“我们看到的是与增长相关且估值具有吸引力的故事”

Core Viewpoint - The company maintains a constructive outlook on Chinese assets across various sectors, including bonds, foreign exchange, and equities, while focusing on technology innovation areas such as electric vehicles and artificial intelligence [1][2]. Investment Opportunities in China - The company expresses long-term strategic confidence in the Chinese capital market, identifying three key dimensions for investment opportunities: ongoing institutional openness and Hong Kong's bridging role, green finance aligned with China's dual carbon goals, and the significant potential of the pension market [2]. - The company highlights the attractiveness of electric vehicles and battery sectors from a valuation perspective, as well as biotechnology and pharmaceuticals related to artificial intelligence as long-term investment directions [2]. Global Monetary Policy Insights - The company predicts two interest rate cuts by the Federal Reserve in 2025 and another two in 2026, adjusting the target down to 3.5% due to a softening labor market [3]. - The company notes that the current international tariff policy is still evolving, creating investment opportunities in countries previously overlooked due to their attractive risk-reward ratios [3]. Diversified Investment Portfolio Construction - The company advises investors to focus on structural trends and build positions in mid- to long-term opportunities such as climate transition and artificial intelligence, while also considering risk management strategies [4]. - Gold is emphasized as a key asset class for the company due to its inflation-hedging properties and ability to withstand geopolitical risks, with a long-term price target of $5,000 per ounce within three years [5]. Asset Allocation Strategies - The company typically constructs a core asset allocation framework based on client needs, determining the proportion of equity and fixed income assets, and further specifying allocations within fixed income [6]. - For Chinese investors, the company suggests maintaining a diversified asset allocation, encouraging them to broaden their investment horizons and explore wider opportunities beyond their comfort zones [6].