摩根大通上调中国股票至“超配”直言近期调整是入场好时点

Core Viewpoint - JPMorgan has upgraded its rating on Chinese stocks to "overweight," indicating a higher likelihood of significant gains next year compared to potential downside risks [1]. Group 1: Market Analysis - The recent adjustment in Chinese assets provides an attractive entry point for investors, especially after a substantial rise earlier this year, with the MSCI China Index experiencing a nearly 6% pullback in the fourth quarter [1]. - In April, during market turbulence, JPMorgan advised investors to buy Chinese stocks, leading to a more than 30% increase in the MSCI China Index since then [5]. Group 2: Future Outlook - Multiple factors are expected to support the strength of Chinese stocks next year, including the proliferation of artificial intelligence, consumer stimulus measures, and governance reforms [5]. - The Chinese stock market is still in the early recovery phase following the previous down cycle, suggesting that valuations remain reasonable and investor positions are relatively light [5]. - The MSCI Asia ex-Japan Index is projected to rise to 1,025 points next year, representing an approximate 15% increase from the recent closing level [5]. Group 3: Regional Comparisons - Besides Chinese stocks, JPMorgan's strategy team has also given an overweight rating to stocks in South Korea and India [5]. - The Indian stock market, which has shown a V-shaped recovery over the past 14 months, is expected to see the Nifty50 index rise to 30,000 points by the end of 2026, reflecting a potential 15% increase from current levels [5].