瑞银证券中国股票策略分析师孟磊：预计2025年A股盈利同比增长6%

Core Viewpoint - UBS Securities maintains a baseline forecast of 6% year-on-year growth in total A-share earnings for 2025 [1] Group 1: Market Outlook - The medium-term outlook for the market remains positive due to gradual earnings recovery, continuous net inflow of various off-market funds, and the supportive narrative of technology aiding valuation reconstruction [1] - The construction of a capital market focused on investors continues to be a driving force for the upward trend in the stock market [1] Group 2: Investment Strategy - Growth style is likely to remain the main investment theme, with the ChiNext board showing a favorable risk-reward ratio due to accelerating earnings and long-term resilience [1] - The valuation levels of the ChiNext board, both in absolute terms and relative to the CSI 300, are below long-term averages [1]