Group 1 - Recent US-China tariff negotiations have achieved phased results, boosting market risk appetite and investor sentiment, leading to a consensus among domestic and foreign investors on the upward revaluation of Chinese assets [1] - The newly launched FuGuo ShenZhen 100 ETF Fund aims to meet the growing demand for broad-based index products, providing investors with a convenient tool to access core assets in the Shenzhen market [1][8] - The ShenZhen 100 Index, launched on January 24, 2006, consists of 100 large-cap stocks from the Shenzhen market, reflecting innovative and growth-oriented leading companies, with a balanced industry distribution [3] Group 2 - The ShenZhen 100 Index has shifted its top ten constituent stocks from traditional industries like real estate and banking to emerging sectors such as electric equipment and automobiles, aligning with China's economic transformation [3] - The index has a significant focus on emerging industries and consumer-related sectors, with TMT (Technology, Media, and Telecommunications) accounting for 26% and consumer sectors for 29% of the index [3] - The average market capitalization of the ShenZhen 100 Index constituents is 124.3 billion, with 70% of the weight in stocks valued over 100 billion, indicating a strong large-cap focus [4] Group 3 - The ShenZhen 100 Index has demonstrated superior long-term performance, with a cumulative increase of 344.90% since its inception, outperforming other major indices like CSI 300 and SSE 50 [5] - The index's constituents have shown stable profitability and a strong emphasis on R&D, with a projected revenue growth rate exceeding 20% for 2025 [6] - The current valuation of the ShenZhen 100 Index is at a historically low level, with a price-to-earnings ratio of 21.11, indicating potential for upward movement [6] Group 4 - The FuGuo ShenZhen 100 ETF Fund is managed by a seasoned team with extensive experience in quantitative investment, aiming to provide diverse asset allocation tools for investors [8]

Group 1 - The core viewpoint of the recent broker mid-term strategy meetings indicates a strong consensus on three main points: the resilience of the Chinese economy, the driving force of technological innovation for growth, and the upward revaluation of Chinese assets [1][2][3] - The first consensus highlights the resilience and vitality of the Chinese economy, with a GDP growth of 5.4% year-on-year in Q1, showcasing strong performance across various sectors. The brokers predict continued economic improvement supported by policies, particularly in emerging industries like AI, humanoid robots, and new energy [1][2] - The second consensus emphasizes technological innovation as a key focus, aligning with the central economic work conference's emphasis on leading new productive forces through innovation. The A-share market is expected to focus on sectors such as AI, semiconductors, high-end manufacturing, and green economy, which are seen as significant investment opportunities [2][3] Group 2 - The third consensus points to the increasing value of Chinese asset allocation, with the notion of "Chinese opportunities in a global context" becoming a significant topic. The stability and quality improvement of the Chinese economy, along with supportive market policies, enhance the attractiveness of Chinese assets as a safe haven for global funds [2][3] - The investment strategies of brokers not only reflect market assessments but also provide insights into the transformation of the Chinese economic structure, deepening capital market reforms, and the evolution of global competition, instilling confidence in the high-quality development of the Chinese economy [3]

Core Insights - The Chinese economy is showing resilience, attracting long-term capital into the A-share market, with net purchases exceeding 200 billion yuan this year [2][3] - There is a growing global consensus on the upward revaluation of Chinese assets, driven by strong GDP growth [3] - The Ministry of Industry and Information Technology emphasizes the need to maintain stable growth in the manufacturing sector and expand employment capacity [4] Group 1: Market Trends - As of May 19, 2023, long-term funds such as social security and insurance have net bought over 200 billion yuan in A-shares, indicating a positive cycle of capital inflow and market stability [2] - In April, foreign investment in domestic stocks turned into net purchases, reflecting a favorable sentiment towards Chinese assets [5] Group 2: Economic Indicators - China's GDP growth in the first quarter outpaced that of other major economies, reinforcing the narrative of a stable and robust Chinese economy [3] - The Ministry of Industry and Information Technology is implementing policies to support key industries and enhance employment through technological upgrades and new industry cultivation [4] Group 3: Foreign Investment - In April, non-bank sectors saw a net inflow of 17.3 billion USD, with significant contributions from resilient foreign trade and increased foreign investment in domestic bonds [5][8] - As of the end of April, foreign institutions held 4.44 trillion yuan in the interbank bond market, accounting for 2.7% of the total [8] Group 4: Corporate Developments - Huawei launched the world's first Harmony OS laptop, priced from 7,999 yuan, indicating a push into innovative technology products [9] - Several companies are undergoing significant changes, including acquisitions and stock repurchases, reflecting active corporate strategies in the current market environment [11]

Core Viewpoint - The 2025 Global Investor Conference highlighted the consensus among global investors regarding the upward revaluation of Chinese assets, driven by resilient listed companies, technological innovation, comprehensive market reforms, and an open investment environment [1]. Group 1: Resilient Listed Companies - A-share listed companies demonstrate strong resilience and adaptability despite international economic disruptions, with a total revenue of 20.82 trillion yuan in 2024, reflecting a compound annual growth rate of 8.55% since the 14th Five-Year Plan [2]. - In 2024, 2,443 listed companies in Shenzhen distributed dividends totaling 575.3 billion yuan, a year-on-year increase of 36% [2]. - The recovery in demand for sectors like automotive and home appliances, supported by policies such as "trade-in," has significantly boosted company performance, with the consumer sector in Shenzhen achieving a revenue of 5.68 trillion yuan, up 4% year-on-year [2]. Group 2: Technological Innovation - The launch of the domestic large model DeepSeek has garnered global attention, showcasing China's technological innovation capabilities and potential [3]. - In 2024, China's total R&D expenditure reached 3.6 trillion yuan, an increase of 8.3%, with over 570 Chinese industrial companies ranking among the global top 2,500 in R&D investment [4]. - In Shenzhen, 14% of companies have an R&D intensity exceeding 10%, with BYD investing 54.2 billion yuan and CATL investing 18.6 billion yuan in R&D, both surpassing their net profits [4]. Group 3: Market Reforms - Since 2024, significant reforms in the capital market, including the new "National Nine Articles," have been implemented, enhancing regulatory efficiency and creating a more coordinated investment and financing ecosystem [7]. - The Shenzhen Stock Exchange has seen a 214% year-on-year increase in major asset restructurings since September 2024 [8]. - The introduction of a registration-based IPO system has led to nearly 90% of new listings being high-tech companies, with a significant portion belonging to strategic emerging industries [7]. Group 4: Open Investment Environment - Following the Central Political Bureau meeting on September 26, 2024, foreign investment in Shenzhen's strategic emerging industries increased by 40%, with trading volume rising by 90% [11]. - The Shenzhen Stock Exchange has organized 14 global roadshows covering 107 listed companies, facilitating direct engagement between foreign investors and leading companies [11]. - Future initiatives include optimizing the Shenzhen-Hong Kong Stock Connect mechanism and conducting over 10 overseas roadshow events to enhance communication with foreign investors [12].

Core Viewpoint - The consensus on the upward revaluation of Chinese assets among global investors is expanding, driven by China's strong GDP growth in the first quarter of this year, which outperformed that of other major economies [1] Group 1 - In the first quarter of this year, China's GDP growth exceeded that of the same period last year, positioning it among the top economies globally [1] - The concept of a "stable China" is seen as a fertile ground for global investors to engage in business and investment opportunities [1] - The upward revaluation of Chinese assets has become a hot topic among global investors, indicating a growing consensus on this matter [1]