润成年报l乾坤斗转:几度波澜“鼠”不易 柳暗花明迎金牛（中英版）

Annual Report of RC Family Office l Embrace the Year of Ox After a Difficult Year of Rat Overshadowed by the Pandemic

2020年新冠肺炎疫情全球大流行是人类文明史中关键性事件，将在未来一段时间内影响全球政治、经济、生态等方方面面。在这样的时代背景下，身处庚子与辛丑的交接时点，中国与世界的联系更加紧密，但对比却愈加强烈。对中国而言，2020年中国经济实现了V型触底反弹，成为全球唯一实现正增长的主要经济体，GDP总量首次突破100万亿元人民币，经济率先反弹。金融监管不断完善，对外开放步伐加速推进，金融政策调整依然是金融资产价格的主导因素。抚今追昔，润成以2020年国内外金融市场焦点事件为起点，立足定制化资产管理视角,剖解中外金融市场潜在趋势与机遇；极目远眺，润成从2021年全球经济政治动态演进出发，坚持“投行+”的差异化服务模式，兼顾国内国外两个市场，全视角分析未来的市场形势和盈利策略。

The Covid-19 pandemic sweeping the world in 2020 was a critical event in the history of human civilization, and will generate political, economic and ecological impacts for some time to come. Against such a backdrop, China has found itself more closely connected to and in a sharper contrast with the outside world as the year 2021 begins. In 2020, China became the world’s only major economy that fulfilled positive growth with a V-shaped rebound, and its GDP standing above RMB100 trillion for the first time. Moreover, as financial regulation improved continuously and the pace of opening up accelerated, financial policy fine-tuning remained the dominant factor in determining financial asset prices. Back in 2020, we analyzed the potential trends and opportunities in domestic and overseas financial markets based on focus events in these markets and from the angle of customized asset management. Looking into 2021, we will adhere to the differentiated service model of “investment banking +” and analyze future market situations and profit strategies both at home and abroad based on global economic and political dynamics.

长风破浪会有时 直挂云帆济沧海

【A Review of 2020】The impact of the pandemic highlighted the sharp differences between China’s and overseas economic situations; market turmoil and political risks disrupted market expectations.

1.一枝独秀：我国GDP规模首次超百万亿 主要经济体中唯一的正增长国家。Standing out alone: With its GDP exceeding 100 trillion yuan for the first time, China was the only major economy that recorded positive growth.

2020年，中国经济最先遭受了新冠肺炎疫情的冲击，一季度GDP同比下跌6.8%，经济社会发展全面让位于疫情防控。5月份，我国初步控制了疫情形势，各项宏观经济指标开始筑底反弹，经济社会发展开始全面恢复正轨。相较之下，自3月起，全球便持续笼罩在疫情阴影下，经济秩序迟迟无法恢复。因此，中国成为2020年世界主要经济体中唯一实现经济正增长的国家。据IMF预测，2021年中国仍将是全球经济增长最强劲的地区，预计GDP增速将达到8.2%。总体而言，中国已通过40多年的表现证明经济增长是可以兼顾速度和稳定性的。

In 2020, the Chinese economy was battered first by the Covid-19 pandemic, with its GDP tumbling 6.8% YoY in the first quarter, and socioeconomic development fully giving way to pandemic control. In May, China preliminarily put the pandemic situation under control, with all macroeconomic indicators hitting the bottom and rebounding, and socioeconomic developments getting back on the normal track. However, in contrast, the pandemic had cast a shadow over the world since March, which left the economic order difficult to restore. As a result, China became the world’s only major economy that fulfilled positive growth in 2020. According to the IMF’s forecast, China will remain to be the region with the most robust economic growth in the world in 2021, with its GDP anticipated to grow 8.2%. All in all, China has demonstrated through its performance over more than four decades that economic growth could be both rapid and stable.

图1 国内外GDP走势对比

Figure 1: GDP movements of China and other overseas economies

Source: IMF, RC Family Office

2.跌宕起伏: 疫情引发金融市场大动荡 救助政策力度史无前例。Full of fluctuations:   The pandemic caused huge volatility in financial markets, resulting in unprecedented intensity in government relief policies.

