Group 1: Market Overview - China assets are entering a favorable period, with both global and domestic allocation forces reaching a turning point [3] - Foreign capital is expected to return and focus on undervalued core assets, indicating that the value discovery of low-valued blue-chip stocks may just be beginning [3] - In a low-interest-rate environment, the allocation of financial assets may shift from fixed income to equity, as the worst phase of corporate earnings may have passed [4] Group 2: Sector Insights - The Hong Kong stock market remains more cost-effective compared to A-shares, with potential shifts towards high dividend and public utility stocks due to low government bond yields [5] - The military industry is showing signs of order recovery, with significant orders from listed companies, suggesting a sustainable recovery in the sector [8] - The robotics sector is still in its early development stage, and a rational investment approach of "buying on dips" is recommended [9] Group 3: Macro and Fixed Income - The central bank is unlikely to loosen monetary policy in the short term, as the financial data shows improvements but remains uncertain [13] - Convertible bonds are expected to face supply-demand challenges, and opportunities for investment in equity-like convertible bonds are recommended [14] - Bond yields are anticipated to decline in the second quarter as the economy recovers moderately, with a focus on domestic bond markets [15] Group 4: Asset Allocation - A "barbell strategy" focusing on dividends as a defensive measure and technology as a growth driver is suggested, with the low volatility dividend index showing a yield of 7.42% [17]
机构研究周报：中国资产迎来顺风期，低利率后半程增配权益