汤继成认为，由于市场担忧美国政策的可信度及财政可持续性，美国"例外主义"正受到威胁，导致美国 国债和美元遭抛售。这一趋势预示着美国GDP增长将放缓，经济衰退风险升温，投资者开始寻求全球非 美元资产的投资机会。相关资金流向的转变已体现在欧洲股票，以及作为法定货币贬值对冲工具的黄金 的强劲表现中。 "去美元化"趋势对亚洲经济尤为有利，区内货币升值亦为央行提供宽松政策的空间。此外，对美国债务 可持续性的担忧升温，促使部分资金回流亚洲。亚洲经济体目前持有约8.6万亿美元的美国股票及固定 收益资产，若出现部分资金回流，将显著支持区内货币，并提升区内股票及固定收益市场表现。 【导读】安联投资：看好中国、印度及澳大利亚经济及股市，中国国债有望成为亚洲新一代"避风港"资 产 6月26日，安联投资全球固定收益副主管及亚洲固定收益首席投资总监曾铮、安联投资亚太区股票首席 投资总监薛永辉和安联投资亚太区高级经济师汤继成一同接受了记者的采访。 安联投资认为，下半年，美国关税政策、消费者信心、通胀及经济衰退风险等关键因素将主导经济格 局，而中东的军事行动亦可能进一步影响市场情绪。 安联投资预计，在当前充满不确定性的宏观经济环境中，亚洲 ...

Core Viewpoint - Allianz Investment is optimistic about the economic and stock market prospects of China, India, and Australia, viewing Chinese government bonds as a potential new "safe haven" asset in Asia [1][5]. Group 1: Economic Outlook - Key factors such as U.S. tariff policies, consumer confidence, inflation, and recession risks will dominate the economic landscape in the second half of the year [2]. - Allianz Investment anticipates that the uncertain macroeconomic environment will make Asian fixed income and equity markets attractive for global investors due to favorable demographics, robust fundamentals, and accelerated regional integration [2][4]. Group 2: Investment Opportunities in Asia - The trend of "de-dollarization" is beneficial for Asian economies, with a potential return of funds to Asia supporting local currencies and enhancing the performance of regional stocks and fixed income markets [4]. - Allianz Investment is particularly optimistic about Asian economies driven by domestic demand, with room for policy rate cuts and less exposure to specific political and economic concerns, especially in China, India, and Australia [4]. Group 3: Stock Market Insights - Asian stocks have performed well year-to-date, with strong valuation attractiveness and growth potential in major markets such as China, India, Japan, and South Korea [8]. - The Chinese government has set a GDP growth target of around 5%, indicating a commitment to boosting domestic demand and strengthening trade ties, particularly in sectors like electric vehicles and robotics [8]. - China's service industry is emerging as a global leader, with Chinese intellectual properties in AI, gaming, film, and animation gaining international traction, showcasing the global competitiveness of Chinese enterprises [8].

摩根士丹利亚洲CEO在陆家嘴论坛上表示，全球资本多元化配置趋势下上海和中国香港能吸引资本。 ...

摩根士丹利亚洲CEO：全球资本多元化配置趋势下，上海和香港能吸引|资本。 ...