Sou Hu Cai Jing·2025-10-22 10:29Group 1 - UBS maintains an overweight rating on China within emerging markets, citing faster revenue and earnings growth compared to India, and improving capital return rates in the MSCI China index [1] - A-shares have experienced a style shift from "growth" to "value dividend" since October, influenced by US-China trade tensions and profit-taking in the tech sector, but the medium-term outlook for A-shares remains positive [1][3] - Foreign investors are closely monitoring China's 14th Five-Year Plan, particularly aspects related to "anti-involution," consumption promotion, high-quality growth, and the development of new productive forces [1][11] Group 2 - A-shares are showing structural differentiation, with major indices fluctuating, but foreign investors believe there is still high allocation value in the market despite recent tariff impacts [3][4] - The market's sensitivity to US-China trade tensions has decreased, and there is an expectation of policy measures to stabilize the market if significant volatility occurs [4] - Foreign investors favor industry leaders, with significant holdings in companies like Kweichow Moutai, Ping An, and Wuliangye, indicating a preference for stable, high-quality stocks [6][7] Group 3 - Foreign investors are increasing their positions in leading stocks, with notable increases in holdings for companies like Siyi Electric and Hai Da Group during the third quarter [8][6] - UBS expresses a preference for A-shares over H-shares due to their defensive nature against geopolitical tensions, maintaining a focus on growth styles as the main investment theme [10] - The upcoming policies in the 14th Five-Year Plan are expected to create potential opportunities in "anti-involution" and service consumption, which could drive cyclical improvements in various industries [12]