瑞银：料中国股市明年仍有上行空间 AI等驱动盈利

Core Viewpoint - UBS Wealth Management's Investment Office anticipates that the upward trend in the Chinese market is likely to continue until 2026, driven by advanced manufacturing and technological self-reliance as new growth engines [1] Group 1: Market Outlook - UBS believes that with domestic investors entering the market and global capital reallocating, there is still room for the Chinese stock market to rise [1] - The technology sector, which accounts for approximately half of the MSCI China Index, is increasingly resilient to the U.S. economic cycle and external shocks [1] Group 2: Growth Projections - The pace of AI monetization in China is ahead of other markets, with the Hang Seng Tech Index expected to see a 37% growth in earnings per share by 2026 [1] Group 3: Investment Opportunities - In the context of low interest rates and limited alternative investment options, approximately 7 trillion RMB of excess household savings is expected to flow into the stock market [1] - UBS continues to favor the Chinese market, focusing on cloud computing, e-commerce, AI, digital infrastructure, and selected telecommunications, financial, and utility companies [1] - Short-term market volatility due to tariffs or geopolitical factors may present good buying opportunities [1]