联博基金/供图 从宏观趋势、资产选择到投资策略，朱良系统阐述了联博对中国资本市场的最新判断。他认为，中国资 本市场正处在转型关键期，投资者可重点关注红利、新质生产力及新消费等结构性机会。 情绪回暖 A股估值筑底 "对于全球投资者而言，A股与其他市场相关度较低，具有比较好的防御性。"朱良告诉证券时报记者， 中国市场以内部逻辑驱动为主，估值偏低，企业现金流健康，是全球资产配置中的独特一环。 朱良认为，关税摩擦是上半年扰动市场的核心因子。关税数字本身固然重要，但市场更担忧的是其带来 的不确定性。4月所谓的"对等关税"出现后，中国迅速采取对等应对措施，将税率提升至125%，此举迅 速缓解了市场的焦虑。随着贸易谈判气氛回暖，市场风险偏好明显修复，风险资产普遍上涨。 尽管当前A股市场情绪已现回暖迹象，但在朱良看来，市场整体估值水平仍具备显著吸引力。从发行端 数据观察，股票型基金发行规模持续处于历史低位区间，这一指标直观反映出市场尚未进入过热状态。 基于此判断，当前阶段正成为价值投资者把握优质资产配置的关键窗口期。 朱良进一步指出，中国经济正由高速增长向高质量发展过渡，意味着需要减少债务驱动。在此背景下， 利率或将步入中长 ...

Group 1 - The A-share market opened lower on May 29, with the CSI A500 index initially declining but then rebounding [1] - The A500 index ETF (159351) fell by 0.41%, while stocks like Zhangqu Technology rose over 8% [1] - The A500 index ETF has seen a net inflow of nearly 200 million yuan on May 29, marking seven consecutive trading days of inflows, totaling over 650 million yuan [1] Group 2 - The A500 index ETF closely tracks the CSI A500 index, which selects 500 stocks representing strong market capitalization across various industries [1] - According to Zhongtai Securities, there is an expectation of a turning point in foreign capital allocation to A-shares, benefiting from global capital rebalancing [1] - The performance of RMB assets has been superior this year, with AH shares outperforming US stocks, and the RMB remaining stronger than the USD [1] Group 3 - Everbright Securities indicates that ongoing policy support and the resulting profit effect will likely enhance market valuations [2] - The current valuation of the A-share market is near the average since 2010, with potential for further increases due to policy initiatives and inflows from profit-taking [2] - The focus for investment should be on technology growth and consumer sectors [2]

Group 1 - Over 70% of the constituents in the CSI A500 Index reported year-on-year revenue growth, indicating strong performance among core assets [2] - Notable revenue increases were observed in technology leaders, with companies like Zhongji Xuchuang reporting a 122% increase, and others like Cambrian, Lattice Semiconductor, and BeiGene showing growth rates above 50% [2] - More than 60% of the companies achieved year-on-year net profit growth, with significant increases from technology firms such as Lattice Semiconductor (213%), Zhongji Xuchuang (138%), and Nasda (112%) [2] Group 2 - The market is expected to experience upward trends, with key focus on two important windows: the first in early April post external risk resolution, and the second mid-year coinciding with the synchronization of the US and Chinese economic and policy cycles [3] - Short-term market fluctuations are anticipated, but the medium-term upward trend remains intact, with the upcoming earnings report window likely to influence market risk appetite [3] - The current valuation of the A-share market is near the average since 2010, and with ongoing policy support, there is potential for increased market valuation driven by inflows from both domestic and international investors [3][4] Group 3 - The A500 Index ETF serves as a benchmark for new core assets, covering traditional sectors like banking and food & beverage, as well as emerging industries such as electronics, power equipment, and pharmaceuticals, reflecting future economic trends in China [4] - Investment strategies should focus on absolute undervalued assets, particularly those with limited downside potential, as market dynamics shift towards rapid sector rotation [4]