“继续看好！”贝莱德解析中国市场投资机会

Core Viewpoints - The Chinese stock, bond, and foreign exchange markets have shown resilience beyond expectations this year, leading to optimism for the A-share market in the second half of the year [1][5] - BlackRock plans to focus more resources on building a systematic investment platform in China, aligning with the high-quality development direction of public funds [1] - Positive changes in macroeconomic policies and industry regulations since September last year have increased foreign investment interest in the Chinese market [2] Group 1: Market Outlook - The domestic economic data for the first half of the year has exceeded expectations, with resilience stemming from corporate competitiveness and policy flexibility [2] - The valuation of the CSI 300 index is currently about 10% below its reasonable value center, with potential for further upward adjustment if interest rates are lowered [4] - The overall macro environment and corporate earnings in China have undergone significant changes, supporting a positive outlook for A-shares in the second half of the year [5] Group 2: Investment Opportunities - The Hong Kong stock market has performed well this year, with structural directions and inflows of southbound funds influencing its performance [7] - Key areas for potential investment in Hong Kong stocks include the Hang Seng Tech index and high-quality companies in the traditional economy, which are currently undervalued [7] - In technology investments, AI is highlighted as a key area, with opportunities in computing power, data, and downstream applications [8]