Sun Yue, general manager and partner of Qiaoshui Fund, the world's largest hedge fund bridge water fund, said that China's secondary market stocks are very attractive and gently look at more Chinese assets.
According to the surging news report, Sun Yue said in an offline exchange on December 9 that the current overseas is at a very high level of inflation in the past decades. Except for China and Japan, the United States, Europe, and the United KingdomWith other emerging market countries, inflation is the highest since the 1980s or 1990s."Now the market is generally expected that in the first quarter of next year, the Fed raised interest rates at 5%, and then quickly returned the inflation rate to 2%. But we think this may be too optimistic, and the Fed's tightening may press the inflation to 3%To 4%, 2%are unlikely. "
For Chinese assets, Sun Yue has a" gentle look "point of view.She believes that in the short term, "After the market has fallen, it is usually considered that the market risk is high, but our view is that now it is the lowest risk, because the room to go down will be very limited. At presentThe economic trend and economic flow are all improving. "
In terms of stocks, Sun Yue believes that despite the current rebound, the valuation of stocks in China's secondary market is very reasonable and attractive.In terms of short -term and long -term bonds, there are also many.
Sun Yue further pointed out that with the further optimization of the epidemic prevention and control measures, the Chinese economy may enter the process of first, and the economic recovery will be more significant in the second half of next year.At present, the long -term interest rate is still high, and there are still some policy space."However, commodities are global pricing assets. With the decline in demand overseas and the global economic recession, some products that are more sensitive to economic growth, such as energy and industrial metals, are empty."
In the long run, Sun Yue is still more optimistic about the Chinese economic situation."Several major factors that drive the economy, such as the economic cycle and long -term debt cycles, China is better than other countries."
One of them, overseas markets may enter the era of stagnation.According to Sun Yue's observation, after the financial crisis in 2008, major global economies except China are at the tail of long -term debt crisis."Overseas economies will remove digestion debt through inflation and currency depreciation. But it does not solve the problem in one or two years, but a long -term process for ten or twenty years."
Second, Sun Yue believes that unlike overseas markets, China is not at the bottom of the long -term debt crisis, and has sufficient space and means to stimulate economic growth."China's development goals are very clear and willing to achieve such a goal, China will enter a very strong economic cycle."
In addition, Sun Yue also believes that due to economic recession, overseas risk assets are not assets.It is optimistic that the extremes of overseas politics will return international capital to China.In the future, overseas investors are looking for global asset investment opportunities, China is still a must -have.Compared with the overseas economic trend is not optimistic, the Chinese economy is not only in the process of recovery, the society and the economy are relatively stable, the fundamentals are better than overseas, and it may even be the most powerful country in the world.
Regarding the specific operations of Qiaoshui China, Sun Yue revealed that the assets of Qiaoshui China in China invest in stocks, bonds, and commodities."In terms of stocks, Bridge China invested to Shanghai City 300 and CSI 500 according to the index ratio.Credit bonds. Domestic commodities are a decentralized product. The risk of 1/4 comes from gold, 1/4 comes from energy, 1/4 is agriculture, and 1/4 is metal. "