新冠疫情暴发初期，全球股市出现断崖式下滑，美国三大股指跌幅超过30%，美股、欧洲、亚太股市陷入技术性熊市，避险情绪骤升。为抵御冲击，各国迅速推出大规模经济救助计划，发达经济体直接财政刺激占GDP比重接近10%，主要国家央行直接降息到零，向市场注入大量流动性。5月份后，全球市场流动性极度宽松，带来金融市场大幅反弹，全球股市指数迅速回升，多种资产波动性达到甚至超过2008年以来的高点。

值得注意的是，美联储今年史无前例地开启无上限量化宽松模式，一方面大规模进行国债购买，另一方面通过维持低利率降低债务成本。由此形成的货币政策与财政政策深度捆绑，使货币政策对市场的调控能力下降。同时，数据显示到2020年底，全球债务总规模将达到277万亿美元，占全球GDP的比率达365％。随着后续经济恢复，利率上升，全球或将陷入滞胀“沼泽”。

At the onset of the pandemic outbreak, global stock markets experienced a vertiginous fall, with America’s three major stock indices dropping over 30%. Stock markets across the United States, Europe and the Asia-Pacific region had technically slipped into a bear market, with the risk aversion sentiment surging high. To ward off such impact, governments across the world quickly launched large-scale economic relief packages. The direct fiscal stimulus of developed economies accounted for around 10% of their GDP, while the central banks of major countries directly cut interest rates to zero, injecting plenty of liquidity into markets. After May, global market liquidity became extremely ample, leading to a substantial rebound in financial markets, and a rapid rally in global stock market indices. The volatility of many kinds of assets scaled, or even exceeded the highs reached since 2008.

It should be noted that the US Federal Reserve unprecedentedly adopted the unlimited QE model, purchasing US treasuries on a large scale on the one hand, while cutting debt costs by maintaining low interest rates on the other hand. But the resulting deep bundling of monetary and fiscal policies weakened the ability of monetary policy to regulate the markets. In the meantime, data showed that by the end of 2020, total debts worldwide would reach US$277 trillion, accounting for 365% of the world’s GDP. As economies recover and interest rates rise subsequently, the world will likely bog down in stagflation.

图2美联储资产负债表

Figure 2: The Balance sheet of the US Federal Reserve

Source: US Federal Reserve

3.天下归心：中美利差进一步扩大 境外资金加速流入中国资本市场。Appealing to all: Further widening of the spread between Chinese and US treasury yields accelerated the flow of foreign capital into China’s capital market.

新冠肺炎疫情爆发以来，中美国债利差持续稳定在200基点以上，即存在2%以上的无风险收益率套利空间。在欧美发达经济体普遍施行零利率甚至负利率的情况下，中国市场无风险收益率的相对优势十分明显。伴随着中国采取大幅放开外资机构准入条件，取消外资证券公司业务范围限制、提升资本市场双向开放程度等措施，外资开始“跑步”进入中国市场。2020年，外资累计增持中国银行间债券市场债券10000多亿元。

Since the outbreak of Covid-19, the spread between Chinese and US treasury yields stayed above 200bps, indicating an arbitrage space of over 2% for risk-free yields. Given that America and the developed economies in Europe have generally implemented zero or even negative interest rates, the Chinese market commands an obvious relative advantage in risk-free yields. As China significantly lowered the threshold for foreign institutions, lifted restrictions on the business scope of foreign securities companies and stepped up two-way opening up of its capital market, foreign capital began to rush into the Chinese market. In 2020, foreign investors increased bond holdings of more than one trillion yuan in China’s interbank bond market.

图3 中美利差走势

Figure 3: Movement of the spread between Chinese and US treasury yields

Source: Wind, RC Family Office

4.尘埃落定：美大选、英脱欧迎终局 亚太经贸合作开启新篇章。Dust settled: The US presidential election and the Brexit deal finally came to a conclusion, while trade and economic cooperation in the Asia-Pacific region ushered in a new era.

备受瞩目的2020年美国大选在年底正式揭晓悬念，79岁高龄的乔·拜登（Joe Biden）以历史最高票的成绩击败特朗普，顺利当选美国第46任总统，民主党也拿下参众两院获得议会的控制权。与此同时，欧盟委员会宣布与英国达成了包括“脱欧”双边贸易协议在内的一揽子协议，避免了“无协议脱欧”可能带来的高额成本，自“脱欧”公投54个月后，英国“脱欧”正式告一段落。

