Economic Overview - In the first half of 2025, China's economy is showing resilience and a positive trend due to coordinated policies aimed at stabilizing the market, expanding domestic demand, and promoting openness [1] - The external geopolitical risks and internal profit differentiation are critical for breaking through in the latter half of the year [1] Investment Opportunities - The rapid development of artificial intelligence (AI) technology is expected to lead a new wave of technological revolution, providing significant growth potential for the tech industry [3] - The Chinese innovative pharmaceutical industry is entering a "golden year," with opportunities for commercialization in domestic medical insurance, overseas licensing of domestic innovative drugs, and capitalizing on industry cycles and valuation opportunities [4] - The humanoid robot industry is anticipated to become a golden investment track, with China playing a crucial role in global production and technological advancements [5][6] - New consumption trends are emerging, focusing on spiritual consumption, cost-effective products, and brands going overseas, with specific attention on sectors like trendy toys and domestic cosmetics [7] Sector Insights - The semiconductor, innovative pharmaceuticals, and military industries are highlighted as sectors with long-term investment potential, particularly in the context of China's economic transformation [8] - The automotive industry is shifting towards smart technology, with a focus on intelligent vehicles as a core competitive advantage [12] Market Strategies - Investment strategies should focus on low-valuation consumer stocks and cyclical sectors, particularly those maintaining stable profits during economic downturns [9] - AI-related investments are recommended, especially in AI infrastructure and applications, as the market is expected to see significant growth in the coming years [10][11][17] Fund Performance - The Ping An Company Bond ETF has shown strong credit quality and liquidity, becoming a leading choice for various investor groups [16] - The Ping An AI ETF is positioned well for investment, with the AI sector being a key driver of the new technological revolution [17] - The China A50 Index is recognized for its focus on industry leaders and balanced sector structure, making it a valuable tool for enhancing investment in core Chinese assets [18]

Core Viewpoint - The investment strategy conference held by Ping An Fund highlighted the importance of embracing interest-bearing assets and participating in wave trading for the second half of 2025, while closely monitoring policy changes and economic data for effective risk management [1][2]. Economic Outlook - The economic fundamentals showed signs of recovery in the first half of 2025, but the internal momentum remains relatively weak. Real estate investment continues to drag, manufacturing investment is weak, and infrastructure investment, while gaining traction, is limited in strength. Consumer spending has rebounded with policy support, but overall growth still needs improvement [1]. - Exports are stable overall, but the growth rate is subject to significant fluctuations. Inflation indicators such as CPI and PPI are weak, reflecting insufficient total demand and low capacity utilization, resulting in limited inflationary pressure [1]. Monetary Policy and Market Environment - The central bank's goals have not yet adjusted, with maintaining growth and structural adjustments as primary objectives. Following the recent cuts in reserve requirements and interest rates, the cost of funds has effectively decreased, and weak credit may lead to continued monetary easing. Additionally, a reduction in deposit rates is anticipated to maintain bank interest margins [1][2]. - The bond market is currently in a favorable environment characterized by stable but weak fundamentals and a prudent monetary policy. The stability of the credit assets in the medium to short term can provide reliable interest income and arbitrage value [2]. Investment Strategy - Investors are encouraged to seize opportunities during market adjustments to accumulate interest income. The long-term assets, while stable, are unlikely to exceed expectations, and external demand pressures are expected to increase in the second half of the year due to export effects [2]. - Active participation in wave trading is recommended, as each market panic adjustment may present gaming value for investors [2].