每周投资策略-20250609

Group 1: Hong Kong and Mainland Market Focus - The growth rate of social financing in Mainland China is expected to peak around mid-2025, driven by government bond issuance and low base effects from last year [13][15]. - Chinese equity assets are entering an annual bull market, with a focus on the core asset pool of 50 stocks in the Hong Kong-Shanghai-Shenzhen market [16][21]. - The iShares MSCI China ETF is highlighted as a key investment vehicle for international investors looking to access large and mid-cap Chinese stocks [23]. Group 2: UK Market Focus - The UK economy is expected to slow down, with GDP growth in Q2 likely to be weaker due to various economic indicators showing a gloomy outlook [32][36]. - The labor market is cooling, with the unemployment rate rising to 4.5% and wage growth slowing, indicating potential demand weakness in the coming months [32][41]. - The iShares MSCI UK ETF is noted for tracking the performance of large and mid-cap companies in the UK, providing exposure to the UK market [42]. Group 3: Stablecoin Theme - Global regulatory efforts are accelerating, with the U.S. and Hong Kong advancing legislation on stablecoins, which could enhance their role in cross-border payments [48][51]. - Stablecoins are seen as a programmable digital currency that can bridge the gap between fiat and cryptocurrencies, enhancing market liquidity [48][51]. - The advantages of compliant stablecoin systems over traditional SWIFT systems are highlighted, particularly in terms of efficiency and transparency in cross-border transactions [51][52].