智安投：香港投资者不愿再过度持有现金 积极将重心再次转移到亚洲

Core Insights - The investment landscape in 2025 has shown significant volatility, but non-US markets have made a strong recovery, particularly in materials, which have become one of the best-performing sectors [1] - Hong Kong investors are viewing the depreciation of the US dollar as an opportunity to enter emerging markets, leading to a shift away from excessive cash holdings and a renewed focus on Asian markets [1] - The asset management scale of Chinese and Asian markets has grown approximately tenfold, compared to a threefold growth in the overall platform, indicating a return of valuation-sensitive investors to Asia [1] - Looking ahead to 2026, investors are advised to focus on risk and portfolio resilience, as strong corporate earnings in the US have already been reflected in stock prices, necessitating a more active stock selection approach [1] Investment Strategy - In the context of narrowing credit spreads and political policy risks, passive investment strategies are considered high-risk, prompting a recommendation for more active management [2] - The potential of private infrastructure investments is highlighted, leveraging artificial intelligence and demographic changes, as a high-potential asset class with built-in inflation protection mechanisms [2]