ChinaAMC says recent A-share tech swings reflect funding-side noise rather than
a fundamental industry reversal; AI’s very-long-cycle growth thesis remains
intact and sector opportunities are ample. Du Houliang notes some AI
supply-chain names now trade at relatively low valuations, reflecting market
pessimism, but low valuations alone are not sufficient to prompt a rebound.
China’s bond-market pricing has moved back into a reasonable/neutral range; with
policy still accommodative and bank funding costs heading lower, onshore bonds
retain value as a steady core allocation. Wang Shen expects the low-rate
environment to persist this year; with further declines in banks’ liability
costs in H2, pure bonds should continue to provide steady core returns, though
absolute returns may ease versus 1H.
