BlackRock's Chief Investment Strategist for Greater China, Lu Wenjie: the biggest challenge in investing right now is making rational decisions in a context where there is a lack of historical experience to follow.

Recently, at the BlackRock China 2025 Investment Outlook media sharing event, BlackRock's Greater China investment strategist Lu Wenjie stated that the biggest challenge investors face currently is not finding growth points, but how to make rational decisions in a background lacking historical experience to follow. Lu Wenjie said that the core logic of BlackRock's current investment strategy is to continue holding risk assets, especially around long-term trends such as artificial intelligence, energy, and national defense, given the limited changes in short-term fundamentals. However, BlackRock is also closely monitoring two key variables that could influence their views. One is whether the profitability of American companies remains strong, especially if they can maintain the annual growth target of 7%-8% after the tariff policies start to take effect in the second half of the year. The other is the supply and demand situation in the U.S. bond market, as a sharp increase in bond yields due to supply pressure could affect BlackRock's overall risk asset allocation tendency.