兴业证券王涵：新兴市场股市市值与企业盈利上升空间刚刚打开

Core Viewpoint - The shift from a unipolar to a multipolar world order is significantly impacting financial market trends and logic, presenting future investment opportunities in emerging markets [1] Group 1: Geopolitical Influence - Geopolitical narratives are profoundly affecting the financial markets, with a notable transition towards a multipolar order [1] - This multipolar trend is not yet fully reflected in the prices of certain assets, indicating potential investment opportunities [1] Group 2: Emerging Markets - The market capitalization and profit potential of emerging market equities are just beginning to open up [1] - In the long term, as production focus and competitiveness improve, the share of emerging market companies in global revenues is expected to increase [1] - Current market valuations do not adequately reflect this upward trend in emerging markets [1]