大摩首席：外资眼中，中国真正的“核心资产”不是茅台，而是它们

Group 1 - Core Point 1: The current market rally is not merely driven by liquidity but is supported by improving corporate earnings fundamentals, as indicated by the positive Earnings Revision Breadth for the MSCI China Index in August [4][5][6][27]. - Core Point 2: Identifying the right sectors is crucial, with strong performance expected in technology, internet, finance, and biotechnology, while traditional sectors like consumer goods and real estate are facing downward revisions in earnings expectations [7][9][10][11][31]. - Core Point 3: AI is not a bubble; leading companies in China are significantly undervalued compared to their U.S. counterparts, with the potential for substantial growth as they leverage AI for business enhancement [12][13][14][15]. Group 2 - Core Point 4: Foreign investment interest in the Chinese stock market is increasing, particularly among U.S. investors, with over 90% expressing plans to increase their exposure to Chinese equities, focusing on sectors where China has established global leadership [16][17][18][32][33]. - Core Point 5: The market dynamics are shifting towards a more structured environment, emphasizing the need for investors to focus on companies with core competitiveness that can withstand economic cycles, rather than relying on macroeconomic trends [20][21][22][23][24].