嘉实财富邝霞：全球不确定性增大，黄金等配置价值凸显，可作为风险对冲工具

Core Viewpoint - The current global economic slowdown necessitates a diversified asset allocation strategy to achieve desired returns, as relying solely on one asset class is insufficient [3][7]. Group 1: Economic Context - Global economic growth is slowing, making it challenging for a single asset class to provide the required returns [3][7]. - China's government bond yields have decreased to levels of 1.8% and 1.7%, indicating a need for a balanced asset allocation to mitigate volatility [3][7]. Group 2: Asset Allocation Strategy - Bonds are identified as the ballast of an investment portfolio, especially with the Federal Reserve entering a rate-cutting cycle, which enhances the valuation appeal of investment-grade bonds [3][7]. - Stocks are viewed as the engine for portfolio growth, particularly in the context of rapid corporate growth driven by AI technology, with hard tech on the Sci-Tech Innovation Board being a significant growth driver [3][7]. Group 3: Commodity Investment Insights - In an environment of increasing global uncertainty, the value of commodities like gold as a risk-hedging tool is highlighted [3][7]. - Commodities such as copper and rare earths are expected to benefit from global investments in AI infrastructure, presenting a favorable outlook [3][7].