兴业证券张忆东：中国资产重估还没有结束

Group 1 - The core viewpoint is a bullish outlook on Chinese assets, particularly in technology and new consumption sectors, indicating that the revaluation of these assets is just beginning [1][2] - The first strategic asset dimension focuses on technology leaders with potential for augmented reality (AR) business models, especially in Hong Kong and A-share internet companies, robotics, and business intelligence (BI) industries [1] - The second dimension emphasizes opportunities in the new consumption sector, suggesting to look for alpha in emerging consumer brands, particularly in the trendy toy and organizational economy sectors, with a recommendation to wait for pullbacks to find better value [1] Group 2 - The third strategic asset dimension includes military and gold as hedging assets, highlighting the fragility of the international order and the ongoing expansion in the global military sector, which is different from the post-World War II order [2] - There is a call for confidence in China amidst short-term uncertainties, maintaining a long-term bullish stance on Chinese assets, particularly during the current adjustment phase in Hong Kong and A-shares [2]