安联中国精选混合基金经理程彧在接受上证报记者采访时表示，美联储12月议息会议确实会对全球大类 资产产生直接影响：一方面，是否降息对于美债与全球大宗商品价格产生直接影响；另一方面，对美国 经济与美股表现会有直接的影响，进而可能对全球经济与全球股市产生溢出传导效应。值得关注的是， 当前美国的传统经济发展面临挑战，其人工智能产业也将严重依赖外部融资，因此美联储的货币政策对 于美国传统产业、科技产业及美股具有重大影响。 威灵顿投资表示，无论美国经济是否陷入衰退，美联储重启降息都对风险资产构成支撑。尽管相关政策 存在不确定性，但在稳健的企业盈利和稳定的宏观数据支撑下，美股整体保持上行趋势。此外，虽然利 率有所下调，但是债券收益率仍高于历史平均水平，为投资者提供了具备吸引力的配置机会。 "我们虽总体上维持积极态度，但同时也注意到每个市场周期都有其独特性。当前风险资产估值已处于 高位，固定收益利差也在持续收窄。美联储降息并不等同于市场上涨，投资者仍应坚持以基本面分析作 为投资决策的核心依据。"威灵顿投资称。 除权益资产外，黄金也将在美联储降息政策下明显受益。惠理集团投资组合总监盛今对上证报记者表 示，在以往的降息周期中，黄 ...

Core Viewpoint - Allianz Fund aims to integrate international vision with local practices in China's asset management industry, focusing on long-term stable investment experiences and customized solutions for investors [1][7]. Group 1: Company Vision and Strategy - Allianz Fund inherits the rigorous cultural style of the Allianz Group, leveraging strong data advantages and extensive market investment experience to serve Chinese investors [1][6]. - The company emphasizes the importance of asset allocation and customized services in the "Wealth Management 2.0" era, aiming to provide comprehensive solutions for diverse investor needs [1][8]. - Allianz Fund's investment philosophy is rooted in a proactive asset management approach, focusing on quality, technology, and excellence [1][11]. Group 2: Leadership and Team - Shen Liang, the chairman and general manager of Allianz Fund, has over 23 years of experience in the financial sector, having held various leadership roles in prominent financial institutions [3][5]. - The investment research team at Allianz Fund comprises a significant portion of its workforce, reflecting the company's commitment to building strong research capabilities [11][12]. Group 3: Market Position and Product Offerings - Allianz Fund is set to officially launch in 2024, becoming the ninth wholly foreign-owned public fund company in China, indicating a strategic entry into the growing Chinese asset management market [5][6]. - The company has already initiated its product lineup, including the Allianz China Select Mixed Fund, which was launched in a challenging market environment, showcasing its confidence in the Chinese asset market [12][13]. - Allianz Fund plans to expand its product offerings to include fixed-income products and potentially cross-border investment products, catering to diverse investor preferences [13][14]. Group 4: Market Insights and Opportunities - Shen Liang believes that the Chinese stock market still has significant value re-evaluation potential, with long-term investment opportunities remaining attractive [16][17]. - The company highlights the importance of China's technological advancements and the ongoing transformation of its economic structure, which are expected to enhance market confidence and attract global investment [17][18]. - Allianz Fund emphasizes that high-quality alpha opportunities in the Chinese market are expected to continue emerging, driven by sustainable development and innovation [18].

Core Insights - Allianz Fund aims to integrate international vision with local practices in China's asset management market, emphasizing a long-term, stable investment experience for investors [1][3] - The company is positioned to leverage its strong data advantages, extensive market investment experience, and deep risk management culture to meet the evolving needs of Chinese investors in the "Wealth Management 2.0" era [1][3][4] Group 1: Company Vision and Strategy - Allianz Fund is committed to providing customized asset allocation solutions and one-stop services, reflecting its ambition in the "Wealth Management 2.0" era [2][4] - The firm emphasizes a pragmatic approach, focusing on professional research, product development, and service quality to build trust with investors [1][5] Group 2: Team and Research Capabilities - The investment research team at Allianz Fund comprises a significant portion of its workforce, indicating a strong focus on research-driven asset management [5][6] - The team utilizes grassroots research methods to gain insights into market opportunities, enhancing its competitive edge in the foreign asset management sector [6][5] Group 3: Product Development and Market Positioning - Allianz Fund launched its first product, the Allianz China Select Mixed Fund, in a challenging market environment, demonstrating confidence in the Chinese asset market [7][8] - The company plans to expand its product offerings, including fixed-income products and potentially cross-border investment products, to cater to diverse investor needs [8][7] Group 4: Market Outlook and Investment Opportunities - Allianz Fund identifies significant value re-evaluation potential in the Chinese stock market, supported by structural economic transformations and advancements in technology [10][11] - The firm highlights the importance of high-quality alpha opportunities in China, emphasizing the need to focus on sustainable development and long-term investment quality [12][11]

