Group 1 - Nomura raised the target price for the MSCI Asia Pacific ex-Japan Index to 816 points by the end of this year, up 5.7% from the previous target of 772 points, and set a target of 901 points for the end of next year [1] - The MSCI China Index targets are set at 80 points for this year and 90 points for next year, with expectations of slight declines in the index until the end of 2025, but potential for growth due to positive earnings next year [1] - Nomura believes that while Asian valuations are high, there is no bubble yet, citing several positive developments such as reduced tariff risks, stable US-China relations, and ongoing advancements in AI and technology [1] Group 2 - The firm acknowledges challenges in the mainland Chinese economy and declining corporate earnings, but attributes the rise in mainland and Hong Kong stock markets to stable US-China relations [2] - Nomura states that liquidity is not an issue for China due to ample domestic savings and low foreign investment in Chinese stocks, with a shift from a buyers' strike to abundant buyers in the market [2] - The outlook for offshore Chinese stocks is deemed reasonable, with no immediate need for aggressive monetary policy to avoid bubbles, while emphasizing the importance of US-China relations for future market dynamics [2] Group 3 - Nomura maintains an overweight view on sectors such as semiconductors and AI-related fields, particularly in China and South Korea, while holding a bearish stance on traditional tech hardware and IT services [3] - The firm is optimistic about leading stocks in the electric vehicle and battery sectors, and holds an overweight view on banking and financial stocks [3] - Conversely, Nomura is bearish on traditional sectors like materials, energy, and healthcare [3]
野村：对中国股票维持策略性增持看法 看好半导体及AI股
智通财经网·2025-09-12 08:17