华夏基金（香港）：2025年年中投资展望报告（英文版）（11页）.pdf

1、2025Mid-Year Investment OutlookContents China EquityGlobal Fixed IncomeRMBCrypto AssetsChinaAMC(HK)1H market review 2H market outlook RMB market review and outlook Crypto assets review and outlook Stablecoins development in Hong Kong About us Awards Three phases of the markets structural transformat

2、ion The structural shift in Chinese equity market Current market position and key contradictions 2H market outlook0410 13142025 Mid-Year Investment OutlookChina Asset Management(Hong Kong)China Asset Management(Hong Kong)2025 Mid-Year Investment OutlookChinas equity market underwent an adjustment ph

3、ase that lasted from 2022 through the third quarter of 2024.During this period,the performance of Chinese equities consistently lagged behind global benchmarks.Entering 2025,as of June 5,Chinas stock market has shown notable improvement.Hong Kong equities are among the top performers globally,with t

4、he Hang Seng Index rising by 19.2%.While A-shares have underperformed relative to Hong Kong stocks,the Shanghai Composite Index has still recorded a modest gain of 1%.In our view,Chinas equity market has entered a structural transformation phase since September 2024,with the overall trend now shifti

5、ng toward a volatile upward trajectory.This transformation has been primarily driven by the following three factors:1.Around September 2024,Chinas fiscal policy underwenta directional shift,coordinating with monetary,financialmarket,and sectoral regulatory measures to provide robust underpinning for

6、 the economy and equity markets.2.Despite facing U.S.technology containment measures,China has made notable advancements in areas such as artificialintelligence,biotechnology,andnewenergyvehicles,indicating that it has kept pace with global technological progress.3.During periods of market panic,the