东方汇理资管投资研究院院长莫妮卡·德芬谈中国资本市场投资机遇：“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 stocks, while focusing on technology innovation areas such as electric vehicles and artificial intelligence [1][2]. Group 1: 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, the role of Hong Kong as a bridge, and the 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]. Group 2: Global Monetary Policy and Economic Trends - The company predicts two interest rate cuts by the Federal Reserve in 2025, with a further two expected 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 that were previously not considered due to supply chain adjustments [3]. Group 3: Diversified Investment Strategies - 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 in their portfolios [4]. - Gold is emphasized as a key asset class for the company due to its inflation-hedging properties and ability to withstand geopolitical risks, especially in the context of increasing sanctions and the need for central banks to diversify reserves [4]. Group 4: Long-term Outlook on Gold - The company anticipates a long-term upward trend in gold prices, projecting a target price of $5,000 per ounce within three years, suggesting investors adjust their strategies accordingly [5]. - The company recommends a careful design of risk budgets in investment portfolios to hedge against specific risks, while maintaining a core asset allocation framework that includes equities and fixed income [5]. Group 5: Advice for Chinese Investors - The company emphasizes the importance of diversified asset allocation for Chinese investors, drawing on European experiences to encourage a broader investment perspective [6].