人民币汇率创阶段新高，外资唱多中国市场

Group 1 - The central point of the article highlights the appreciation of the Chinese yuan against the US dollar, with the midpoint rate rising by 49 basis points to 7.0523, the highest since September 30, 2024 [1] - The onshore yuan closed at 7.0382 and the night session at 7.0368, indicating a strengthening trend in the currency [1] - Analysts from Goldman Sachs, led by Chief China Equity Strategist Liu Jinjun, predict that the Chinese stock market will continue its upward trend into 2026, transitioning from an "expectation-driven" cycle to a "profit-driven" cycle [1] Group 2 - The article suggests that the decline in global risk-free rates and the appreciation of the yuan may enhance the pricing of Hong Kong stocks globally [1] - The influx of southbound capital and the return of foreign investment, coupled with relatively ample liquidity, are expected to support the performance of Hong Kong stocks [1] - The core drivers of returns in the Chinese stock market will be profit realization and moderate valuation expansion [1]