2020年11月15日，东盟十国及中国、日本、韩国、澳大利亚、新西兰的贸易部长共同签署了《区域全面经济伙伴关系协定》（RCEP）。东盟早期分别与中国、日本、韩国、澳大利亚、新西兰等亚太主要经济体缔结了多个双边自贸协定，造成了亚太地区经贸网络的复杂化，形成了明显的“意大利面碗”效应。RCEP的签署有效整合了多个双边自贸协定，标志着世界上人口数量最多、成员结构最多元、发展潜力最大的自贸区成功启动，未来将极大促进区域内投资贸易自由化和便利化。

The result of the widely watched 2020 US presidential election was finally revealed at the end of the year. The 79-year-old Joe Biden defeated Donald Trump by winning the most votes in US history and became the 46th president of America. The Democratic Party also gained control of both Houses of Congress. Meanwhile, the European Commission announced that it had reached a package deal (including a “Brexit” bilateral trade agreement) with the United Kingdom, which avoided the huge costs that could be incurred by a “no-deal Brexit”. Hence Britain’s exit from the European Union finally came to an end after the “Brexit” referendum took place 54 months ago.

On November 15, 2020, the ten ASEAN members entered into the Regional Comprehensive Economic Partnership (RCEP) with China, Japan, South Korea, Australia and New Zealand. Earlier, the ASEAN had signed multiple bilateral FTAs with major Asia-Pacific economies including China, Japan, South Korea, Australia and New Zealand, resulting in complicated economic and trade networks in the region and the obvious “Spaghetti Bowl” phenomenon. The signing of RCEP has effectively integrated multiple bilateral FTAs and marked the successful launch of an FTA with the world’s largest population, most diverse members and greatest growth potential. This will greatly promote investment and   trade liberalization and facilitation within the region.

2020年，我国经济在疫情的冲击下韧性十足，GDP增速实现了V型反弹。2.3%的增速创下改革开放以来的最低水平，但在全球范围内交出了最优答卷，成为避免全球经济陷入更大危机的引擎。结构上看，我国经济转型发展进一步提速，工业产能得以充分利用，新型产业加快布局，“高精尖”布局锋芒初现。

梳理2020年全球市场，疫情阴霾依然笼罩在全球市场各个角落，国家间政策博弈、冲突连绵不断。其中，美联储的政策态度无疑是全球市场的“指挥棒”，决定着美元、美股等大类资产价格走势。另一方面，发达经济体开启量化宽松政策，新兴经济体债台高筑，金融资产泡沫迅速膨化，这些都为未来金融市场潜藏了风险。总的看，全球经济何时真正复苏及复苏到何种程度将取决于各国对新冠疫情的控制。与此同时，困扰全球经济增长的难题亟待破解，这留给了2021年更多的未知和变数。

In 2020, the Chinese economy turned out to be fully resilient despite the impact of the pandemic, with GDP growth pulling off a V-shaped rebound. A 2.3% growth rate, though the lowest since China’s reform and opening up, still delivered the world’s best performance, and made the country the engine that prevented the world economy from falling into a greater crisis. Structurally speaking, China further sped up its economic restructuring, made full use of its industrial capacity and accelerated planning for new industries, revealing its ambitions in the layout for “high-end, precision and sophisticated” sectors.

A recap of the global markets in 2020 showed that the shadow of the pandemic still lingered, while policy games and conflicts among nations continued. Among which, the policy stance of the US Federal Reserve was no doubt the “baton” of global markets, and determined the price movements of major asset classes such as the dollar and US stocks. On the other hand, developed economies implemented the QE policy while emerging ones found themselves deep in debt, with financial asset bubbles expanding quickly. All this has created potential risks in financial markets. Overall, when the world economy can truly recover and to what degree it can do so will depend on how well countries control the pandemic. In the meantime, hard questions that have haunted global economic growth need to be resolved urgently, which leaves more unknowns and variables to 2021.

三万里河东如海 五千仞岳上摩天

【Outlook for 2021】 Economic recovery in the post-pandemic era will vary greatly and the US dollar will become weak again under a loose monetary policy

2021年，润成认为国内外宏观经济有以下几个重要趋势值得关注：In 2021, we hold that the following key trends about the domestic and overseas macro economy merit attention:

1.全球经济逐渐摆脱衰退泥潭 经济复苏节奏将出现分化。The world economy will gradually climb out of recession, but the rhythm of economic recovery will vary.

