AI科技浪潮中，怎样做好攻守兼备的全球配置？

Group 1 - The global stock market has generally risen this year, with major markets like the US, Japan, and Germany reaching historical highs, and the A-share Shanghai Composite Index surpassing 4000 points, driven by the AI technology revolution and sustained monetary easing from central banks [1][3] - As the AI technology trend matures, concerns about market volatility and high valuations are increasing among investors, prompting discussions on asset allocation strategies [1][3] - The article introduces a series focused on global asset allocation strategies in the context of the AI wave, starting with a broad overview of the current investment environment [1][3] Group 2 - In terms of offensive assets, US tech stocks are highlighted as suitable investments, despite the market being at a relatively high valuation level, as corporate earnings growth remains strong, with 63% of companies exceeding earnings expectations in Q3 [3][4] - The Nasdaq index shows a year-on-year earnings growth rate of 25.4%, indicating that sustained earnings growth may help mitigate high valuations over time [3][4] - The article suggests maintaining a focus on large-cap tech stocks while being mindful of market volatility and exploring tactical timing and structural opportunities for excess returns [3][4] Group 3 - For defensive assets, US Treasury bonds and hedging strategies are recommended, especially following the Federal Reserve's recent interest rate cuts, which have contributed to a decline in bond yields [4][5] - Various types of US bonds have performed well this year, with the US Aggregate Bond Index up 6.71% and the US Treasury Index up 5.97% year-to-date, indicating strong performance amid a loosening monetary policy [4][5] - The article emphasizes the potential of US Treasuries as a tool to hedge against stock market volatility, particularly in a controlled inflation environment with rising economic pressures [4][5] Group 4 - Hedging strategies are discussed as a means to offset systemic risks through dual trading, allowing investors to capture trading opportunities while mitigating market risks [5][6] - These strategies can provide independent performance from both equity and bond markets, offering attractive absolute return potential [5][6] - Future articles in the series will delve deeper into the configuration of US tech stocks and the performance characteristics of hedging strategies [5][6]