Since the beginning of this year, many Hong Kong and US stock investors have received notices about the supplementary taxation of overseas investment income. A self-inspection and supplementary taxation campaign targeting the investment income of Hong Kong and US stocks of Chinese residents has gradually unfolded in many parts of the country.

今天我们采访一位1991年开始做股票投资、中国第一代的股评人士、却在50岁才开始创业的私募人士，盛麒资本的曾文凯先生。过去7年多，股票市场真不容易，从特朗普1.0的中美贸易战、疫情三年、到特朗普2.0的关税战，而他的业绩虽然波动不小，但是大幅跑赢中国股票指数、甚至是美股指数，这里面有什么秘密，我们很好奇，让我们一起来分享这次访谈吧。

On April 28th, the "New Wisdom Roundtable · US Dollar Fund Closed door Meeting" jointly organized by New Wisdom Fund Network and NuBright Fund Executive Manager was successfully held in Shanghai. This event gathered more than 40 senior practitioners from the fields of US dollar funds, hedge agencies, derivative issuers, etc. to discuss how to face current market risks and opportunities.

On February 26th, the AMAC released a brief report on the operation of asset-backed special plans filed in January.

Despite ample reasons to support the excellent performance of the US stock market, investors still need to adopt a more balanced and diversified investment strategy.

The most important reason for optimism is that the turning point of the policy is very clear.

Schroder Investment Management stated that despite the recent rate cuts in the United States, it is expected to remain at a relatively high level for a long time, which also brings potential opportunities for investors in the fixed income field.

The largest Nasdaq ETF in the United States, Invesco QQQ (QQQ.US), will be cross-listed on the Hong Kong Main Board. Invesco QQQ will be listed under the code (03455) and will be listed on the Main Board on February 26th.

In this era of technological advancement, industries such as AI and robotics have become the focus of the market, driving the popularity of products such as the Science and Technology Innovation Artificial Intelligence ETF (588730) and the ETF of E Fund Robotics (159530) to steadily rise. Many investors are now turning their attention to these industries.

Recently, the talent recruitment for the WILL Intelligent Learning Laboratory under the billion-dollar quantification Widetech has started, and the newly launched AI Lab of the billion-dollar quantitative private equity Mengxi Investment is openly recruiting a team of machine learning interns and has announced the slogan "Be the factor that changes the world".

Kol Capital, the world's largest company specializing in secondary market investments in private equity assets, announced the successful completion of a GP-led private secondary market transaction (S transaction) with the Jinsha River Venture Capital Fund.

Since 2025, the performance of the Chinese stock market has been impressive, prompting investors to consider whether this round of increase is different from previous ones. He tends to agree with this statement.

If the further development and application of artificial intelligence is implemented, the Hang Seng Index is expected to challenge the high of 25,000 points in 2022; the 20,000 point mark is expected to have significant support.

The Chairperson of the Hong Kong Mandatory Provident Fund Rating, Mr. Tsung Chun, stated that historical data of the MPF shows that members can remain cautiously optimistic for the year 2025, and look forward to it being a good year.

Morgan Stanley Fund believes that, in the medium to long term, the focus of A-shares should still be on the direction of AI, but in the short term, its performance has been very consistent and crowded. In addition, the focus is on the direction of the overall market growth under the theme of valuation repair.

Ashley Lester, Chief Research Officer of MSCI, mentioned that technology-driven growth, especially in the development of artificial intelligence, will continue to impact market trends.

Thomas Poullaouec, the Head of Multi-Asset Solutions for Prudential Asia Pacific, and his team have released a new report, outlining their global asset allocation views and investment environment outlook.

In terms of asset categories, Asian stocks can provide stable dividend income, while fixed income can offer attractive yields. Stocks can also provide capital growth, and ideally, investment should be made within a flexible and diversified asset portfolio.

The Sino-Canadian Fund stated in a report that last week, the trading sentiment in the A-share market remained in an upward range.

Considering that in the second half of February, with the support of foreign capital and expectations of the two sessions, the stock market is likely to remain hot and the pressure on the bond market may not have completely dissipated.