投資問與答

客戶經常提出的一個關鍵問題是「我應如何駕馭波動市場？」

我是貝萊德策略性股票團隊投資總監Alister Hibbert

這是公開市場投資者最基本的問題之一。公開市場的優勢在於投資者能迅速改變想法以及調整投資組合，但這並不意味我們應頻繁改變策略。事實上投資者本身的行為偏誤，往往導致投資決策短視及回報欠佳。

歸根結底，我們需牢記任何週期性事物都有自我修復的屬性，熊市過後就是牛市。當企業的業績因收入低於預算而不達標後，管理團隊便會調整成本結構及收益以改善業績。但投資者面對這些波動往往會迷失方向，使暫時的週期性損失變成永久損失，皆因在錯誤時機出售股票。

在市場大幅波動時，靜觀其變的策略有許多論據。簡而言之投資者需忽略市場的日常雜音，謹記保持樂觀態度，堅持長期投資策略，並專注於最優質的企業，這些企業能夠在未來十年或以上持續實現高回報，並隨著時間創下領先市場的複合盈利。

因此投資者應選擇最佳（較佳）的企業並長線持有。

The big question clients are asking now is, “Is Asia Credit making a comeback?”

Hi, I'm Stephen Gough, portfolio manager and Head of Asia Credit at BlackRock.

The Asian Credit market investors knew three years ago is vastly different to what we see today.

It is now more diverse and no longer dominated by one country or sector. This shift opens up opportunities for alpha generation through deliberate bottom-up security selection.

With supportive economic growth, muted inflation, companies increasingly exhibiting quality tilts, and attractive valuations, the market has outperformed global peers over the past year.

It might surprise investors to hear that Asian Credit is a huge hotspot for alpha, and the way we generate alpha is by selecting the right securities. Being able to tell the difference between a good opportunity and a great opportunity is everything.

To do this, the key ingredient is research. That is why BlackRock has built one of the largest credit teams in Asia, with exceptional access to and deep relationships with our issuers.

We get under the hood to really understand a company, the capital solutions they require and through that deliver success for our clients. This is how we stay ahead of the curve, discerning valuable signals from the noise.

The time for Asian Credit is now.

客戶經常提出的一個關鍵問題是 「人工智能如何幫助我們投資？」

我是貝萊德系統化主動型股票投資團隊基金經理Rui Zhao。 環球市場的股票數量眾多， 投資者要自行分析可謂極為困難， 從各樣來源的資訊中提取對那些公司的有用觀點， 例如公司的產品、盈利能力及增長前景等。 而這正是人工智能帶來的優勢， 亦是我們一直在貝萊德系統分析平台上使用人工智能作出分析及投資的原因。

我們早在2008年便開始使用人工智能， 建立基礎來累積所有的大數據， 並訓練機器來分析數據。 我們每天評估約五千隻證券， 不斷提升機器學習技術， 並持續改進訊號，藉此提高實現超額回報的效率。 這些訊號有助我們識別消費者中流行的產品， 例如獲網絡紅人推薦的產品， 並評估投資者情緒及社交媒體帖文， 範圍涵蓋不同平台及語言。 我們還能從與監管機構交換的企業文件中發現早期警示訊號， 這可能反映了對股東價值的潛在負面影響。 因此，透過在投資過程中使用人工智能， 我們務求更準確預測回報， 為客戶締造穩定收益潛力。

The biggest question clients are asking me today is how do I make my money work harder for me?

Hi, I'm Navin Saigal, Head of Asia Macro for Fundamental Fixed Income at BlackRock.

Well, cash in the system is at record highs. Money market funds, bank deposits, , corporate balance sheets, you name it. And that's not surprising given the interest rates are also at multi-decade highs.

For most of the last two decades, when interest rates were much lower, you had to lend money for 10 to 30 years to companies that may not even be around to pay you back just to deliver any meaningful income.

But today, with yields significantly higher than before, you can lend money for shorter time horizons to much safer borrowers, say, to governments for 3 to 5 years and still get a meaningful income out of that.

Today, many building blocks that were not available in the past have become available again in portfolio construction. From Asian government bonds to European corporate bonds,

these are all tools that could make up that global diversified portfolio, with a generous income stream.

With central banks on the verge of an easing cycle, this opportunity may not be there forever. So it's time to put your money to work now.

亞洲客戶提出的關鍵問題是 , 我們在科技行業看到強大增長 , 若它已經結束或只是噱頭 , 那麼科技行業是否會持續增長 ?

我是貝萊德科技產業投資團隊的負責人 Tony Kim 。

我認為我們才剛剛起步 , 而且這投資主題將會主導這十年餘下時間 。 針對人工智能及其對科技行業所帶來的影響 , 我們在智能發展方面仍處於初期階段 。 我們全方位檢視人工智能 , 當中我們分解人工智能的所有元素 , 從能源到計算 、 軟件 、 模型 、 數據到應用程式 。 然後我們觀察這些類別和子類別 , 並沿著整個系統進行投資 。

我們相信這趨勢將持續整個十年 , 因此科技行業增長絕對不會就此結束 , 事實上 , 這行業趨勢才剛剛開始 。

The big question that our clients in Asia Pacific are asking us today is how do I prepare my portfolio in a robust and resilient manner so that the portfolio is ready to maneuver and navigate today's fast changing markets?

Hi, I'm Daniel Caderas . I'm a multi-asset investor, and I lead the Global Tactical Asset Allocation team here at BlackRock.

What worked in the past potentially, where you just combine stocks and bonds in a portfolio and they're largely offset by each other, in particular, during periods of stress and volatility. Those times are gone.

We believe as an investor these days you want to be flexible, you want to be nimble. You also want to incorporate the fact that the world is changing fast, and you want to have a more short-term view.

We are a team which invests in a more tactical manner, which means we focus on the short-term to mid-term time horizon. We do this across a large opportunity set, and that allows us to be flexible in terms of going anywhere. So wherever we believe there's dislocations, discrepancies, wherever the market tends to overreact or underreact, that's where we can position ourselves.