Bosera International CIO Zeng Peng: Navigating Investment Offense and Defense in the AI Wave—Decoding H2 Allocation Strategy: 'Diversification + Concentration + High Dividend'

On July 22, the 'Global Investment Summit,' organized by the Hong Kong Society of Financial Analysts, was successfully held in Hong Kong. Aligned with the national 15th Five-Year Plan’s strategic direction of supporting Hong Kong in reinforcing its status as an international financial center, the event focused on investor education and insights into global opportunities, drawing over 350 industry professionals and investors to a packed venue. The summit featured an impressive lineup of speakers, including Dr. Tang Sing-hing, Chairman of the Hong Kong Society of Financial Analysts; Mr. Chan Ho-lam, Deputy Secretary for Financial Services and the Treasury; and Ms. Guo Hanxiao, Managing Director and Head of Connect Business at HKEX, among other distinguished guests.

In the closing session of the summit—a panel discussion titled 'AI-Driven Industrial Transformation and the New Investment Paradigm'—Bosera International Chief Investment Officer Zeng Peng addressed the current complex and volatile market environment, emphasizing that the real investment risk lies in selecting the wrong assets rather than market volatility itself. He systematically outlined how investors can seize second-half opportunities through a 'three-dimensional allocation strategy' amid the AI wave.

Key Assessment: AI Characterized as 'A Profound Intelligence-Led Revolution'

In his speech, Zeng Peng stated: 'Artificial intelligence is not merely a technological upgrade; it is a profound intelligence-led revolution following mechanization.'

“Core indicators of the current AI industry are broadly improving,” emphasized Zeng Peng. “Whether it’s capital expenditures by global tech giants, guidance from cloud providers, accelerated adoption of edge-side applications, or supply-demand dynamics in the memory sector, all point to one fact: the AI business model is shifting from speculative hype to tangible earnings realization.”

Strategy Analysis: A “Three-Dimensional Approach” to Navigate Volatility in the Second Half

Faced with a cycle characterized by both a technological revolution and macroeconomic volatility, Zeng Peng proposed a targeted “three-dimensional” asset allocation strategy—flexibly rotating across asset classes with different risk-return profiles to maintain an offensive-and-defensive posture in the market:

1. Diversified exposure to emerging industries (e.g., AI): For high-growth but volatile sectors like AI, adopt a “diversified investment” approach to smooth out idiosyncratic volatility and broadly capture sectoral upside.

2. Concentrated allocation to mature industries (e.g., advanced manufacturing): For established sectors like advanced manufacturing—where business models are clear and competitive landscapes stable—pursue a “concentrated investment” strategy, focusing on segment leaders.

3. Increased allocation to high-dividend Hong Kong-listed stocks: In the Hong Kong equity market, raise the weight of high-dividend assets to generate cash flow returns and potential valuation recovery, achieving a balance between offense and defense.

Bosera International Perspective: Staying True to the Core of “Industry Trends + Fundamentals”

Bosera International has long adhered to a research philosophy centered on “industry trends + fundamentals,” avoiding blind pursuit of market fads. Looking ahead, Bosera International will continue leveraging its global investment and research network to uncover structural opportunities arising from the technological revolution, aiming to help global clients capture high-quality growth prospects while managing risk.

About Bosera International

Bosera Asset Management (International) Limited ("Bosera International") is the Hong Kong subsidiary of Bosera Fund Management Co., Ltd. ("Bosera Fund") and China Merchants Fund Management Co., Ltd. ("China Merchants Fund"). Both Bosera Fund and China Merchants Fund are among China's leading asset management institutions.

Bosera International was established in Hong Kong on March 4, 2010, and was among the first cohort of China-based fund companies to launch asset management operations in Hong Kong. Since inception, Bosera International has seized opportunities in global asset allocation and adhered to a value investing philosophy, building a comprehensive product lineup centered on fixed income investments and encompassing active equities and passive index strategies. The firm has also actively forged strategic partnerships with other international institutions to offer two-way and cross-border asset management services to global investors. Its client base spans key financial centers including the United States, Europe, South Korea, Singapore, and Hong Kong. After 16 years of dedicated presence in Hong Kong, Bosera International has become one of the leading China-based asset management firms in the region.

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This document is for reference only and does not constitute any offer, invitation, solicitation, or recommendation to invest. Investing involves risks, including the possible loss of principal. Past performance is not indicative of future results. This document has been prepared and issued by Bosera Fund (International) Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong.

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