Group 1: US Market Focus - The Federal Reserve is expected to lower interest rates by 25 basis points this week, with a potential for further cuts in October and December [14][18][19] - The US job market continues to show signs of weakness, with August non-farm payroll data significantly below expectations, indicating a cooling trend [12][13] - The technology sector remains a strong investment focus, particularly companies like Zoom and ServiceNow, which are expected to benefit from macroeconomic stability and AI integration [16][19] Group 2: Japanese Market Focus - The resignation of Prime Minister Shigeru Ishiba has introduced uncertainty in Japanese economic policy, with potential implications for fiscal sustainability [24][26] - The Bank of Japan is likely to maintain its current interest rate stance in September but may consider rate hikes in the future due to persistent inflation [29][30] - Japanese stocks are expected to attract continued investment, particularly in companies like Kyocera and JX Metals, as the yen is projected to appreciate [30][33] Group 3: Indonesian Market Focus - The resignation of Finance Minister Sri Mulyani has raised concerns about Indonesia's long-term fiscal outlook, although the new minister, Airlangga Hartarto, aims to maintain fiscal health [46][47] - The Indonesian central bank is anticipated to keep interest rates unchanged in the upcoming meeting, reflecting a cautious approach amid economic challenges [47][48] - There is an expectation of strengthened economic cooperation between China and Indonesia, with potential investment opportunities in companies like Pakuwon and Surya Semesta [42][46]

按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年9月1日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 (1) 美国市场焦点 特朗普解职库克使 市场降息预期进一步增加 美股"降息交易" 主线重新明确； Zoom；ServiceNow ETF Invesco纳斯达克100 指数ETF (2) 台股市场焦点 AI依旧强劲 (3) 马来西亚市场焦点 经济增速持续放缓 "抢出口"效应 正逐渐减弱 股票 银行业受益于资产质量 稳健与流动性改善； 联昌国际银行；丰隆银行 资料来源：中信证券财富管理 (香港) 1 本周主要地区 经济数据公布日程 股票 股票 AI 仍将是半导体产业向上 成长的最大驱动力； 纬创；台光电 ETF iShares 安硕核心MSCI 中国台湾ETF 上周环球 股市表现 美国降息预期反复美股窄幅震荡， 法国政局动荡拖累欧股表现不佳，A股情绪高涨，领涨全球 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | -- ...

Group 1: China Market Focus - The current "anti-involution" policies may adopt different approaches across various industries, with a focus on supply-side reforms and market mechanisms to encourage balance in supply and demand [10][12][19] - Overseas investors are showing high interest in the Chinese market, with notable attention on companies like Kehua Data and SMIC, although actual capital inflow may take time to materialize [13][15][20] - The upcoming third quarter is expected to see a resurgence in IPOs for technology companies, with AI and military sectors identified as key areas for structural investment opportunities [18][19] Group 2: US Market Focus - Core commodity prices are anticipated to reflect tariff impacts more significantly starting mid-year, with a focus on the performance of leading technology stocks like Nvidia and Meta Platforms [26][32][40] - The Federal Reserve's potential shift towards a more dovish stance will depend on economic data fluctuations, particularly in light of inflationary pressures and economic slowdown [28][29][36] - The earnings outlook for US stocks is showing signs of divergence, with technology and telecommunications sectors expected to remain strong despite broader economic challenges [37][40] Group 3: Korea Market Focus - New tariffs are expected to disrupt the economy, with significant implications for capital market reforms initiated by changes in commercial law [44][46] - Consumer confidence is improving, which may support the domestic economy, while export levels have remained robust due to preemptive export activities earlier in the year [46]