If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.

我们观察到资产配置模式在转变：在传统的地域或因子主导的基础模式上需要注入更多对新旧产业区分及大趋势发展的考量，从而在经济结构性改变中捕捉到长期超额收益。