瑞银仍“看多”A股

Group 1 - The core viewpoint of the articles is that despite recent adjustments in the A-share market, there is an overall optimistic outlook for the first quarter of 2026, driven by liquidity, policy support, and potential inflows from domestic and international investors [2][5][6] - UBS analysts predict that the A-share market could see further upward movement in 2026, with an expected overall profit growth of around 8% [5][6] - The A-share market has shown significant gains over the past year, with the Shanghai Composite Index rising over 20%, the Shenzhen Component Index over 36%, and the ChiNext Index over 55% [4] Group 2 - Concerns have been raised about whether A-share valuations are still attractive, as the price-to-earnings ratio has reached a historical mean level, but there is still room for further recovery compared to global markets [4][6] - The trading volume in the A-share market has been active, indicating a healthy market environment without signs of overheating, with personal investors and institutional funds continuing to flow into the market [5][6] - UBS analysts highlight that the Chinese stock market remains attractive due to its lower valuation compared to historical averages, despite recent increases [6][7] Group 3 - The first half of 2026 is expected to present more opportunities for investors, with foreign capital likely to continue increasing its allocation to Chinese stocks [7] - Key investment themes include AI, internet companies, brokerage firms, and the photovoltaic sector, with a focus on companies that can benefit from global trends and technological advancements [8] - The Asia-Pacific region is anticipated to capture new opportunities from AI advancements, with significant progress expected in the Chinese tech sector by 2025 [8]