瑞银证券孟磊：A股市场或重拾上升趋势，建议增配成长风格

Core Viewpoint - UBS Securities analyst Meng Lei suggests that the A-share market may regain an upward trend, recommending an increase in growth-style allocations due to potential reductions in US tariffs on Chinese products [1] Economic Indicators - The total weighted average tariff rate imposed by the US on Chinese products is currently approximately 43.5% [1] - A-share earnings are projected to grow by 3.5% year-on-year in Q1 2025, with the non-financial sector benefiting from an increase in GDP growth rate, recording a 4.2% year-on-year earnings growth [1] - A-share earnings are expected to show a quarter-on-quarter recovery trend throughout the year, supported by low base effects and additional supportive policies [1] Market Dynamics - The A-share market is currently trading at a significant discount compared to global emerging markets, which may lead to sustained net inflows of global capital [1] - In the short term, it is advised to tactically increase allocations to growth styles to enhance portfolio flexibility, with small-cap stocks likely to outperform large-cap stocks due to higher exposure to overseas revenues amid a rebound in market trading volume [1] Sector Focus - High beta sectors, particularly TMT (Technology, Media, and Telecommunications), sectors benefiting from domestic policy support, and sectors that previously underperformed due to tariff issues are expected to attract investor attention [1]