1、2025Investment Outlook02 2025 Investment OutlookChina Asset Management(Hong Kong)Limited Contents China Stock Market 2024 Global Bond Markets Review 2025 Macro Environment Outlook 2025 Global Credit Market Outlook Crypto Assets Market Review and Outlook 2024 Market Review 2025 Market Outlook About U

2、s Awards Follow UsGlobal Bond MarketCrypto AssetsRMBChinaAMC(HK)2024 Market Review Market Review Market Performance Deviating from Historical Trends The Market Today 2025 Market Outlook Economic Outlook Market Outlook Asset Allocation Strategies and Investment Themes0414 181922China Asset Management

3、(Hong Kong)Limited 03 2025 Investment Outlook04 2025 Investment OutlookChina Asset Management(Hong Kong)Limited As of the end of November 2024,Chinas stock market has significantly outperformed the past three years.The Shanghai Composite Index and the Hang Seng Index recorded gains of 11.8%and 13.9%

4、respectively,placing them in the upper-middle range among major global stock markets.2024 Market ReviewChina Stock MarketChart 1:Global Major Indices Performance in 2024(YTD)Source:Bloomberg,as of 30 November 2024.Turkey ISE National-100Nasdaq CompositeS&P 500Taiwan Weighted IndexHang Seng China Ent

5、erprises IndexUS Small Cap 2000Dow JonesGermany DAX30Vietnam VN30Spain IBEX35FTSE China A50Nikkei 225Hong Kong Hang Seng IndexSSESZSEASX200India BSE SENSEXItaly FTSE MIBS&P 500 VIXFTSE 100Euro STOXX 50Thailand SETIndonesia Composite IndexSaudi TASIFrance CAC40Brazil IBOVESPAKorea KOSPIMexico S&P/BMV

6、 IPCRussian Trading System Index(RTSI)China Asset Management(Hong Kong)Limited 05 2025 Investment OutlookChart 2:Major Chinese Policies in 2024Source:Haitong Securities,ChinaAMC(Hong Kong),as of 31 October 2024.The Chinese stock markets performance in 2024 responded favorably to the governments poli