摩根大通：看好四大投资主题

Core Viewpoint - Morgan Stanley maintains a constructive outlook on the CSI 300 Index for 2026, predicting a target level of 5200 points by the end of 2026, representing a potential upside of 17% from the closing price on November 24 [1] Investment Themes - The report highlights four major investment themes for 2026: the implementation of "anti-involution" policies, growth in domestic and international AI infrastructure, favorable macroeconomic conditions in developed markets benefiting overseas sales, and a recovery in the consumer market [1][2] Anti-Involution Policies - The execution of "anti-involution" policies is expected to accelerate, positively impacting the net profit margins and return on equity of CSI 300 constituents, with projected net profit margins and return on equity of 12% and 11% respectively for 2026, ranking in the middle of the Asia-Pacific market [1] AI Infrastructure Growth - Global capital expenditure on AI infrastructure is anticipated to grow in 2026, benefiting Chinese suppliers, with more Chinese stocks and AI monetization targets expected to gain [1] Macroeconomic Environment - The favorable macroeconomic environment, particularly the expected fiscal and monetary policy easing in 2026, will support overseas sales for listed companies [1] Consumer Market Recovery - The recovery of the Chinese consumer market is expected to benefit both low-end and luxury goods consumption [2] Market Style Shift - Morgan Stanley anticipates a shift in market style from value stocks to growth stocks by early 2026, based on metrics such as market capitalization, average daily trading volume, and overseas revenue [2]