中国资产：长期被低估，有望持续反攻

Group 1: Market Performance - Chinese assets have shown strong performance since September 2024, leading the global market with significant inflows into A-shares, Hong Kong stocks, and Chinese concept stocks[1] - During the National Day holiday (October 1-7), the Wande Chinese Concept Stock 100 and Hang Seng Index rose by 12.77% and 9.30%, respectively, outperforming major global indices[2] Group 2: Economic Indicators - China's GDP growth rate over the past decade averaged 8.54%, significantly higher than other major economies such as the U.S. (5.84%) and Japan (1.11%)[6] - The stability of the RMB against the USD indicates strong international credit and economic resilience, with the RMB showing less depreciation compared to other currencies[5] Group 3: Financial Development - China's financialization rate is only 65.17%, compared to over 150% in the U.S., indicating a significant gap in financial market development[1] - Despite a robust real economy, the financial market remains "large but weak," with over 5,000 listed companies but insufficient capital market support for the real economy[8] Group 4: Valuation Metrics - As of October 8, 2024, the price-to-book (PB) ratio for the Wande Chinese Concept Stock 100 is at the 31.19% percentile, indicating that Chinese assets are still undervalued compared to global peers[10] - Major Chinese indices, including the Shanghai Composite and Hang Seng Index, are all below the 50th percentile in valuation, suggesting substantial room for upward movement[10]