申万菱信基金陈晓升：中国资产角色蜕变，已成全球科技版图“关键配置”

Core Insights - The rise of China's technological strength is fundamentally changing its role in the global market, with Chinese assets becoming a key configuration for global technology investments [1][3] - The valuation logic of Chinese assets is being reshaped, transitioning from a focus on traditional industries to one centered on technology [1][3] - The global financial market landscape is being restructured, with the rise of Chinese technology challenging the monopolistic pricing power of American tech giants [1][3] Valuation Logic Shift - Chinese assets are increasingly recognized for their unique technological assets and complete industrial chains in high-growth sectors such as new energy, innovative pharmaceuticals, AI, and high-end manufacturing [1][3] - This shift provides global investors with irreplaceable investment targets [1][3] Global Financial Market Restructuring - The emergence of Chinese technology is undermining the monopolistic pricing power of major American tech companies, as evidenced by the fluctuations in the Wind American Seven Sisters Index [1][3] - Adjustments in the US dollar index and rising gold prices are contributing to a new global financial landscape [1][3] Increased Foreign Investment - As of October 2025, the allocation of global funds to the Chinese stock market has significantly increased from a low level of 7.3% at the end of 2024 to 41.4% [2][4] - Foreign investments are increasingly favoring technology sectors, supported by initiatives from the 14th Five-Year Plan aimed at enhancing market inclusivity and promoting the internationalization of the RMB [2][4]