Recently, multiple public fund institutions including Fuguo Fund, CCB Fund, Cathay Fund, and CITIC-Prudential Fund have successively held autumn investment strategy meetings, conducting in-depth discussions on macroeconomic conditions, A-share and Hong Kong stock market trends, and popular sector allocations.

Star fund managers generally believe that as policy effects continue to be released and economic endogenous momentum strengthens, the market is expected to welcome structural opportunities, with technology, healthcare, gold and other sectors becoming focal points of attention.

From a macroeconomic perspective, multiple public fund institutions believe that the current economy is at a critical stage of stabilization.

Deng Jichao, fund manager of CITIC-Prudential Fund's equity investment department, stated that current macroeconomic policy tone is clear, releasing strong signals for stable growth. Monetary policy is moderately accommodative, fiscal policy is more proactive, with coverage expanding from traditional investment and livelihood to consumption and real estate. Meanwhile, investment in new quality productive forces continues to heat up, and RMB assets may welcome a favorable allocation era.

In the view of Cheng Xingye, assistant general manager and fund manager of CCB Fund's international investment and business development department, overseas funds are still underweight on Chinese assets, but China's improving economic expectations and RMB appreciation expectations are expected to drive overseas funds to increase positions in China.

Regarding A-share and Hong Kong stock market trend judgments, public fund institutions are generally optimistic.

"Looking at stock-bond value indicators, equity assets still possess high allocation attractiveness," said Yuan Zuodong, general manager and fund manager of CITIC-Prudential Fund's equity investment department, who is confident about the medium to long-term development of capital markets. His confidence is mainly based on two factors: first, the country is making efforts from both supply and demand sides, introducing a series of policy measures supporting capital markets; second, listed company governance continues to improve and asset quality keeps rising, and these positive changes are expected to gradually reflect in the valuation system.

Yi Zhiquan, fund manager of Fuguo Xinxiang Return 12-Month Holding Period Fund, expressed optimism about A-share and Hong Kong stock markets. He analyzed: "As the US economy weakens, foreign capital is shifting from overweight US positions to replenishing Chinese assets, combined with excess savings entering wealth management, insurance, funds and other areas, A-share and Hong Kong stock markets are expected to welcome more incremental funds."

In terms of specific sector choices, technology, healthcare, and gold have become keywords repeatedly mentioned at public fund autumn investment strategy meetings.

The technology sector remains the primary focus for most public fund institutions. Wang Yang, fund manager at Cathay Fund, introduced that investment directions are relatively certain in both short-term and future medium to long-term stages. Investment in high-end manufacturing or hard technology directions in 2025 can be summarized as "AI + hard strength."

Luo Qing, fund manager of Fuguo Innovation Technology Fund, believes that AI investment needs to start from an industrial perspective, not only focusing on overseas computing power, but domestic computing power is equally important; besides optical modules, PCBs (printed circuit boards), and servers, AI applications are also worth attention.

The healthcare sector also receives significant attention. Ma Muqing, fund manager of CCB Fund's equity investment department, believes that with the continuous increase of high-quality products and continuous expansion of innovation fields, the medium to long-term performance of Chinese innovative drugs is promising. He is mainly optimistic about growth space in three major areas: first, oncology treatment field, where large multinational pharmaceutical companies still have demand and blockbuster BDs (business development deals) are expected to continue landing; second, weight-loss drug field, where BD activities have been continuous this year and are expected to lead the next wave of innovative drug BD boom; third, autoimmune disease field, where the domestic autoimmune disease drug market is rapidly expanding.

The allocation value of gold assets in the current environment has also been highlighted. Zhu Jinyu, deputy general manager and fund manager of CCB Fund's quantitative investment department, stated that under weak dollar trends and overseas economic uncertainty expectations, gold's superior allocation demand relative to other assets may be the main logic for fourth-quarter trading.

Zhu Dan, head of international business department and fund manager at Cathay Fund, believes that gold still has allocation value in the medium to long term, but may fall into volatility in the short term.