2021年，新冠疫苗研发取得突破令新冠疫情不确定性明显下降,全球各国将陆续回归经济增长主线。然而，不同的疫苗接种能力将导致复苏节奏分化。预计在2021年上半年，经济实力雄厚、具备冷链物流和存储条件的发达国家有望最先通过疫苗接种控制疫情，而大多新兴市场和发展中国家由于疫苗研发能力有限，存在疫苗采购资金缺口以及冷链物流和医疗存储等基础设施条件落后，复苏时间节点将明显晚于发达国家。

润成认为: 应密切关注全球市场中与经济复苏相关的资产投资机会，包括航空、酒店、餐饮、制造等行业的股票资产，但更应重视发达国家股票市场因风险偏好降低而出现的大幅回调风险，并警惕新兴市场国家的疫苗接种情况出现的市场波动过大以及汇率贬值压力上升。

In 2021, breakthroughs made in the development of Covid-19 vaccines obviously reduced uncertainties about the pandemic situation, and allowed countries all over the world to successively resume the task of pursuing economic growth. However, the varied efficacies of vaccines will lead to different rhythms of economic recovery. We anticipate that in the first half of 2021, developed countries with solid economic strength and cold chain logistics and storage conditions will most likely be the first to put Covid-19 under control through vaccination. Whereas for most emerging economies and developing countries whose ability to develop vaccines is limited, funds needed for vaccine purchases are inadequate and infrastructure conditions for cold chain logistics and medical storage are outdated, recovery will come apparently later than their developed counterparts.

We are of the view that it is essential to closely track asset investment opportunities related to economic recovery in global markets, including equity assets in such sectors as airlines, hospitality, catering and manufacturing; heightened attention shall also be paid to deep correction risks arising from falling risk appetite in the stock markets of developed countries; moreover, it is important to take caution against sharp market volatility due to the progress of vaccination and mounting pressure on exchange rate depreciation in emerging economies.

2.全球货币政策将维持宽松基调 通货膨胀将更多集中在工业原材料领域。Global monetary policy will remain largely loose, with inflation mainly concentrated in the area of industrial raw materials.

新冠疫情导致各国出现严重的失业问题，失业率较高的情况下，需求端缺口难以及时填补。因此润成预计2021年主要发达经济体央行仍将维持量化宽松政策，且CPI可能在2021年继续出现通货紧缩的问题。但是，由于大量产能的缩减和需求逐渐的恢复，2021年的大宗商品价格极有可能在各国释放的超额流动性影响下出现阶段性上涨。

润成认为: 受主要经济体库存与投资的大幅下降影响，大宗商品市场开始出现重新平衡，可重点关注包括原油、铁矿石、铜铝锌等工业金属在2021年的投资机会。此外，2020年的厄尔尼诺现象对于农产品的收获造成很大影响，也会导致全球农产品供应不足，进而价格出现周期性上涨。

The pandemic has caused grave unemployment issues worldwide, making it difficult to timely plug the gap in demand given high jobless figures. Therefore, we expect central banks in major developed economies to maintain the QE policy throughout 2021, and the issue of deflation to be continuously reflected in the CPI. However, given enormous capacity contraction and the gradual recovery of demand, commodity prices are highly likely to stage a phased surge in 2021 due to excessive liquidity released by countries all over the world.

We reckon that, as a result of a substantial decrease in inventories and investments in major economies, there are already signs of a rebalancing in commodity markets. Investors are recommended to follow investment opportunities in industrial metals in 2021 such as crude oil, iron ore, copper, aluminum and zinc. Furthermore, the El Nino phenomenon in 2020 generated great impact on the harvest of agricultural products, and will result in inadequate supplies of such products worldwide, which in turn will lead to a cyclical rise in prices.

3.美元指数难以再回牛市周期 人民币汇率料将稳中有升。It is difficult for the US dollar index to reenter a bull cycle while the RMB exchange rate is expected to rise.

