摩根士丹利：全球资金对中国资产配置兴趣回升

Core Viewpoint - Morgan Stanley indicates a renewed interest in Chinese assets as the market shifts away from the dominance of dollar assets, redefining the Chinese stock market as a growth-oriented market [1][4]. Economic Policy Outlook - The macroeconomic policy for 2026 is expected to maintain a "moderate expansion" tone, with a slight increase in the broad fiscal deficit focusing on technology independence and infrastructure [2][5]. - Monetary policy will align with fiscal efforts, adopting a "moderately loose" strategy, likely relying more on targeted tools such as relending and PSL to support the economy [2][5]. Market Valuation and Investment Strategy - The Chinese stock market is undergoing a "structural valuation repair" process, with significant recovery in valuations, particularly in the Hong Kong Hang Seng Index and the MSCI China Index, which have seen over a 30% recovery in price-to-earnings ratios [3][6]. - Global investors are changing their perception of the Chinese stock market from one lacking clear growth potential to one with growth opportunities, especially in sectors like artificial intelligence, new consumption, automation, and robotics [3][6]. - The year 2026 is anticipated to be a transition from "valuation repair" to "profit-driven" growth, with limited upside for stock indices and moderate profit growth expected [3][6]. - Investment strategies should focus on high-quality internet and technology leaders while also including some high-dividend assets, employing a "barbell strategy" to balance risk and return [3][6].