According to the iToucn Finance app, JPMorgan's Chief Market Strategist for Asset Management in Asia-Pacific, Xu Changtai, mentioned that the bank expects the average annual return on China stocks over the next 10-15 years to be 7.8% (in USD). Even if there is a significant rebound of China stocks in September 2024, the market still presents attractive valuation opportunities cyclically, hence the view on China stocks is to increase holdings. He stated that corporate profit margins will increase, but there is uncertainty regarding the sustainability of profit growth and profit returns, with active management being the key to achieving excess returns. Even if Trump returns to the White House and imposes tariffs on Chinese goods, leading to a significant decrease in exports, the central government can still use fiscal policies to support economic growth.

JPMorgan Asset Management released the '2025 Long-Term Capital Market Assumptions' today. This 29th report forecasts a projected annual return rate of 6.4% for a 60/40 USD stock-bond investment portfolio over the next 10-15 years, slightly lower than last year but still above the long-term average level. The report suggests that investors have other opportunities to enhance potential returns, especially through active management and including alternative assets in the investment portfolio. With strong capital investment, significant progress in AI and automation, and the push for fiscal activism, the outlook for long-term economic growth has improved.

JPMorgan's Global Multi-Asset Strategies Strategist, Sheng Nan, stated that the bank's long-term capital market assumptions provide investors with a roadmap to navigate complex market conditions calmly. This year's report emphasizes that active management and alternative assets are expected to help achieve better returns and diversify investments. In the Asia-Pacific region, JPMorgan Asset Management notices unique investment opportunities in both public markets and private markets, particularly in Japanese stocks, which have been one of the best performers in the global equity markets. With the continued development of corporate governance reform and the ongoing increase in shareholder returns, the bank expects the strong performance of Japanese stocks to continue and remains bullish on their prospects.

Liang Yiqin, Head of J.P. Morgan Private Bank's Managed Investment Solutions in Asia, emphasized in this year's report the importance of building goal-aligned investment portfolios that can withstand market fluctuations and seize growth opportunities. As infrastructure and other tangible asset sectors present significant opportunities, investors can potentially gain stable income by investing in these industries and hedge against inflation in a high-interest rate environment. In an environment of increasing fiscal expenditures and accelerated technological adoption, active management of investment portfolios and risk management approaches are crucial to help cope with complex and rapidly changing market conditions.

Regarding the anticipation in the market after Trump's arrival, which will favor the development of cryptos, leading to a recent rapid rise in Bitcoin prices, Xu Changtai pointed out that the fundamental factors driving the recent rise in cryptos remain unchanged. Therefore, this will cause significant fluctuations in crypto prices. Hence, he personally believes that even if investors want to invest in these assets, they should be cautious and the allocation should be relatively small in the overall investment portfolio.