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贝莱德基金:关税不确定性影响下 重点看好拉动内需等三大方向
Zhi Tong Cai Jing· 2025-06-06 00:55
Core Viewpoint - Global geopolitical tensions have eased as of May 2025, with the U.S. President agreeing to delay high tariffs on EU imports, leading to a recovery in risk appetite in A-shares and Hong Kong stocks [1] Market Overview - A-shares and Hong Kong markets continue a trend of upward volatility, with a significant recovery in risk appetite observed [1] - Market volatility has decreased, indicating a more stable investment environment [1] Investment Strategy - The company emphasizes the importance of assessing the earnings outlook of investment targets under cautious macro assumptions to support current valuation levels [1] - Focus on protecting against downside risks while seeking medium to long-term value re-evaluation opportunities [1] - Active monitoring of potential investment opportunities arising from market fluctuations [1] Investment Directions 1. **Domestic Demand-Driven Sectors**: - Focus on industries such as the internet, sportswear, food and beverage, and property services, which are characterized by strong cash flow and high dividends [1] 2. **Technology Innovation and Countermeasures**: - Target sectors include autonomous ERP, industrial software, artificial intelligence, robotics, low-altitude economy, and food and energy security, emphasizing foundational safety [1] 3. **Export Sectors with Competitive Advantages**: - Industries like home appliances, home furnishings, and textiles that combine domestic and international demand, as well as sectors with strong international comparative advantages, are prioritized [1] - The company believes that once tariff disputes are resolved, the competitive advantages of leading firms in these sectors will be validated, potentially enhancing long-term valuation [1]