长城基金曲少杰：2026年海外投资布局，哑铃策略或是更优解

Core Viewpoint - The A-share market is experiencing a rebound, and the "barbell strategy" is suggested as an optimal approach for overseas market allocation, balancing high-growth assets with defensive ones [1][4]. Group 1: Barbell Strategy - The barbell strategy involves allocating investments between two types of assets with distinct risk-return profiles: high-growth, high-volatility assets like US tech stocks, and low-volatility, high-dividend defensive assets such as Hong Kong dividend stocks [1][4]. - This strategy is described as an "art of balance" that can help investors navigate market fluctuations effectively [1][4]. Group 2: US Market and AI Growth - The US market is entering a phase of rapid AI development, which is expected to serve as a long-term growth engine, comparable to an industrial revolution in terms of productivity leaps [1][5]. - Key sectors to focus on include autonomous driving, chip computing power, AI models and applications, and intelligent robotics, which are anticipated to thrive through 2026 [5]. Group 3: Hong Kong Dividend Assets - Hong Kong dividend assets are viewed positively due to several advantages: - Historical performance shows that the Hong Kong high-dividend index has significantly outperformed the Hang Seng Tech Index over the past decade, with lower volatility [2][5]. - The current rapid growth in M2 money supply is driving funds towards stable assets, with ongoing investments in dividend stocks through the Hong Kong Stock Connect [2][5]. - Dividend stocks generally have a negative correlation with interest rate trends, benefiting from a declining interest rate environment [2][5]. - Compared to A-shares, Hong Kong dividend assets are relatively undervalued and offer higher dividend yields [2][5].