中银证券全球首席经济学家管涛：中国资本市场长期前景看好 更需倡导价值投资和长期投资

Core Insights - The long-term outlook for China's capital markets is positive, but short-term volatility risks should be monitored [1] - Opportunities in the Chinese market stem from economic transformation and upgrading, which introduces uncertainty and risk, emphasizing the need for value and long-term investing [1] Equity Assets - The core asset allocation directions for the next five years include: self-controllable and trendy consumption, mergers and reorganizations of leading enterprises, innovative development in traditional industries, and the relocation of quality enterprises [1] Gold Investment - Gold continues to hold allocation value; medium to long-term uncertainties in U.S. economic policy and concerns over a weakening dollar are expected to support demand for gold as a safe-haven and risk-hedging asset [1] - The proportion of gold in private investment allocations may increase from just over 2% to 4-5% [1] Market Participation - Future investment opportunities will largely arise from transformation and upgrading, which may be challenging for individuals to navigate, thus highlighting the need for wealth management institutions to enhance their asset allocation capabilities [1]