JP MORGAN CHASE(US:JPM) Zheng Quan Shi Bao Wang·2025-11-27 07:52Core Viewpoint - Morgan Stanley's China equity strategy team maintains a constructive outlook on the CSI 300 index, projecting a target level of 5200 points by the end of 2026 [1] Investment Themes - The four major investment themes for 2026 include the implementation of "anti-involution" policies, growth in domestic and international AI infrastructure/monetization, favorable macroeconomic conditions in developed markets benefiting overseas sales, and a K-shaped consumption recovery, along with potential new real estate policies [1] Stock Selection - The team has identified IT and healthcare A-shares that can capitalize on China's innovation opportunities, using metrics such as market capitalization, average daily trading volume, and overseas revenue [1] - A shift from value stocks to growth stocks is expected by early 2026 [1] Sector Focus - The team has selected leading A-share companies in sectors such as automotive, battery materials, lithium, photovoltaics, cement, chemicals, coal, steel, dairy, hog farming, liquor, and logistics, which are likely to benefit from the "anti-involution" trend [1] - The transition from price/scale competition to quality competition is seen as a long-term adjustment over a decade [1]