美元对其他主要经济体货币利差大幅收缩，美国财政预算和经常账户双赤字，以及全球经济复苏面扩大等因素，正对美元这一避险货币构成挑战，其长达10年的美元牛市将终结。相比之下，中国经济在疫情后率先复苏，加大了人民币资产的吸引力。2021年我国将继续推进金融市场开放，提升金融市场流动性，进一步便利境外投资者对人民币金融资产投资，人民币汇率将保持稳定，并有一定升值动力。人民币/美元波动区间有望扩大至6.3-6.7区间，中枢将上移至6.5附近，走势“前高后低”可能性较大。

润成认为: 2021年发达经济体超低利率和量宽政策大概率仍将持续，在欧洲经济体、新兴经济体经济企稳好转的强对比下，美元可能失去基本面方面的上涨动力，美元资产价格可能因非美货币的抬升而进一步走低，同时疫情的反复也可能对美元造成阶段性冲击，更审慎关注相关风险。国内方面，较高的利率、国债收益率水平，使人民币资产的套利空间存在汇率升值压力。

A significant drop in the foreign exchange spreads between the US dollar and the currencies of other major economies, the double deficits in the fiscal budget and current account of the United States, and growing signs of a worldwide economic recovery (among others) are posing a challenge to the dollar, a haven currency. The currency’s 10-year-long bull cycle will come to an end. In contrast, the Chinese economy is the first to recover amid the pandemic, which has boosted the appeal of RMB-denominated assets. In 2021, China will continue to advance the opening up of its financial market, enhance market liquidity, and further facilitate overseas investors’ investment in RMB-denominated financial assets. Hence the exchange rate of RMB will remain stable and stand to rise somewhat. The exchange rate of RMB/USD is expected to widen to a range of 6.3-6.7, with the median going up to around 6.5, most probably showing a trend of “rising before falling”.

We consider that developed economies will maintain ultra-low interest rates and the QE policy in 2021. In comparison with the economic stabilization and improvement across Europe and emerging economies, the dollar may lose the motivation to rise in terms of fundamentals, while the prices of dollar-denominated assets will likely drop further due to rallies in non-dollar currencies. Meanwhile, the resurgence of the pandemic can also produce phased impact on the dollar. So we advise paying attention to relevant risks with more prudence. Domestically, relatively high interest rate and treasury yield levels will impose pressure on exchange rate appreciation for arbitrage of RMB-denominated assets.

胜日寻芳泗水滨 无边光景一时新

【Investment Advice for 2021】 Develop a stable income strategy by thoroughly analyzing global markets, and avoid risks by closely watching market dynamics

润成认为，“在风险中博取稳健收益”将是2021年市场的重要逻辑，因此在资产配置上仍须坚持全球化策略： We hold that “seeking stable income amid risks” will be a key logic for 2021, therefore it is essential to adhere to a global strategy in asset allocation:

1.在海外权益类资产配置上，欧美股市已处于历史高位，中国等新兴股市表现值得期待，润成将根据客户定制化的投资模型对权益资产的投资策略进行差异化调整。On allocation to overseas equity assets: Stock markets in Europe and America are already at historical highs, while the performance of those in China and other emerging economies is worth looking forward to. Hence we will make differentiated adjustment to our investment strategy for equity assets based on customized investment models for clients.

疫情控制和经济复苏是推动2021年海外市场行情的重要因素，全球经济也正朝着整体性复苏前进，主要经济体经济正在陆续恢复，金融市场乐观预期进一步提升。但各经济体权益资产走势不仅受到本国经济基本面的影响，还取决于各国政策的溢出影响, 收益率曲线可能出现倒挂加深现象，资本流动不确定性增强。润成立足全球政策动态，建立“一篮子”投资组合方案，分层次筛选权益投资标的，根据客户定制化的投资模型对权益资产的投资策略进行差异化调整，在尽可能对冲风险的前提下稳健提升收益。

Pandemic control and economic recovery are the key drivers for overseas markets in 2021. The global economy is progressing towards an overall recovery, while major economies are also on the path to recovery, which further boosts optimistic expectations for financial markets. However, the movements of equity assets in these economies are not only subject to their respective economic fundamentals, but also depend on the spillover effect of their policies. Yield curves are likely to be further inverted, with greater uncertainty about capital flows. We will establish a basket of portfolio plans based on global policy dynamics, select equity investment targets at different levels, and make differentiated adjustment to our equity asset investment strategy based on clients’ customized investment models to steadily boost earnings while hedging against any risks as possible as we can.

2.在外汇方面，日元、瑞郎走势将强于美元，欧元相对弱势，新兴市场货币贬值压力增大，润成将根据客户定制化的投资模型对外汇资产的投资策略进行差异化调整。On foreign exchange: The Japanese yen and the Swiss franc will outperform the US dollar, with the euro being relatively weak. Emerging markets will face rising pressure on currency devaluation. So we will make differentiated adjustment to our investment strategy for foreign exchange assets based on clients’ customized investment models.

