近日，联博基金市场策略负责人李长风发表观点称，尽管短线市场快速上涨且部分板块出现过热迹 象，股市仍面临调整风险，但投资者仍可从长线角度布局中国股市。 李长风认为，一是结构改革、政策刺激、盈利改善提升了A股的可投资性。长期来看，中国股市的 估值一直低于全球其他主要市场。比如，沪深300指数即便经历近期的反弹，其滚动市盈率约13.5倍， 相对其他指数仍有显著落差，其中一个关键即在于盈利能力。 二是中国可能进入结构性低利环境，股市性价比有望提升。随着中国经济逐渐转型，且国内低通 胀、消费增长缓慢的环境仍待改善，联博预期中国可能进入结构性的低利率环境。在此背景下，无论是 机构投资者还是零售投资者，若不适度增加投资组合中的风险资产配置，可能将面临收益持续走低的挑 战。而且，政策利率走低也意味着无风险利率下滑，从资产定价层面来看，这代表估值有望走升。因 此，建议投资者在评估股市估值时，不应仅仅考量相对历史水平的高低，而应从利率背景、企业质量、 分红水平等方面进行通盘考量，减少锚定效应的影响。综上，联博认为即便目前A股估值略微高于长期 水平，但仍预期估值有一定的上升空间。 三是市场情绪仍未过热，海外资金与零售资金仍可能持续 ...

Group 1 - The Chinese stock market has become the second most active financial market for South Korean retail investors after the US stock market [1] - Stocks such as Xiaomi, BYD, CATL, Pop Mart, and various robotics companies are particularly favored by South Korean retail investors [1] Group 2 - In response to this enthusiasm, several domestic brokerage firms and research institutions in South Korea have begun to raise their recommendations for allocating to Chinese assets [2] - South Korean investors are cashing out of US stock assets to invest in the Chinese stock market [2]

Group 1: Central Bank Gold Purchases - The People's Bank of China reported that as of June 30, 2025, the country's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the previous month, marking the eighth consecutive month of net gold accumulation [3] - Global central bank net gold purchases reached 1,136 tons in 2024, the second highest on record, with the top three buyers being China, Poland, and Turkey, accounting for over 50% of total purchases [3] - 95% of surveyed central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since the survey began in 2019 [3] Group 2: Retail Investor Activity - South Korean investors have traded over $5.4 billion in A-shares and Hong Kong stocks as of July 15, 2025, with a monthly trading volume in February reaching $782 million, nearly doubling from the previous month [4] - Notable stocks attracting South Korean investors include Xiaomi, BYD, and CATL, with net purchases of approximately $170 million, $93.1 million, and $60.9 million respectively [4] - Bridgewater Associates has adopted a more optimistic investment strategy in the Chinese market, reporting a 5.8% return in Q2 and a total return of 13.6% for the first half of the year, increasing its allocation to Chinese stocks [4] Group 3: Hong Kong IPO Market - The Hong Kong IPO market has seen a surge in activity, with over HKD 100 billion raised in the first half of 2025, significantly exceeding levels from the past three years [5] - Foreign cornerstone investors have increased their investment amounts and proportions in Hong Kong IPOs, accounting for 45.2% of the companies listed as of June 30, 2025 [5]

Group 1 - Morgan Stanley predicts gold prices may reach $6,000 per ounce by 2029, up from approximately $3,300, driven by U.S. policies and limited supply [1] - Hedge funds have increased bullish bets on Chinese stocks due to optimistic sentiment surrounding U.S.-China trade negotiations, particularly among U.S. hedge funds [1] - Goldman Sachs expects Germany's defense spending to rise from 2.1% of GDP in 2024 to 3% by 2027, benefiting the defense industry significantly [2] Group 2 - Goldman Sachs warns that if interest rate cuts do not materialize, short-term U.S. Treasury yields may face upward pressure due to a lack of supporting economic data [3] - Bank of America reports that global investors are reducing their exposure to the U.S. dollar, driven by concerns over the U.S. fiscal outlook [5] - BlackRock notes that recent U.S.-China trade talks have yielded significant progress, which is expected to boost confidence in Chinese markets [4] Group 3 - Canadian Imperial Bank of Commerce indicates that tariffs may initially raise U.S. inflation before negatively impacting economic growth, potentially delaying Federal Reserve rate cuts [6] - Capital Economics predicts that OPEC+'s strategic shift will continue to exert downward pressure on oil prices until the end of 2026 [8] - BMO Capital Markets highlights an increased likelihood of a rate cut by the Bank of Canada in June due to disappointing employment data [9] Group 4 - CITIC Securities suggests that strengthened export controls on strategic metals may lead to a revaluation of these assets, with prices expected to rise [7] - CITIC Securities also notes a recovery in risk appetite, with a focus on high-growth sectors and new themes following the release of Q1 reports [8] - Huatai Securities emphasizes the importance of implementing monetary policies introduced in May, while considering both domestic and U.S. economic factors [9] Group 5 - Huatai Securities is optimistic about the passenger vehicle sector maintaining high growth in Q2, driven by demand from trade-in policies and consumer incentives [10] - Huatai Securities anticipates a structural recovery in the home appliance sector in Q2, supported by domestic demand and export recovery [12] - China Galaxy Securities recommends focusing on "technology narrative" opportunities in the A-share market, alongside stable dividend-paying sectors [13]