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, emphasizing the attractiveness of growth-related stories and valuations in the Chinese market [1][2]. Investment Opportunities in China - The company identifies three main dimensions for investment opportunities in China: ongoing institutional openness and the bridging role of Hong Kong, new opportunities arising from green finance and China's dual carbon goals, and the significant potential of the pension market [2]. - The focus on technology innovation, particularly in electric vehicles and artificial intelligence, is highlighted as a key area for investment, with strong valuation appeal in sectors like electric vehicles and biotechnology [2]. Global Monetary Policy Insights - The company predicts two interest rate cuts by the Federal Reserve in 2025, with a potential further two cuts in 2026, driven by a softening labor market [3]. - The current international tariff policies are seen as fluid, with ongoing negotiations that may create investment opportunities in countries previously overlooked due to more attractive risk-reward profiles [3]. Diversified Investment Strategies - The company advises investors to focus on structural trends and long-term opportunities, such as climate transition and artificial intelligence, while building corresponding positions in their portfolios [4][5]. - Gold is emphasized as a key asset class for diversification, offering protection against inflation and geopolitical risks, with a long-term price target of $5,000 per ounce within three years [5]. Asset Allocation Framework - 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]. - It is suggested that investors maintain a diversified asset allocation, especially for those with lower risk tolerance and modest return expectations, encouraging a broader perspective on investment opportunities [6].