外资谈年末资产配置：坚守科技主线 逢低加仓黄金

Core Viewpoint - Global market volatility is increasing as the year-end approaches, prompting institutional investors to optimize their portfolio structures to navigate the changing landscape [1][2]. Group 1: A-Share Market Insights - Foreign institutions are focusing on technology growth sectors, particularly AI, while also exploring opportunities in related fields like electric power equipment [1][3]. - The A-share market is primarily driven by liquidity, with valuation uplift being the core driver of the current market rally [2]. - A foreign fund manager noted that the current market adjustment is healthy, with the Shanghai Composite Index stabilizing around 4000 points after significant gains earlier in the year [1][2]. Group 2: Hong Kong Market Outlook - The Hong Kong market is seen as having a favorable position due to the presence of unique investment opportunities, including internet leaders and innovative pharmaceutical companies [2][3]. - The profitability of Hong Kong-listed companies has begun to recover earlier than their A-share counterparts, enhancing the market's attractiveness [2][3]. Group 3: Investment Strategies - Investment strategies are shifting towards a barbell structure, increasing the weight of RMB-denominated assets, particularly dividend or cash flow-generating assets and leading companies in high-end manufacturing [4][5]. - The focus remains on technology growth as the core investment theme, with attention on sectors such as AI, integrated circuits, and high-end equipment [5][6]. Group 4: Gold Investment Perspective - Recent declines in gold prices are viewed as a buying opportunity for long-term investors, with expectations of a supportive environment due to potential Fed rate cuts and structural demand from global central banks [6][7]. - UBS Wealth Management recommends buying gold on dips, highlighting its role as a hedge in diversified portfolios [7].