and the pursuit of strategic autonomy will be key themes over the next decade, influencing investment strategies [18][22] - The company emphasizes the importance of identifying companies with sustainable business models in the tech and healthcare sectors, particularly those leveraging AI [20][21] - There is a focus on sectors with lower valuations in China, such as technology and biotechnology, which are expected to present attractive investment opportunities [17][21]