产业经济周观点：中国资产重估与市净率趋势性上升-20250622

Group 1 - The report indicates a clear trend of supply recovery in China, with a long-term focus on core asset styles and free cash flow combinations [2][4][26] - It highlights the gradual disintegration of the dollar capital cycle, suggesting a potential long-term depreciation of the dollar and a hopeful return of global capital to China [2][4][26] - The report anticipates a systematic restructuring of Chinese assets influenced by both internal and external factors, with a trend of increasing price-to-book (PB) ratios being a main theme of the current bull market [2][4][26] Group 2 - The report expresses optimism towards core asset styles, particularly in sectors such as large finance, Hang Seng state-owned enterprises, Hang Seng technology, oil shipping, gold, energy, and non-ferrous metals, while also advising caution regarding micro-market risks [2][4][26] - It notes that the recent performance of the Hong Kong stock market has seen significant declines, particularly in the Hang Seng Technology Index, which fell by 2.03% [14][26] - The A-share market has also experienced a downturn, with the pharmaceutical sector seeing a notable decline of over 4%, while financial and real estate sectors showed slight resilience with a 0.64% increase [27][26]