国投瑞银基金总经理王彦杰：看好下半年结构性机会

Group 1 - The article presents an optimistic outlook for the A-share market in 2025, particularly highlighting structural opportunities in the second half of the year, with the potential for the Chinese stock market to outperform overseas markets [2] - Since 2024, the net financing scale of A-share listed companies has significantly decreased from 1 trillion yuan in 2023 to 124.9 billion yuan in 2024, which supports valuation recovery [2] - The implementation of stock repurchase policies, including the "stock repurchase and increase loan" policy introduced by the People's Bank of China and regulatory bodies, is expected to boost stock prices and improve market liquidity [2][3] Group 2 - The macroeconomic challenges and geopolitical uncertainties remain, but investment strategies should focus on technology innovation and high-dividend assets, with an increase in allocation to the Chinese stock market, including Hong Kong stocks [3] - Historical experience shows that the implementation of repurchase policies often stabilizes the market, and with the deepening of the stock repurchase loan policy, the investment value of the A-share market is expected to remain positive [3]