证券时报记者 吴琦 凭借聚焦以AI为核心的TMT（科技、媒体和通信）板块，摩根士丹利基金投资总监、基金经理雷志勇 拿下2024年公募基金业绩冠军。时隔一年，雷志勇在2025年再度斩获85.95%的高回报。 若说2024年的业绩登顶尚存一定运气成分，那么2025年业绩的再度爆发，或能验证雷志勇AI投资框架 的有效性。AI投资带来高回报已经延续两年，近期AI投资泡沫论甚嚣尘上，展望2026年，AI能否再度 爆发，哪些投资机会值得关注？针对以上问题，近期雷志勇接受了证券时报记者采访。他明确指出，从 AI产业的整体演进来看，当前仍处于从0到1的起步阶段，局部领域的过热在某种程度上也将助力产业 加速发展，未来龙头公司的估值仍有较大提升空间。 坚守景气度比较 锚定投资确定性 雷志勇投资框架的核心为"坚守景气度比较，追求确定性"，聚焦契合人类社会远期发展趋势的产业方 向，在泛科技板块中锁定具备确定性的赛道，同时在个股层面做好估值评估与仓位配置。 具体来看，他基于中期维度（如未来2—3个季度）的行业景气度比较，重点跟踪行业订单展望与景气度 趋势，聚焦高景气赛道。同时，雷志勇结合自下而上的研究精选龙头个股。作为公募基金行业为数 ...

Group 1 - The core viewpoint of the report indicates a recovery in the leasing market for Grade A office spaces in Guangzhou during the first half of 2025, with increased inquiry and viewing activity compared to the end of 2024 [1] - The supply of Grade A office spaces in Guangzhou slowed down in Q2 2025, with only one new project delivered, leading to a total stock of 6.937 million square meters [1] - The net absorption in the city recorded 152,000 square meters, a year-on-year decrease of 13.3%, while the vacancy rate increased by 0.9 percentage points to 19.8% [1] Group 2 - In terms of regional performance, Haizhu District's Pazhou became the most active leasing area in Q2, with a vacancy rate decreasing by 1.7 percentage points quarter-on-quarter and 3.6 percentage points year-on-year to 23.2% [1] - The average rent for office spaces in the city decreased by 1.4% to 123.5 yuan per square meter per month, with the decline narrowing by 3.3 percentage points compared to the previous quarter [1] - The TMT sector led the leasing demand with a 30.2% share of the total leased area, followed by the financial sector at 16.8% and trade and retail at 16.3% [2] Group 3 - The report highlights the potential of emerging business districts, particularly Guangzhou International Financial City, where infrastructure improvements are attracting financial institutions to establish headquarters [2] - The establishment of a conducive office environment in new business districts is expected to enhance market attention and resource attraction [2]

Core Viewpoint - The joint statement from the China-U.S. Geneva trade talks indicates a significant reduction in tariffs imposed by both sides, leading to improved market sentiment and expectations for constructive negotiations to continue [1] Market Sentiment Improvement - Following the joint statement, market institutions expressed heightened interest, with Huaxia Fund noting that the tariff reductions exceeded expectations, positively impacting market reactions and injecting confidence into global markets [2] - UBS analysts highlighted the attractiveness of Chinese assets, citing a median price-to-earnings ratio of 25 times for A-shares, which remains below the central level, indicating strong investment value [2] - Morgan Stanley's research showed that U.S. hedge funds increased bullish bets on Chinese stocks due to optimism regarding trade negotiations, with China being the most underweight region in emerging market portfolios [2] Export Data Expectations - Analysts predict a notable improvement in China's export data in the near term, as the significant tax cuts may stimulate a wave of suppressed exports that were delayed in April [3] - Goldman Sachs analysts indicated that both Chinese exporters and U.S. importers would likely rush to place orders during the tariff suspension period, emphasizing the urgency in the market [4] Sector Opportunities - Multiple institutions expressed optimism regarding investment prospects in the technology sector, with Huaxia Fund suggesting that the recovery in market risk appetite could favor technology growth [5] - UBS Wealth Management identified leading internet companies driving AI development as attractive investment opportunities, with the semiconductor supply chain also presenting appealing prospects [6] - Morgan Stanley noted China's advancements in AI, humanoid robots, and electric vehicles, enhancing global investor confidence in Chinese enterprises [6] Ongoing Trade Relations Monitoring - Institutions emphasized the need to continuously monitor international trade relations, with a balanced outlook on market sentiment, neither overly pessimistic nor optimistic [7] - UBS indicated that despite reduced tariff risks, the controversial policies of the Trump administration could lead to more frequent shifts in market risk appetite, maintaining gold's appeal as a traditional safe-haven asset [7] - UBS projected strong mid-term demand for gold, supported by central bank purchases, as market uncertainties persist [8]