新加坡太信环球金融集团主席Raymond Tan：对腾讯、阿里等中国科技企业保持长期持有态度

Group 1: Investment Opportunities in Chinese Tech Stocks - The core advantage of Chinese tech stocks lies in their relatively low valuation compared to US tech stocks, which have experienced significant valuation expansion in recent years [1][24] - Mature Chinese tech companies like Tencent and Alibaba are viewed as core holdings due to their clear business models, stable cash flows, and strong market positions, making them resilient in complex environments [1][24] - There is caution regarding emerging tech companies in the AI sector due to various uncertainties, including regulatory policies, technological iteration speed, and market acceptance, leading to a preference for observation and selective investment rather than blind entry [1][25] Group 2: Global Asset Allocation Strategy - As global markets enter a multi-polar phase with converging interest rates, there is a recommendation to increase exposure to non-US assets, particularly in Germany and China, which are seen as reasonably valued and in recovery [2][35] - The importance of physical assets like gold is rising in an environment of inflation uncertainty and geopolitical conflicts, with gold serving as a source of stability in investment portfolios [2][35] - Emerging markets are expected to show improved risk-return profiles as US monetary policy potentially shifts towards easing, making these markets more attractive [2][35] Group 3: Investment Strategy Evolution - The investment strategy has evolved from a buy-and-hold approach to a more dynamic, scenario-based strategy that emphasizes cross-asset allocation and multi-strategy deployment to enhance overall portfolio resilience [9][11] - The integration of quantitative methods has become essential in identifying risks and managing uncertainties, with a focus on adapting to rapidly changing market conditions [11][13] - The current investment framework emphasizes a structured approach to risk management, allowing for dynamic adjustments and the ability to switch to core assets or defensive strategies during market shocks [13][15] Group 4: Market Trends and Future Outlook - The investment landscape is shifting, with a notable decline in the "There Is No Alternative" (TINA) logic that previously favored US assets, as non-US markets gain attractiveness [34][35] - The potential for inflation to rise again poses a short-term risk, which could lead to tighter monetary policies and impact market liquidity [36][38] - The increasing wealth disparity and its implications for consumer behavior and economic growth are critical considerations for future investment strategies, focusing on companies with power, resources, and technological monopolies [35][36]