全球市场的目光已投向新的一年。2026年，中国股市能否延续涨势？金价还有多少上行空间？AI投资 热潮能否持续？四大国际投行给出了自己的判断。 摩根士丹利：国内有望迎来更积极的财政政策 摩根士丹利中国首席经济学家邢自强认为，2026年作为"十五五"规划开局之年，财政和房地产政策将持 续发力，发挥托底作用。 当前，三大积极变化带来信心。首先，政策更灵活，财政货币协调支持消费。其次，企业展现强大韧性 和创新力，尤其在AI、智能驾驶、电池、生物制药等领域形成全球竞争力。第三，资金活跃度提升， 海外资金对中国资产兴趣回升，以保险、银行资管为代表的机构投资者以及散户入市迹象增强。 在科技等关键领域，美国强在算力与基础研究投入，中国则在人才、基础设施、数据与应用场景上优势 明显，两者各有侧重，均构成了未来增长的重要动力。 展望2026年，邢自强认为，中国出口有望保持相对坚挺，更关键的变量在于内需政策，预计2026年财政 政策有望比2025年更积极。 瑞银：看好中国股市持续上行 瑞银财富管理投资总监办公室(CIO)认为，经历了表现亮眼的一年后，中国市场的涨势有望在2026年延 续，先进制造业和科技自立自强成为新的增长引擎。市 ...

Group 1 - The core viewpoint of the article highlights the mixed performance of major U.S. stock indices on the first trading day of 2026, with a notable surge in Chinese tech stocks and a significant increase in the Nasdaq Golden Dragon Index, which rose by 4.38%, marking its largest single-day gain since May 12 of the previous year [2][3][7] - Major technology stocks showed a mixed performance, with ASML and Micron Technology both achieving historical highs, rising over 9% and 10% respectively, while other tech giants like Tesla and Microsoft experienced declines of over 2% [3][5] - The semiconductor sector saw a strong rally, with the Philadelphia Semiconductor Index increasing by over 4.5%, driven by significant gains in companies like ASML and Micron Technology, which are benefiting from the growing demand for AI infrastructure [10][15] Group 2 - Tesla's Q4 delivery data fell short of expectations, resulting in a loss of its title as the world's top electric vehicle seller to BYD, which reported a 27.86% increase in annual electric vehicle sales [22][25][26] - Foreign investment institutions maintain a positive outlook on Chinese assets, with predictions of a 38% increase in the Chinese stock market by the end of 2027, emphasizing structured investment opportunities in technology innovation, green energy, and high-end manufacturing [28]

Core Insights - UBS Group's Chief Operations and Technology Officer Mike Dargan has left to become the CEO of German neobank N26, effective April 2024, pending regulatory approval [1][6] - UBS Group CEO Sergio P. Ermotti highlighted Dargan's role in advancing the bank's technology strategy and its shift towards AI and digitization [2] - UBS has appointed Beatriz Martin as the new Chief Operating Officer, with Chris Gelvin serving as interim head of Group Technology [3] Company Developments - The integration of Group Technology into the COO portfolio aims to enhance operational efficiency and prioritize technology initiatives [4] - A Bank of America analyst report upgraded UBS's stock recommendation to "buy" from "neutral," projecting a 30% growth in earnings per share from 2025 to 2028, which led to a 3% increase in share prices [5] Industry Implications - The leadership change signifies a shift in competitive dynamics within the European retail banking sector, emphasizing the importance of digitization and regulatory compliance [7] - N26 is positioned to accelerate its strategic initiatives under Dargan's leadership, leveraging his experience in banking and technology [7]

专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：石秀珍 SF183 专题：2026年度投资策略|顶级基金公司、基金经理展望马年投资机会 高盛、瑞银、摩根大通等多家机构预测2026年中国资产在盈利增长、创新加速及估值吸引力下具备持续 反弹基础。 高盛、瑞银、摩根大通等多家机构预测2026年中国资产在盈利增长、创新加速及估值吸引力下具备持续 反弹基础。 展望2026年，机构普遍认为，股票市场受AI超级周期推动仍具上行空间，而利率、汇率、信贷与大宗 商品走势将呈现更强分化特征。高盛预测，2026年全球股票的平均价格涨幅约为13%，若将股息计算在 内，则涨幅将接近15%，主要由企业盈利驱动而非估值扩张。 摩根资产管理《2026年全球市场展望》指出，2026年全球经济预计将呈现"先强后弱"的增长态势，全球 不同地区经济增长呈现更多的地域性分散，这种的分化态势或将进一步加剧，或为单一资产投资带来显 著挑战，并强调在这一经 ...

Core Insights - Zacks Premium provides tools for investors to enhance their stock market strategies, including daily updates, research reports, and stock screens [1] Zacks Style Scores - Zacks Style Scores are indicators that help investors select stocks likely to outperform the market in the next 30 days, rated from A to F based on value, growth, and momentum [2] Value Score - The Value Score focuses on identifying undervalued stocks using financial ratios like P/E, PEG, and Price/Sales to find attractive investment opportunities [3] Growth Score - The Growth Score evaluates a company's future potential by analyzing projected and historical earnings, sales, and cash flow to identify stocks with sustainable growth [4] Momentum Score - The Momentum Score assists investors in capitalizing on price trends, using metrics like weekly price changes and monthly earnings estimate changes to identify optimal entry points [5] VGM Score - The VGM Score combines all three Style Scores, providing a comprehensive indicator that highlights stocks with strong value, growth, and momentum characteristics [6] Zacks Rank - The Zacks Rank is a proprietary model based on earnings estimate revisions, with 1 (Strong Buy) stocks achieving an average annual return of +23.9% since 1988, significantly outperforming the S&P 500 [7][9] Stock to Watch: UBS Group AG - UBS Group AG, headquartered in Zurich, operates as a global wealth management and investment bank, currently holding a 3 (Hold) Zacks Rank with a VGM Score of B [11] - UBS has a Momentum Style Score of A, with shares increasing by 20.1% over the past four weeks, and upward revisions in earnings estimates for fiscal 2025 [12]

