Page 4 - CCFA Journal - 11th Issue

宏观经济 Macro Economy 加中金融

Money Talk: Sectors Getting the Most from China’s Economy Recovery

从中国经济恢复中获得最大利润的行业

Ben Gossack, portfolio manager with TD Asset
Management

Greg Bonnell, Host, MoneyTalk Live

MoneyTalk 视频链接 https://www.moneytalkgo.com/video/sectors-getting-the-most-from-chinas-economic-recovery

Highlights
China’s reopening has given several sectors, such as the retail luxury segment, a major boost. But are those benefits sustainable
long term? Greg Bonnell speaks with Ben Gossack, Portfolio Manager at TD Asset Management, about China’s recovery and the
implications for investors.

提要

中国的重新开放给零售奢侈品领域等多个行业带来了重大推动。但这些优势能否长期持续？Greg Bonnell 与道明资产管理
投资组合经理 Ben Gossack 就中国的复苏及其对投资者的影响进行了访谈。

Greg. One of the big themes for investors to start the year Greg. 今年初，中国在 COVID 限制之后意外快速重启，这
was the surprise reopening of China after years of COVID 成为投资者关注的一个重要主题。但随着时间推移，市
restrictions. But as we get deeper into the year, which 场的哪些行业仍然受益于这一趋势，哪些行业开始失去
sectors of the market are still benefiting from that trend and 一些动力呢？现在加入我们讨论的是 TD 资产管理公司的
which have begun to lose some steam? 投资组合经理 Ben Gossack。Ben，很高兴再次邀请到您。

Joining us now to discuss, Ben Gossack, portfolio manager Ben. Greg，很高兴回来，我喜欢与你聊天。
with TD Asset Management. Ben, great to have you back on
the show. Greg. 这是年初的故事之一，我们认为——我指的是股票
在年初表现良好，这是其中的一个催化剂，对吧。中国
Ben. Greg, happy to be back. I love chatting with you.
经历了犹豫不决的阶段，突然重新开放。每个人都认为，
Greg. So that was one of those stories at the beginning of 这对一切都将是利好。您一直在关注一些行业，也许它
the year that we thought-- and I mean, stocks had a good 们在初期受到了推动，接下来发生了什么？情况不乐观
start to the year and it was one of the catalysts, right. China, 吗？
after will they or won't they, suddenly reopens. And
everyone thinks, well, this is going to be good for everything. Ben. 是的。每年年初，我们总是研究我们的水晶球——
企图精准推测未来 12 个月会发生什么。我之前也不曾料
You've been taking a look at some sectors that perhaps got 到美国地区银行的存款危机问题，所以我没法全部猜对。
the bounce early and not so much. What's happening under
the surface there?

Ben. Yeah. So I mean, at the start of every year, we always
look into our crystal balls. Exactly what's going to happen in
12 months. Those great crystal balls, what's going to happen.
Definitely China was a big catalyst. My bingo scorecard didn't
have deposit crisis issues for US regional banks, so can't win
them all.

CCFA JOURNAL OF FINANCE July 2023
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