The asset strategy for China in 2025 focuses on AI entities in U.S. stock assets

Reviewing the entire year-end summary series of Dolphin:

《 2025, Crossing Cycles, Steadily Getting Things Done | Year-End Summary Series》

《 E-commerce: Disenchanted! Either Traffic is King, or Efficiency is King | Year-End Summary Series (Part 2)》

《 Internet Vertical Leaders: Don't Hesitate, "Small but Beautiful" Really Can Exist! | Year-End Summary Series (Part 3)》

《 "Product is King" in the Internet: Don't Shift Blame! To Forge Iron, One Must First Strengthen Oneself | Year-End Summary Series (Part 4)》

《 Is Big Consumption the Worst? The Path is Carved Out, and Brand Going Overseas is the Starry Sea of Consumption | Year-End Summary Series (Part 5)》

《 New Energy Vehicles: Changing the Heart of the Car Doesn't Change the Heart of Business, Is Intelligence the Ultimate Cure? | Year-End Summary Series (Part 6)》

《 US Internet Giants: "Build High Walls, Store Grain, Secure the Throne" | Year-End Summary Series (Part 7)》

《 [Hard Technology: Those Who Gain AI Gain the World, "Purebred" AI is the Biggest Winner | Year-End Summary Series (Part 8)](硬科技： 得 AI 者得天下，“纯血” AI 才是最大赢家 ｜年终总结系列（八）)》

Returning to 2024, the most exciting thing is clearly AI. Although AI has not disrupted the landscape of C-end consumer internet, its applications are gradually being implemented in the industrial internet in the United States. The further implementation of the industrial internet in 2025 will likely depend on the progress of AI agents.

As for Chinese assets, I personally feel there is no need for further pessimism. In 2024, the macro environment is down while stock prices are up. After several years of revaluation, a 10XPE for Chinese internet assets is standard. Beyond the short-term economic cycle, many Chinese internet assets hold massive cash and have logic for market share improvement, making a long-term EPS growth rate of 10%+ completely feasibleWhat we are waiting for is just a cyclical tailwind. In the worst-case scenario, we can continue to survive on low-risk dividend assets such as China Mobile and Chinese government bonds. What is there to be afraid of!

Risk Disclosure and Statement of this Article: Dolphin Investment Research Disclaimer and General Disclosure