上证指数突破3800点，后市将如何走？在日前举办的2025排排网全球.首届对冲基金颁奖典礼暨家族办 公室颁奖典礼上，来自中国内地、中国香港及海外市场的百余位投资人共聚一堂，"把脉"当前及今后的 市场走向。 中欧瑞博(香港)董事长吴伟志表示，资本市场最大的规律是周期性。当下市场已经从一枝独放向百花齐 放发展，港股和A股的后市依然值得期待。"股市的赚钱效应已经逐渐形成，逐渐吸引场内的资金转变 思维，从熊市思维转向牛市思维，从不敢持仓到敢于持仓，从赚小钱到争取赚大钱。场外人的熊市思维 也会转牛市思维，从不关心股市到开始关心股市，到开始少量入市尝试，到有了赚钱的甜头加大入市， 这就是一个财富效应的正反馈的过程。"他认为，现在市场已经形成了很好的正反馈机制，牛市已经在 半路上了。 对于市场机会，吴伟志表示，不要为了追求完美而错失正确。"已经错过了春播的好时机，在夏天的时 候，仓位比追求完美的股票更重要。现在市场的水温已经从0度涨到了40、50度了，随着时间的推移， 水温会越来越高。千万不要在水即将沸腾的时候再来。" 他进一步表示，中国庞大的经济体量和增长速度在全球经济中具有举足轻重的地位，能够支撑一轮规模 可观、趋势较 ...

Group 1: Market Strategy and Risks - The importance of patience and proactive capabilities for investors is emphasized, highlighting that risk assessment is crucial for determining investment strategies [1][2] - The discussion begins with a focus on risks, particularly the implications of tariffs and their underlying motivations, rather than just the numerical values associated with them [3][4] - The concept of "reciprocity" in tariffs is introduced, suggesting that the ultimate goal is to promote re-industrialization in the U.S. economy [4][6] Group 2: Economic Implications of Tariffs - The strategy of re-industrialization aims to stabilize the U.S. GDP by shifting production back to the U.S. and leveraging tariffs to attract foreign manufacturing [4][6] - The potential for the U.S. to export goods to emerging markets with zero tariffs is discussed, indicating a dual approach of attracting high-end industries while targeting new markets for U.S. products [6][8] Group 3: China and Global Trade Dynamics - The focus shifts to China, analyzing its trade relationships and the impact of U.S.-China trade tensions on both economies [8][9] - China's GDP structure is highlighted, with a significant portion driven by domestic demand, suggesting resilience despite trade challenges [9][10] Group 4: Investment Opportunities - Investment strategies should consider the increasing focus on domestic consumption in China, with potential benefits for related stocks and bonds [9][10] - The discussion includes the potential for investment in high-tech industries and infrastructure, such as space technology and 6G, as part of a broader investment strategy [10][11] Group 5: U.S. Debt and Currency Concerns - The narrative addresses concerns about U.S. debt and the role of the Federal Reserve in influencing bond yields, clarifying that the primary driver of rising yields is the Fed's own actions rather than foreign selling [11][12] - The stability of the U.S. dollar is defended, with data showing its continued dominance in global trade and reserves, countering fears of its decline [12][13] Group 6: Stock Market Analysis - The stock market's performance is analyzed, noting that while there are risks, not all sectors are performing poorly, and certain sectors have shown resilience [15][16] - The conclusion suggests that fears surrounding the stock and bond markets may be exaggerated, with gold emerging as a strong alternative investment [17][18]