专访宏利投资管理：非美投资显著趋势下对中国股市更乐观，贵金属热潮将持续

Group 1 - Manulife Investment Management's executives believe that the entire Chinese market will perform well and present value creation opportunities [1] - The global market is expected to continue expanding participation, with non-U.S. markets likely to outperform the U.S. due to high valuations and overexposure to U.S. stocks [4] - The weakening of the U.S. dollar is anticipated to benefit non-U.S. assets, particularly emerging markets, as most debt issuance and investment sources in these economies are dollar-denominated [4][5] Group 2 - There is a growing optimism towards the Chinese stock market, driven by favorable market sentiment and government stimulus measures, particularly in manufacturing and infrastructure [6] - The trend of investors shifting from Indian assets to Chinese assets is expected to continue, as China becomes a more attractive destination for international funds [6] - The potential for significant capital expenditure in AI and technology sectors in Asia is highlighted as a key theme for future growth [5][6] Group 3 - The risk to the independence of the Federal Reserve has resurfaced due to escalating conflicts between President Trump and the Fed, although the market does not seem overly concerned [7][8] - There is a possibility of aggressive rate cuts by the Fed in the post-Powell era, which could lead to concerns about inflation if rates are lowered too drastically [8] - The Fed is expected to maintain its independence while potentially aligning more closely with the Trump administration's growth and employment focus [8] Group 4 - Precious metals, particularly gold and silver, are experiencing a bull market driven by geopolitical risks, U.S. policy uncertainties, and increasing demand for non-U.S. assets [9] - Gold prices are expected to reach new highs in the coming years, while silver may also see price increases despite higher volatility [9][10] - Industrial metals are projected to benefit from a favorable demand environment, although trade dynamics and tariffs may introduce volatility [10]