睿郡王晓明最新详谈地产、市场与调仓逻辑：大方向看，A股和港股的投资机会成本依然很低……

Core Insights - The future of AI will favor companies with strong scenarios, data, and customer bases, while those lacking these elements may be quickly disrupted [1] - China's technological advantages are built on a robust manufacturing industry, a large domestic market, and a significant engineering workforce [1][14] - The real estate market in China may reach its final clearing phase by 2025, with a significant reduction in inventory over the past four years [21][22] - The investment strategy emphasizes selecting companies with at least 15% growth potential over three years [1][47] Group 1 - The valuation levels of representative technology companies in both A-shares and Hong Kong stocks are no longer at the bottom, with some entering a "brave game" phase [1] - Despite the rise in the market due to the emergence of DeepSeek, opportunities in the technology sector are expected to continue to emerge [1][7] - The current investment opportunity cost in both A-shares and H-shares is low, with many stocks still at long-term valuation bottoms [2] Group 2 - The portfolio is primarily focused on high positions with minimal adjustments, concentrating on Hong Kong stocks while reducing positions in less elastic sectors [3][4] - The stock allocation in the portfolio is over 80%, with convertible bonds making up about 16%, and a significant concentration in the communication, chemical, and electronics sectors [4] Group 3 - China's technological breakthroughs are the result of decades of accumulation, particularly in the AI field, which is expected to see significant developments by 2025 [6][7] - The demand-side advantages in AI applications position China favorably against the U.S., which leads in supply-side capabilities [7][10] Group 4 - The real estate market's supply-demand relationship is expected to gradually balance at low levels, with a significant reduction in inventory since 2020 [22][28] - The structural differentiation in real estate investment returns will determine price performance, with rental yields currently low [25][26] Group 5 - The key to stable growth in China lies in stimulating domestic demand, which requires an increase in consumer income and confidence [30][32] - Structural macro policies aimed at boosting consumption will gradually be implemented, but will take time to materialize [33][36] Group 6 - The investment strategy focuses on high positions and identifying a "anchor" asset that is less likely to lose value in the current environment [58][59] - The portfolio has been adjusted to reflect changes in market conditions, particularly in the technology sector, with a notable increase in holdings of Hong Kong internet stocks [50][52] Group 7 - The valuation gap between China's "terrific 10" and the U.S. "MAGA 7" is narrowing, but the technological content of Chinese companies is still relatively lower [68][70] - The current market dynamics suggest that while some sectors may be undervalued, it is essential to analyze specific structures within the "East rises, West falls" narrative [72][75] Group 8 - The current phase in the Hong Kong technology sector is not yet a time for profit-taking, as AI applications continue to evolve [76] - The performance of Chinese innovative pharmaceutical companies has garnered market attention, with no significant bubble observed in valuations [78]