Group 1 - Capital is increasingly seeking safety and profitability, with historical trends showing that during global turmoil, such as the Russia-Ukraine conflict, capital flows rapidly to perceived safe havens like the US [1][3] - The Federal Reserve is expected to end its interest rate hike cycle and shift towards rate cuts, which may lead to a decline in returns on US dollar assets, prompting capital to seek undervalued opportunities in other markets, particularly in China [3][10] - The Chinese stock market is currently experiencing significant foreign capital inflows, with net inflows reaching $27 billion in July and $426 million in August, indicating a growing interest from international investors [10][16] Group 2 - The upcoming military parade in China is seen as a demonstration of national stability and security, which is attractive to international capital amid global uncertainties [6][19] - Goldman Sachs reported that hedge funds are rapidly increasing their investments in Chinese stocks, with the allocation to China by global mutual funds rising to 6.6%, suggesting room for further growth [8][10] - The valuation of Chinese assets is appealing compared to US assets, with the price-to-earnings ratio of the Shanghai Composite Index at 11, significantly lower than the S&P 500's 24, indicating a potential investment opportunity [14][16] Group 3 - The stability of the Chinese yuan around 7.18 and the government's proactive measures to support the stock market are contributing to China's perception as a "safe haven" for capital [16] - The geopolitical landscape is influencing capital flows, with Japan's diplomatic efforts to undermine China's military display being largely ignored by Southeast Asian nations, highlighting China's growing influence [17][19] - The shift in capital preferences is evident as investors reassess their strategies in light of declining returns on US assets and the relative stability and growth potential in China [19]

全球经济正面临"三重压力"的严峻考验：地缘政治冲突持续升级，贸易保护主义浪潮汹涌，债务危机阴云笼罩。国际货币基金组织（IMF）最 新报告显示，2025年全球经济增速预期下调至2.8%，较年初预测回落0.5个百分点，复苏动能明显减弱。然而历史经验表明，危机往往孕育着 转机——以人工智能、可再生能源为代表的新兴领域正逆势崛起，近三年投资增速持续保持在15%以上，成为对冲传统经济下行的新引擎。 当全球资本市场在迷雾中艰难穿行之际，香港市场已悄然显现春江水暖的征兆。2025年前五月，港交所迎来117家IPO申请企业，新股首日破 发率同比下降23%，打新申购人数激增47%，市场复苏信号明确。这印证了一个永恒的投资真理：最黑暗的时刻往往孕育着最明亮的机遇。 站在年中的十字路口，全球资本正在书写新的叙事逻辑：不是被动承受压力，而是主动创造转机；不是固守旧有格局，而是开拓新生疆域。 格隆汇创始人格隆博士将在 7月4日【格隆汇·中期策略会·2025】 解构『新衣冠南渡』时代下的资本迁徙与港股机遇。 嘉宾介绍 躬身耕耘的星火，终成燎原之势； 破浪而行的孤舟，自达沧海之界。 【格隆汇中期策略会 2025 】 在深圳期待您的莅临！ ...