Zhong Guo Zheng Quan Bao·2026-01-03 13:44Group 1: Economic Outlook - Morgan Stanley anticipates a more proactive fiscal policy in China for 2026, driven by the "14th Five-Year Plan" and supportive measures in fiscal and real estate policies [2] - UBS expects the Chinese stock market to continue its upward trend in 2026, with advanced manufacturing and technological self-reliance as new growth engines [3] - Nomura forecasts that the investment boom driven by artificial intelligence, along with supportive monetary and fiscal policies, will sustain strong global economic growth in 2026 [6] Group 2: Market Trends - Morgan Stanley highlights three positive changes boosting confidence: flexible policies, resilient enterprises in key sectors, and increased foreign investment interest in Chinese assets [2] - UBS notes that the technology sector, particularly in AI, is becoming a key driver of long-term profit growth, with the Hang Seng Tech Index expected to see a 37% increase in earnings per share by 2026 [3] - Goldman Sachs predicts gold prices will rise to $4,900 per ounce by December 2026, supported by central bank demand and a potential increase in personal investment in gold [4] Group 3: Sector-Specific Insights - Goldman Sachs identifies copper as a long-term favorite due to constrained supply and growing demand, maintaining a price forecast of $15,000 per ton by 2035 [4] - Nomura emphasizes that the AI-driven investment trend will continue to shape economic performance, despite challenges from reduced global cooperation and tight fiscal spaces [6]