中美宏观经济与大类资产配置

Economic Overview - The US GDP growth is projected to decline from 2.8% last year to 1.7% in 2025, with a slight recovery to 1.8% in 2026[7] - China's GDP growth is expected to improve from 4.6% in Q3 2024 to 5.4% in Q1 2025, but may drop to 4.7% in Q4 2025 due to various economic pressures[46] Inflation and Monetary Policy - US PCE inflation is anticipated to rise from 2.4% in Q2 to 2.9% in Q4 2025, before decreasing to 2.4% in 2026[9] - The Federal Reserve is expected to cut interest rates twice in late 2024, bringing the policy rate down to 3.25%-3.5%[4] Asset Allocation Strategies - In the US, the recommended asset allocation includes overweighting commodities, standard allocation to stocks and cash, and underweighting bonds, with a bearish outlook on the dollar[4] - In China, the strategy suggests overweighting stocks, standard allocation to commodities and bonds, and underweighting cash, with a moderate appreciation of the RMB expected[5] Market Trends - The US stock market is entering a late bull market phase, with a focus on sectors like healthcare, consumer staples, and industrials[4] - China's stock market is in the second phase of a bull market, with a focus on AI hardware, internet, and healthcare sectors[5] Debt and Consumer Behavior - The US consumer loan delinquency rate has reached historical highs, indicating increased financial pressure on low- and middle-income households[12] - China's household and corporate credit growth remains weak, despite an expansionary fiscal policy[87] Real Estate Insights - The US housing market continues to experience stagnation, with home sales and prices at historical lows due to high interest rates[15] - In China, the real estate market is showing signs of recovery, but new home sales in major cities are still lagging[55] Currency Outlook - The US dollar index is expected to weaken slightly, potentially dropping to 95 by year-end due to pressures from the White House on the Federal Reserve[42] - The USD/CNY exchange rate is projected to be around 7.1 by the end of this year, with a slight appreciation of the RMB expected in 2026[88]