2021年欧美经济体复苏态势将好于新兴经济体，外汇市场风险及风险的蔓延值得警惕。极宽松货币政策打乱了世界各主要货币的格局，价值稳定型避险资产的需求将有所提振，润成运用长期维护完善的量化投资策略库，辅以主要国家经济、货币政策形势，在多边联动、实时动态的外汇市场中，降低投资的汇率风险，保持资产在币值方面的竞争力。

America and the developed economies in Europe will demonstrate a stronger recovery momentum than emerging economies in 2021. But we should remain vigilant about risks in foreign exchange markets and the spread of such risks. As ultra-loose monetary policies have disrupted the landscape of the world’s major currencies, demand for haven assets with stable value will rise. Therefore, by employing our constantly maintained and improved quantitative investment strategies, and judging the economic and currency policies of major countries, we will work to lower exchange rate-related risks and maintain asset competitiveness in terms of currency value in dynamic, real-time and multilaterally interconnected foreign exchange markets.

3.大宗商品方面，黄金、原油等大宗商品可能持续走强，但也蕴含较大波动性，润成将根据客户定制化的投资模型对大宗商品的投资策略进行差异化调整。On commodities: Commodities such as gold and crude oil will likely remain strong, but not without volatility. We will hence make differentiated adjustment to our commodity investment strategy based on clients’ customized investment models.

美元告别强势、通胀风险上升、地缘政治潜在冲突以及主要央行额外财政和货币刺激措施推动的需求将刺激2021大宗商品价格走势。润成坚持从大宗商品市场供求关系、标价货币币值走势等角度入手，基于全球实体经济复苏态势，分析大宗商品走势前景，构建全球大宗商品投资预警指标，把握大宗商品价格波动红利。

The end of a strong dollar, a rising inflation risk, potential geopolitical conflicts and demand fuelled by the extra fiscal and monetary stimulus measures of major central banks will impact the movement of commodity prices in 2021. We will analyze commodity trends and prospects, develop global commodity investment early warning indicators, and capture the dividend from commodity price volatility by persistently adopting the perspective of supply-demand relations in commodity markets and movements in the value of quoted currencies, and based on the recovery status of the global real economy.

4.在国内市场，润成持续深耕中国市场研究，凸显本土化优势，紧紧围绕中国经济政策动向和中外经济强对比，即时调整国内股市、债市和汇市的结构配比和标的组合，顺应市场形势，紧跟财富信号。On domestic markets: We will continuously deepen our research on the Chinese market, highlight our localization advantage, duly adjust the structural ratios of domestic stock, bond and exchange markets as well as underlying portfolios, and closely follow market situations and wealth signals.

债市方面，固定收益类投资产品依然会面对多个方面的压力，短期内难以得到缓解。所以润成将进一步调整客户的定制化投资模型，加大利率债、政策性金融债等固收产品标配；股市方面，2021经济增速进一步向上修复，养老、保险资金加速进入股市，MSCI继续提升A股纳入比例将吸引外资流入，润成将对客户投资模型中的二级市场策略进行调整，重点考虑加快修复的周期性行业、服务类行业，以及潜力较大的新技术、新基建、新能源、新消费；房地产方面，国内房地产市场调控政策未见放松的趋势，城市房价分化加剧，润成将减少房地产直接投资比例，并重点关注我国不良资产处置行业中的投资机会，在模型中增加相关配置。

As for the bond market, fixed-income products will still face pressure from all sides, which cannot be mitigated in the short run. So we will further adjust client’s customized investment models, and increase allocation to such fixed-income products as interest rate bonds and policy financial bonds. On the stock market, as the domestic economic growth rate will further go up this year, pension and insurance funds are entering the stock market at a faster pace, and MSCI continues to raise the ratio of A shares included in its indices, more foreign capital will flow into the domestic market. Therefore, we will adjust our secondary market strategy in clients’ investment models, and give heightened consideration to cyclical and service sectors which are recovering at an accelerated speed, and to new technologies, infrastructure, energy and consumption with great potential. As for real estate, since policies aimed to regulate the domestic real estate market show no signs of mitigation, and divergences in urban house prices have exacerbated, we will reduce the share of direct investment in real estate, focus on investment opportunities in sectors involving the disposal of non-performing assets, and increase the related allocation in models.

------以上观点来源于润成家族办公室专家团队

Prepared by: expert team of RC Family Office