机构：人民币汇率或重回7.0时代

Group 1: Currency Exchange Rate - As of July 10, the central bank of China announced the RMB exchange rate against the USD at 7.1510, an increase of 31 basis points from the previous day's rate of 7.1541 [1] - By July 10, the offshore RMB was trading at 7.18 against the USD, indicating a depreciation of over 2% for the USD against the RMB since the beginning of the year [2] - UBS predicts that the RMB exchange rate may return to the 7.0 level in the future, supported by trade negotiations and improved capital flows [6] Group 2: Technology Sector Insights - UBS's Chief Investment Officer for Asia Pacific, Chen Minlan, expressed optimism about the performance of Chinese tech stocks in the second half of the year, citing strong development in the AI sector [4] - The competitive landscape in China is characterized by excessive competition, which is a significant pain point for investors, leading to unsustainable strategies for many companies [4] - The Chinese government has signaled a strong commitment to combating irrational price wars and promoting product quality, which may enhance the global competitiveness of successful firms [4] Group 3: Investment Diversification Trends - UBS observed a trend where clients are shifting investments from US assets to more diversified options, with strong growth in Asian and European assets [5] - The volatility in the US market serves as a reminder of the importance of diversification during uncertain times [5] - UBS plans to maintain a 50% to 66% allocation of US assets in investment portfolios, while emphasizing emerging markets in Asia, led by China, as key diversification opportunities [6]