大摩、渣打均看好中国股市，或“存在约两位数的上涨空间”

Group 1 - Morgan Stanley's target points for MSCI China Index, CSI 300 Index, and MSCI Hong Kong Index are 100, 5200, and 16000 respectively, indicating a potential double-digit upside by 2026 [1] - Standard Chartered expects a rebound in profit growth starting from 2026 due to monetary policy easing, sustained global economic growth, and strong investments related to artificial intelligence [1] - Standard Chartered maintains an overweight rating on the Chinese stock market [1] Group 2 - Standard Chartered's Chief Investment Officer for North Asia, Zheng Qinghua, states that the valuation of the Chinese stock market has become more attractive after a period of consolidation [3] - Concerns regarding whether capital expenditure related to artificial intelligence is creating a market "bubble" may intensify next year, but Standard Chartered believes the current cycle is different from past tech stock bubbles, supported by revenue growth and healthy free cash flow [3] - Morgan Stanley identifies four key investment themes for 2026: "anti-involution," growth in global AI infrastructure spending, the impact of developed countries' easing policies on exports, and the "K-shaped" consumption recovery benefiting food and beverage as well as ultra-high-end consumption [3]