Group 1 - DWS's Chief Investment Officer Vincenzo Vedda compares the current tech stock valuations to the "irrational exuberance" of the late 1990s, suggesting that the current situation is more of a "rational exuberance" driven by AI [1] - Vedda emphasizes the need for investors to be selective, as not all AI companies will succeed, and warns of potential market adjustments despite a generally optimistic outlook for 2026 [1][2] - The forecast for the S&P 500 index is set at 7500 points by the end of 2026, supported by AI investment trends and a projected 10.9% double-digit earnings growth [3] Group 2 - DWS predicts a 7.0% earnings growth for the Stoxx Europe 600 index, with a target level of 600 points by the end of 2026, indicating limited upside compared to U.S. markets [3] - Emerging markets are expected to see a 13% earnings growth by 2026, with the MSCI Emerging Markets index projected to reach 1480 points, reflecting significant upside potential despite higher risks [3] - The forecast for U.S. 10-year Treasury yields is a slight increase to 4.15% by the end of 2026, while the euro is expected to stabilize around 1.15 against the dollar [3]
DWS：AI驱动“理性繁荣” 明年投资前景乐观可期
Zhi Tong Cai Jing·2025-12-16 03:31