瑞银资产管理：中国股票估值仍具吸引力

Core Insights - UBS Asset Management held its annual flagship event, The Red Thread Global Investment Outlook, in Hong Kong, where the focus was on the transition from "quantity expansion" to "sustainable and innovation-driven development" as suggested by China's 14th Five-Year Plan [1] - The main theme of high-quality growth is expected to drive sector rotation and valuation shifts over the next twelve months [1] - Investor sentiment is improving, with global investors, including long-term funds and hedge funds, actively participating in cornerstone investments and secondary market trading of Chinese stocks [1] Investment Trends - Currently, foreign capital is primarily entering the Chinese market through ETFs rather than actively managed funds, indicating that the market is still in a "technical repair" phase [1] - For sustained capital inflow, investors need to see ongoing structural reforms and signs of sustainable growth [1]