Zhi Tong Cai Jing·2025-11-27 12:58Core Viewpoint - DBS has raised its 12-month target for the Hang Seng Index to 30,000 points, reflecting a forecasted price-to-earnings ratio of 13 times for the next year, with a bullish scenario predicting 36,500 points and a bearish scenario at 23,000 points [1] Group 1: Market Outlook - The forecasted earnings growth is 11.7%, with a price-to-earnings ratio of 13 times, which is above the 5-year average by 1.25 standard deviations [1] - There is no clear preference between H-shares and A-shares, as both markets offer different opportunities, such as AI-related companies in Hong Kong and beneficiaries of anti-involution in mainland China [1] - Recent market volatility is not expected to hinder the bullish trend in Hong Kong, as valuations still have moderate upside potential and earnings growth remains robust [1] Group 2: Investment Themes - The investment theme for the next year remains focused on technology, which is expected to benefit from policy support, ongoing AI development, reduced risks of an AI bubble, and more attractive valuations compared to global peers [1] - Financial stocks are also viewed positively due to stable capital inflows [1]