Core Insights - Allianz Fund aims to integrate international vision with local practices in China's asset management market, emphasizing a long-term, stable investment experience for investors [1][3] - The company is positioned to leverage its strong data advantages, extensive market investment experience, and deep risk management culture to meet the evolving needs of Chinese investors in the "Wealth Management 2.0" era [2][4] Group 1: Company Vision and Strategy - Allianz Fund is committed to providing customized asset allocation solutions and one-stop services, reflecting its ambition in the "Wealth Management 2.0" era [2][4] - The firm emphasizes a pragmatic approach, focusing on professional research, product development, and service quality to build trust with investors [1][5] Group 2: Investment Research and Product Development - The investment research team at Allianz Fund comprises a significant portion of its workforce, highlighting the company's commitment to active asset management based on rigorous research [5][6] - Allianz Fund launched its first product, the Allianz China Select Mixed Fund, in a challenging market environment, demonstrating confidence in the Chinese asset market [6][7] Group 3: Market Opportunities and Insights - Allianz Fund identifies substantial value re-evaluation potential in the Chinese stock market, driven by economic transformation and advancements in technology [8][9] - The firm believes that China's high-quality alpha opportunities will continue to emerge, emphasizing the importance of long-term sustainable development in investment strategies [9]

Core Viewpoint - The interest of foreign investors in A-shares is increasing, with a notable shift from "Derating" (value depreciation) to "Rerating" (value reassessment) observed since late 2024, driven by factors such as the recovery of the Chinese economy and advancements in artificial intelligence [3][10][11]. Group 1: Foreign Investment Trends - Since 2021, foreign interest in A-shares has declined, but this trend is reversing with more roadshows planned for 2024 [2][5]. - In September, major foreign institutions like UBS and Morgan Stanley hosted investment summits in Shenzhen, attracting a significant number of global investors interested in A-share opportunities [2][4]. - Foreign investors are increasingly focusing on long-term investments in China, with many already holding Chinese assets or showing renewed interest [2][5]. Group 2: Economic Factors and Opportunities - The recovery of the Chinese economy is expected to improve corporate profits, with a notable uptick anticipated in Q1 2025 [5][6]. - The development of the artificial intelligence sector in China is a key area of interest for foreign investors, particularly regarding its impact on traditional industries [3][10]. - The "反内卷" (anti-involution) policies are being closely monitored by foreign investors, as they could significantly affect corporate profitability and market dynamics [15]. Group 3: Market Dynamics and Investor Sentiment - The allocation of foreign investment in A-shares remains low at 7.4%, indicating substantial room for growth compared to other Asian markets [13]. - Recent data shows that global hedge funds have increased their net purchases of Chinese assets, reaching a two-year high in August [13][14]. - Concerns about excessive competition in sectors like e-commerce have led to cautious sentiment among foreign investors, particularly regarding internet companies [14][15].

Core Insights - Both A-shares and H-shares are driven by long-term competitiveness, sustained profitability, and reduced systemic risks, which are essential for stock pricing [1] - A significant re-rating cycle is currently underway for both A-shares and H-shares, presenting an opportunity for investors to capitalize on the value re-evaluation in Chinese stocks [1] Group 1: Investment Opportunities - The Hong Kong stock market offers unique opportunities in sectors that are distinctive and sensitive to interest rate changes, such as the innovative drug sector [1] - The H-share market includes numerous biotech and innovative drug companies that are scarce in the A-share market, providing unique allocation opportunities for investors [1] - The innovative drug sector benefits from global R&D advancements and domestic policy support, maintaining strong market interest [1] Group 2: Dividend Assets - H-shares feature dividend assets primarily in traditional high-dividend sectors like finance and energy, which exhibit stable profitability and sustainable dividend policies [1] - These dividend assets demonstrate strong resistance to market volatility, making them attractive for investors [1] - The potential for a decline in U.S. Treasury yields enhances the re-rating space for Hong Kong dividend assets [1] Group 3: Portfolio Strategy - Incorporating both A-shares and H-shares into an investment portfolio allows for a more comprehensive capture of the benefits from China's economic growth and structural transformation [2] - The opportunity structures in A-shares and H-shares differ, and their market rhythms may not synchronize, necessitating a long-term perspective for effective allocation [2]

Core Viewpoint - Both A-shares and H-shares are driven by common long-term support factors, including corporate competitiveness, long-term profitability, systemic risk mitigation, and policy support, which influence stock pricing on both the numerator (corporate earnings) and denominator (risk premium) sides [1][2] Group 1: Market Dynamics - The primary difference between A-shares and H-shares lies in the risk-free interest rates used for pricing, with H-shares being more influenced by U.S. Treasury yields due to higher foreign ownership [1] - H-shares have greater potential for downward adjustment in risk-free rates compared to A-shares, as U.S. Treasury yields have more room to decline [1] Group 2: Investment Opportunities - The current market is undergoing a re-rating cycle, with H-shares showing potential in sectors that are innovative, differentiated, and sensitive to interest rate changes, particularly in the innovative drug sector [1] - H-shares are home to many biotech and innovative drug companies that are scarce in the A-share market, providing unique investment opportunities [1] - H-shares' dividend assets are primarily found in traditional high-dividend sectors like finance and energy, which exhibit stable profitability and dividend policies, thus showing strong resistance to volatility [2] Group 3: Portfolio Strategy - Both A-shares and H-shares present significant investment opportunities, and including both in a portfolio can allow for a more comprehensive sharing of China's economic growth and structural transformation benefits [2] - The structural differences in market opportunities and potential asynchronous market rhythms necessitate a long-term perspective for effective allocation based on sector characteristics [2]