UBS(US:UBS) Zheng Quan Shi Bao·2025-10-18 23:16Core Viewpoint - UBS Wealth Management has upgraded its global stock rating to "attractive" due to stronger-than-expected economic growth, easing tariff pressures, and a robust investment cycle driven by artificial intelligence [1][3]. Global Stock Market Outlook - UBS has raised the ratings for global, U.S., Chinese, emerging markets, and Asian stocks (excluding Japan) to "attractive" [3]. - The firm emphasizes that structural trends remain solid, with strategic collaborations among AI-leading companies enhancing confidence in sustainable capital expenditure cycles and higher revenue visibility over the next 6-12 months [3]. - UBS has increased its global earnings growth forecast for 2025 from 6.5% to 8%, expecting high single-digit growth next year [4]. Chinese Technology Sector - UBS has upgraded the rating for Chinese technology stocks to the most attractive, citing growing confidence in the ability of leading Chinese tech firms to monetize artificial intelligence [1][6]. - The MSCI Emerging Markets Index target for June 2026 has been raised to 1470 points due to improved corporate earnings expectations [6]. - Recent data shows a rebound in foreign capital inflow into the Chinese stock market, with net inflows reaching $4.6 billion in September, the highest since November 2024 [6]. Investor Sentiment - Investor interest in Chinese stocks is increasing, with over half of surveyed global institutional investors expressing optimism about the Chinese stock market, significantly up from one-third in June [7]. - The HSBC survey indicates that more than 60% of institutional investors believe emerging market stocks will outperform developed markets, reflecting growing confidence in China's economic policies [7]. Market Dynamics - Despite recent adjustments in the A-share market, analysts remain optimistic about the medium-term outlook, citing China's manufacturing advantages and the resilience of quality enterprises in capturing market share [8].