Core Viewpoint - Two stocks in the financial sector are showing signs of being overbought, which may concern momentum-focused investors [1] Group 1: UBS Group AG - UBS Group AG has been upgraded from Neutral to Buy by B of A Securities analyst Antonio Reale, with a price target raised from $44 to $60.3 [6] - The stock has gained approximately 21% over the past month, reaching a 52-week high of $47.30 [6] - The Relative Strength Index (RSI) for UBS is at 75.5, indicating it is overbought [6] - On the latest trading day, UBS shares slipped 0.1% to close at $46.52 [6] - UBS has an Edge Stock Ratings momentum score of 89.48 [6] Group 2: Assurant Inc - Assurant reported better-than-expected third-quarter financial results, highlighting strong performance in Global Housing and Global Automotive [6] - The stock has gained around 7% over the past month, with a 52-week high of $243.76 [6] - The RSI for Assurant is at 74.5, also indicating it is overbought [6] - On the latest trading day, Assurant shares gained 0.3% to close at $242.13 [6]

Core Insights - Two stocks in the financial sector are identified as potentially overbought, which may concern momentum-focused investors [1] Group 1: UBS Group AG - UBS Group AG has been upgraded from Neutral to Buy by B of A Securities analyst Antonio Reale, with a price target raised from $44 to $60.3 [6] - The stock has gained approximately 21% over the past month, reaching a 52-week high of $47.30 [6] - The Relative Strength Index (RSI) for UBS is reported at 75.5, indicating it is overbought [6] - On the latest trading day, UBS shares slipped 0.1% to close at $46.52 [6] - UBS has an Edge Stock Ratings momentum score of 89.48 [6] Group 2: Assurant Inc - Assurant Inc reported better-than-expected third-quarter financial results, highlighting strong performance in Global Housing and Global Automotive [6] - The stock has increased around 7% over the past month, with a 52-week high of $243.76 [6] - The RSI for Assurant is noted at 74.5, also indicating it is overbought [6] - On the latest trading day, Assurant shares gained 0.3% to close at $242.13 [6]

瑞银表示，（全球）股市上涨行情将持续到2026年。 来源：滚动播报 ...

Core Viewpoint - Major foreign financial institutions have expressed a positive outlook for China's stock market, driven by accelerating corporate earnings growth, macro policy coordination, and the appreciation of the RMB [1][3]. Group 1: Market Outlook - Foreign institutions believe that the driving force behind the rise of China's stock market is shifting from "valuation correction" in 2025 to "earnings growth" in 2026 [3][4]. - Goldman Sachs predicts a 38% increase in the Chinese stock market by the end of 2027, primarily driven by a 14% and 12% increase in corporate earnings in 2026 and 2027, respectively [4][5]. - UBS has set a target of 7100 points for the Hang Seng Tech Index and 100 points for the MSCI China Index by the end of 2026, indicating significant upside potential [5]. Group 2: Investment Trends - There has been a net inflow of $83.1 billion into Chinese assets through ETFs since the beginning of 2025, with the technology sector receiving the most inflow at $9.5 billion [10][11]. - Active foreign capital is expected to return more rapidly, with some foreign institutions increasing their positions in the Chinese stock market in preparation for 2026 [12][13]. - The investment opportunities are highly structured, with a focus on technology innovation, green energy transition, and high-quality brands benefiting from consumer recovery [7][9]. Group 3: Sector-Specific Insights - The technology sector is highlighted as having the greatest profit growth potential, with revenue less affected by trade policies [7]. - Traditional sectors are also attracting foreign interest, with improvements in state-owned enterprise earnings and dividend increases drawing long-term capital [8]. - Under the "anti-involution" framework, sectors like cement, solar energy, and chemicals are expected to receive policy support and have attractive valuations [9].

瑞银认为，在实际收益率低迷、持续的全球经济担忧以及美国国内政策不确定性(尤其是与中期选举和 不断增加的财政压力相关的不确定性)的支撑下，2026年黄金需求将稳步增长。 策略师们在报告中写道："如果政治或金融风险加剧，黄金价格可能会涨至每盎司5400美元(此前预期为 每盎司4900美元)。" 智通财经APP获悉，瑞银(UBS)本周再次大幅上调了黄金价格预期，强调在全球经济担忧、美国财政压 力及政治不确定性等因素的推动下，黄金将持续上涨。这家瑞士银行巨头在不到两个月内，已频繁调整 其预期。在最新报告中，瑞银宣布将 2026 年前三季的黄金价格目标上调至每盎司 5000 美元。同时，若 与美国中期选举相关的政治或经济动荡加剧，分析师预计这一贵金属价格可能进一步攀升至5400美元， 此前该上行风险预期为4900美元。 此外，瑞银的大宗商品策略师们还预计，到2026年底，黄金价格将回落至每盎司4800美元——比之前的 预测每盎司4300美元高出500美元。 ...