面对反弹，保持耐心！张忆东最新专访，直面回答当下市场最关注的八大问题……

Core Viewpoint - The focus should be on building a "anti-fragile" portfolio rather than chasing short-term rebounds, as Chinese assets have strong risk resilience and long-term value should be prioritized [6][133]. Group 1: Geopolitical Risks and Market Reactions - The probability of the Middle East situation evolving into a systemic risk is low, as the geopolitical crisis is unlikely to lead to a prolonged oil crisis [9][11]. - Current oil price fluctuations are more about market sentiment than actual economic conditions, and major central banks are unlikely to change their monetary policies due to inflation pressures from geopolitical tensions [13][14]. - The ongoing geopolitical conflicts are expected to lead to a re-evaluation of strategic resources, with oil and gold maintaining their long-term value despite short-term volatility [19][30]. Group 2: Investment Strategies and Market Analysis - The recent adjustments in the Hong Kong stock market are influenced by AI anxiety, capital flows, and geopolitical conflicts, but the current opportunity outweighs the risks [8][56]. - Investors should focus on alpha opportunities rather than indices, as the Chinese economy is expected to stabilize and improve, particularly in the second quarter [71][78]. - The construction of an "anti-fragile" portfolio should include strategic resources, competitive Chinese technology, and assets with value certainty, emphasizing long-term growth and resilience [80][96]. Group 3: Economic Growth and Future Outlook - The adjustment of the GDP growth target to 4.5%-5% is seen as pragmatic, allowing for flexibility in navigating external pressures and focusing on long-term development in high-tech sectors [110][114]. - The emphasis on technological innovation and modern industrial systems is crucial for achieving sustainable economic growth, moving away from a resource-driven model [116][118]. - The market is expected to recover gradually, with a focus on identifying undervalued assets that can provide significant returns as the economy stabilizes [132].