2025年上半年，以MSCI所有国家世界指数（美国除外）为代表的国际股票表现亮眼，回报优于以 标普500指数为代表的美国大型股，扭转了美股长期主导市场的趋势。 虽然近期国际增长股表现出色，但其估值仍处于相对低位。相比之下，过去数年以来，由科技股领 涨的美股持续攀升，估值倍数显著扩张，令美股估值远高于国际市场。美股的强势在多方面具有基本面 的一定支撑。与上世纪90年代末的科技泡沫不同，如今的美国科技企业持续创造强劲盈利与回报。 然而，国际市场中亦不乏兼具竞争力、管理完善且勇于创新的优质企业，这些公司不但具备长期增 长潜力，其估值更具吸引力，为具备前瞻视野的投资者带来更多机会。 过去12个月里，全球宏观环境变化频繁，传统市场规律屡受挑战。在高度不确定的环境下，许多投 资者不禁思考，如何能准确识别长线机遇？ 可增加结构性增长公司配置 国际股票虽有助于分散投资风险，但核心国际指数MSCI所有国家世界指数（美国除外）偏重价值 型板块，其中金融、能源、原材料及工业等周期性和利率敏感板块的权重高达61%，而科技等结构性增 长板块权重较低。历史数据表明，高增长企业往往跑赢增长缓慢的同业。 被动型或核心国际策略单纯追踪广泛指数 ...

Group 1 - The core viewpoint highlights the negative impact of a prolonged U.S. government shutdown on the economy and the ongoing challenges faced by the Federal Reserve due to a lack of official data [1] - The recent interest rate cut by the Federal Reserve has reignited market interest in small-cap stocks, which have outperformed large-cap stocks by nearly 4% since April [2] - Employment data has shown a concerning trend, with a reported loss of 91,100 jobs from April 2024 to March 2025, raising investor concerns about data reliability [1] Group 2 - The Federal Reserve's recent interest rate cut has led to an increased allocation to U.S. small-cap stocks, shifting the allocation stance to neutral for large-cap stocks [2] - The macro environment is favorable for growth stocks, particularly in the AI/technology sector, prompting a shift towards growth-oriented investments [2] - The company maintains a low allocation to bonds due to inflation and fiscal stimulus financing demands, which may keep interest rates under pressure [2]