港股现在“水大鱼多”！景林资产蒋彤最新交流：红利股是基本仓，全球再平衡带来很多好机会

Core Viewpoint - The article emphasizes the importance of fundamental research and analysis in investment decision-making, highlighting the insights of Jiang Tong, a partner and fund manager at Jinglin Asset Management, regarding market dynamics and emerging sectors [3][4]. Group 1: Market Dynamics - Jiang Tong believes that the stock market's fundamentals are consistently better than the average macroeconomic performance, attributing this to the capital market's ability to represent the most dynamic and error-tolerant economic units [7]. - The government is enhancing its ability to address market failures through structured interventions, which aim to create long-term competitive advantages for industries [7][8]. - The "anti-involution" policy is seen as a significant indicator of this process, promoting reasonable profit margins for enterprises and reducing irrational pricing in international competition [7][8]. Group 2: Economic Indicators - Jiang Tong suggests that investors should start considering GNP (Gross National Product) alongside GDP (Gross Domestic Product) as the economy transitions to a moderate growth phase, with GNP growth outpacing GDP [9]. - There is a growing interest from foreign investors in Chinese assets, particularly in advanced manufacturing and new consumer trends [9]. Group 3: AI and Emerging Technologies - The article discusses the transition of AI from theoretical models to practical productivity tools, enhancing labor efficiency across various sectors [11]. - Jiang Tong identifies two key trends: the peak of capital expenditure in the U.S. due to tax incentives from the "Big and Beautiful" Act, and the increasing role of AI as a productivity tool, which is expected to yield returns for AI model companies [12][13]. - The article highlights the importance of tracking advancements in quantum computing, controllable nuclear fusion, and AI applications, particularly in drug discovery and scientific research [14]. Group 4: Investment Strategies - Jiang Tong's investment strategy includes a diversified portfolio across A-shares, Hong Kong stocks, and U.S. stocks, with a focus on sectors like advanced manufacturing, new consumption, and AI-related assets [15][16]. - The article notes that high-dividend stocks are considered a stable foundation in Jiang Tong's portfolio, with a strategy to reduce holdings in stocks with declining dividend attractiveness while maintaining positions in high-dividend leaders [17]. - To capture opportunities in emerging markets, Jiang Tong emphasizes the need for curiosity, continuous learning, and a systematic approach to research and investment [18].