瑞银：美国之外，何处寻觅投资机遇？

Core Insights - Global stock markets have rebounded approximately 28% since April, driven by U.S. tariff agreements and the passage of the "One Big Beautiful Bill" [2] - Recent performance of large tech companies has weakened due to concerns over over-investment and high valuations, potentially increasing market uncertainty and volatility [2] European Market Opportunities - The "Six Investment Paths in Europe" theme includes defensive companies that may benefit from rising market volatility, firms benefiting from increased German fiscal spending, and those gaining from expanded defense budgets [3] - High-quality European stocks are favored, characterized by strong profitability, resilient earnings, robust balance sheets, or sustainable competitive advantages [3][4] Asian Market Opportunities - The Chinese technology sector is expected to benefit from the growing adoption of artificial intelligence, improving fundamentals, and domestic policy support [5] - India's relatively closed economy makes its stock market less sensitive to recent U.S. tariff policies, with projected double-digit earnings growth over the next two years [5] - Singapore's stock market is attractive due to a strong local currency, high dividend yields, and ongoing market reforms [5] Recent Developments - DeepSeek has launched its new V3.1 model, which utilizes an innovative computing approach compatible with domestically developed Chinese chips, marking a significant step in China's AI autonomy [6] Investment Perspective - Market volatility is expected to rise due to economic, political, and technological uncertainties, presenting selective investment opportunities outside the U.S. stock market [9] - In Asia, the focus is on the Chinese technology sector, Singapore, and India, while in Europe, high-quality stocks, Swiss dividend stocks, and the "Six Investment Paths in Europe" theme are highlighted [9]