用好ETF工具，做好中国资产投资｜六十余位机构投资人代表与会研讨有共识！

Core Viewpoint - The article discusses the significant changes in the global economic landscape and the investment opportunities arising from these shifts, particularly focusing on the role of ETFs as a key asset class for navigating market volatility and optimizing asset allocation [1][3][22]. Group 1: Global Economic Changes - The global economy is undergoing unprecedented changes, with the U.S. and China facing deep adjustments and a restructuring of the post-World War II international order [8][9]. - The U.S. tariff policies are impacting global supply chains, while China is focusing on developing "new productive forces" in sectors like artificial intelligence and biomedicine [8][9]. - A-shares have shown signs of recovery after 13 consecutive quarters of declining ROE, indicating potential new momentum for the capital market [8]. Group 2: ETF Investment Opportunities - ETFs are highlighted as an efficient, transparent, and low-cost investment vehicle that can serve as a critical infrastructure for asset allocation, especially in the context of market fluctuations [3][11]. - The domestic ETF market is expected to grow steadily, with a focus on sectors less affected by tariff impacts, such as technology and consumer goods [11][16]. - Specific ETFs, such as those focused on semiconductor and defense sectors, are recommended for their potential in a post-tariff recovery [11][16]. Group 3: Policy and Market Outlook - The article notes that with the Federal Reserve's interest rate cuts and a stronger RMB, domestic liquidity is expected to loosen, creating favorable conditions for market recovery [9][11]. - The anticipated economic cycle shift in 2028 is expected to resolve social debt issues, with a balanced approach between stocks and bonds [9][11]. - The second half of 2025 is projected to present significant structural opportunities in the market, particularly in technology and consumer sectors [22][24]. Group 4: Debt Market Insights - The bond ETF market has seen rapid growth since 2018, with total scale surpassing 200 billion yuan, indicating a diversification of investor institutions [16][17]. - Local government bonds are highlighted for their higher yields and lower volatility compared to national bonds, making them attractive investment options in the current low-interest environment [17]. - Strategies for bond ETFs include various applications such as credit risk management and cash management functions, enhancing their utility for investors [16][17]. Group 5: Future Investment Strategies - The article emphasizes the importance of forward-looking strategies in the face of increasing market volatility and the need for diversified investment tools [29][30]. - It suggests that the bond market remains a core asset allocation direction, with recommendations for exploring "bond plus" strategies to balance risk and return [30]. - The potential for high returns in sectors like AI and consumer goods is highlighted, with a focus on leveraging ETFs for efficient exposure [24][27].