Core Viewpoint - The QDII funds are showing increased tolerance for stock valuations, reflecting a shift in market risk appetite as liquidity conditions change and Chinese asset prices rise globally [1][4]. Group 1: QDII Fund Investment Trends - QDII funds are beginning to invest in previously overlooked stocks, such as Blucor, which has seen its stock price rise over 110% in the last five months despite a projected net loss of 401 million yuan for 2024 [2]. - Funds are increasingly focusing on new economy sectors, with E Fund investing in Quzhi Group, which operates AI-driven vending machines, despite the company projecting a net loss of 167.2 million yuan for 2024 [3]. - Southern Fund has invested in the U.S.-listed company Manbang, which utilizes AI for logistics, marking a shift in QDII fund strategies towards more aggressive stock selection [3]. Group 2: Market Sentiment and Strategy - The shift towards a more aggressive investment strategy among QDII funds indicates growing confidence among institutional investors in the current market [4]. - Historically, QDII funds maintained strict selection criteria to avoid significant losses, but recent changes in liquidity and asset pricing have prompted a reevaluation of these strategies [4]. - Even companies with substantial losses, such as Weimeng Group, are being targeted by funds, suggesting a belief in their potential to benefit from domestic consumption recovery [4]. Group 3: Valuation Perspectives - Valuation assessments are subjective, varying significantly among fund managers based on their market outlook and investment philosophy [5]. - The rise of technology narratives is influencing stock market valuations, contributing to the more aggressive strategies adopted by QDII funds [6]. - The emergence of Chinese tech companies as new growth engines is creating diverse and sustainable investment opportunities, particularly in sectors like AI and consumer demand [7]. Group 4: Market Dynamics - The recovery of the Hang Seng Index's dynamic P/E ratio to historical averages suggests that further valuation increases will depend on corporate earnings and macroeconomic recovery [8]. - There is a notable shift of funds from higher-valued markets in the U.S. and India to lower-valued markets in China and Europe, providing additional capital to the Hong Kong tech sector [7].

具体到企业层面，主营箱包和蓝牙音箱的卖家 方先生已经采取行动。他在周四透露，已将美国市场 价格上调30%，同时计划削减库存规模和亚马逊广告支出——后者曾占其美国收入的40%。"美国市场 已不再是可靠的选择，"方先生坦言，"我们正在将资源转向欧洲、加拿大和墨西哥等市场。" 图片来源： Unsplash 随着美国总统唐纳德·特朗普宣布将对中国进口商品的关税从现有的104%大幅提升至125%，一场席卷 全球两大经济体的贸易风暴正在形成。这一史无前例的关税政策正在中国跨境电商行业引发强烈震 荡，众多在亚马逊平台经营的中国卖家正面临艰难抉择：要么被迫提高美国市场售价，要么彻底退出 美国。 深圳市跨境电子商务协会会长王馨在接受路透社专访时表示，这场关税风暴远非简单的税收问题，而 是对整个商业模式的致命打击。该协会代表着3000多家亚马逊中国卖家， 王馨指出："在当前形势 下，任何企业想要在美国市场维持运营都变得异常艰难。"她特别强调，除了直接的关税成本外，企 业还不得不应对由此引发的海关延误和物流费用飙升等连锁反应。"这对整个跨境电商行业来说，无 疑是一次前所未有的重创。" 路透社在深圳进行的实地调查印证了这一判断。在采 ...