DAHSING BANKING(HK:02356) Zhi Tong Cai Jing·2026-01-06 11:25Group 1 - The core viewpoint is that global stock markets have recorded nearly 20% strong returns for the third consecutive year, driven by a weaker US dollar and significant improvements in markets like Greater China and South Korea, leading to a 30% rise in Asian and emerging markets, outperforming developed markets [1] - The outlook for 2026 remains positive for US stocks and other Asian markets outside of mainland China and Hong Kong, with the development of artificial intelligence (AI) industries being a major driver for the stock market [1] - Key technology companies in the US, Taiwan, and South Korea remain leaders in semiconductors and other technologies, possessing sufficient competitive advantages to withstand competition [1] Group 2 - There are concerns regarding the sustainability of AI companies' earnings performance in light of increasing competition and more rational capital expenditures by businesses [1] - The direction of the US dollar and fiscal concerns in various countries may influence the overall investment landscape, with obstacles remaining on the path to lower US inflation [1] - The fiscal situations in developed countries such as the US, Japan, the UK, and France are under scrutiny, as unresolved issues could lead to higher long-term bond yields [1] Group 3 - The company maintains a neutral view on sovereign bonds and investment-grade corporate bonds, anticipating better performance from short-term bonds compared to long-term bonds [1] - Concerns about fiscal deficits are also highlighted as a risk for currently high-valued global equities [1] - Factors such as potential further interest rate cuts in the US, a stronger RMB, and advancements in AI models and applications are expected to support mainland A-shares and Hong Kong stock markets [2]