Core Viewpoint - The article discusses the 2025 CICC Annual Investment Strategy Conference, emphasizing the themes of new supply, new technology, new consumption, and new finance, reflecting the evolving landscape of China's economy and capital markets [4][5]. Group 1: Economic Outlook - The global landscape is undergoing significant changes due to a new round of technological revolutions and industrial transformations, reshaping global competition [5][7]. - China's economy is in a critical phase of transitioning from old to new growth drivers, with technology innovation and green development becoming core engines for economic growth [7]. - The development of artificial intelligence (AI) is highlighted as a unique competitive advantage for China, driven by its large population and market scale [7]. Group 2: Capital Market Dynamics - CICC aims to support technological innovation and economic transformation through its integrated services in investment banking, research, and asset management [7]. - The capital market is expected to play a crucial role in supporting technology innovation and facilitating economic transformation [7][9]. Group 3: Geopolitical and Economic Relations - The U.S.-China economic relationship is entering a new phase characterized by a "fragile balance," with both countries needing to achieve economic rebalancing [12]. - The internal and external economic cycles in China are expected to promote mutual reinforcement, focusing on innovation and boosting domestic demand [11]. Group 4: Market Strategies and Recommendations - The A-share market is anticipated to continue its upward trend, with a focus on sectors benefiting from AI technology and innovation [17]. - Investment strategies should consider three main lines: growth in AI technology, opportunities in overseas markets, and sectors poised for cyclical recovery [17][20]. Group 5: Research and Digital Innovation - CICC is committed to enhancing its research capabilities and providing comprehensive, forward-looking research services to investors [24]. - The CICC digital research platform aims to offer a one-stop service for institutional investors, facilitating access to research reports, databases, and event information [23].

Core Viewpoint - The article discusses the new phase of China-US economic and trade relations, highlighting the transition from conflict to a more balanced dialogue, which may have significant implications for global governance and the international monetary order [2][3]. Group 1: New Phase of China-US Economic Relations - The economic relationship between China and the US has evolved through three distinct phases: "coexistence and win-win" (2005-2016), increasing trade friction (2017-2024), and a new phase of equal dialogue starting in 2025 [4][5][12]. - The "coexistence and win-win" phase was characterized by strong economic interdependence, with China providing cheap labor and the US benefiting from low inflation and financial prosperity [5][7]. - The increasing trade friction phase saw the US imposing tariffs, with the effective tariff rate on China remaining high at 19.3% even after some easing in 2020 [11][12]. Group 2: Characteristics and Policy Implications of the New Phase - The new phase is marked by a balance of power, allowing for negotiations that could lead to mutually beneficial agreements, such as adjustments in tariffs on agricultural products and strategic resources [20][21]. - The US's reliance on China for certain exports and the need for China to maintain its economic growth create a scenario where both countries have incentives to engage in dialogue [20][22]. - The potential for currency adjustments, such as the appreciation of the yuan and the reduction of US tariffs, could help rebalance trade and improve consumer purchasing power in both countries [21][22]. Group 3: International Monetary Order and Asset Implications - The new phase may reinforce the ongoing restructuring of the international monetary order, with a shift away from dollar dominance towards a more fragmented and diversified system [26][28]. - The trend of capital returning to domestic markets, particularly in China, indicates a growing preference for local investments amid global uncertainties [28][30]. - The long-term competition between the US and China is likely to drive increased investment in research and development, impacting various asset classes differently, with strategic resources like rare earths gaining importance [54][55].