Morgan Asset: Bullish on the future prospects of US technology stocks, focusing on opportunities in A-shares such as artificial intelligence and the low-altitude economy

According to the latest information from Zhitong Finance and Economics APP, Morgan Asset Management's Global Market Overview Third Quarter Strategy Meeting was recently held, releasing the latest views on global macroeconomics, investment opportunities in the Chinese market, global asset allocation trends, and more. Zhu Chaoping, Senior Global Market Strategist at Morgan Asset Management China, stated at the meeting that from a global investment perspective, investors may continue to focus on investment opportunities in the US technology sector. The technology sector has previously led the gains, recently experienced a correction with significant volatility, causing investors to hesitate. However, from a long-term perspective, the outlook for the technology sector remains positive.

In Zhu Chaoping's view, in terms of the Federal Reserve policy cycle, the probability of the Fed cutting rates early is low, and there is still a significant possibility that the rate cut magnitude will be maintained at 25 basis points at the September interest rate meeting.

Zhu Chaoping also mentioned that asset allocation across major categories should always be based on a long-term view and fundamental analysis, rather than tactical trading. In addition, attention should be paid to the bond market to maintain a balance between stock and bond investments to ensure continuous cash flow.

Regarding A-shares, Jiang Xianwei, Senior Global Market Strategist at Morgan Asset Management China, pointed out that in the second half of the year, there is expected to be room for domestic monetary and fiscal policies. Against the backdrop of relatively low A-share valuations, coupled with the improvement in earnings expectations of listed companies, it is advisable to maintain a cautious optimism towards A-shares and focus on emerging industries such as domestic artificial intelligence and the low-altitude economy industrial chain.

Jiang Xianwei believes that in the second half of the year, attention can be focused on four investment opportunities. Firstly, filling the gaps in industries with deficiencies. Secondly, industries with sustainable advantages, especially the "three major components" with outstanding export performance, including new energy vehicles, photovoltaics, lithium batteries, etc. Thirdly, industries undergoing the transformation of old and new driving forces, where in addition to new forces, opportunities in upgrading traditional manufacturing industries and improving efficiency are also worth noting. Lastly, emerging industry opportunities related to new quality productivity, such as the relatively mature artificial intelligence industrial chain and the low-altitude economy industrial chain.

Jiang Xianwei stated that against the backdrop of strengthened policy measures in the second half of the year, there may be an increasing number of industry sectors and companies experiencing improved business conditions. In addition, China's manufacturing industry has its own advantages, and investment targets that combine software and hardware, such as humanoid robots, will have more investment value.

Jiang Xianwei mentioned that the revolution of artificial intelligence is similar to the previous internet revolution, and China has a clear advantage in the integration of software and hardware.

Regarding the domestic bond market, Morgan Asset Management pointed out that foreign holdings of the domestic bond market have not ended. This is mainly based on China's position as the world's second-largest bond market, as well as the need for overseas asset diversification and hedging based on exchange rate risks. Even though the adjustment of long-term bond yield levels may take some time, overseas allocation to the Chinese bond market is expected to continue to grow