外资机构：中国资产吸引力正在提升，建议超配A股

Group 1 - The core viewpoint of the articles is that foreign investment institutions are optimistic about the Chinese stock market, particularly in the context of improving market expectations and the potential for significant capital inflows into A-shares [1][10]. - UBS's China head, Fang Dongming, believes that China's asset attractiveness will increase this year, positioning it as an important market for international capital diversification [1]. - Standard Chartered's Liang Dawei suggests an overweight allocation to Chinese A-shares this year, anticipating targeted stimulus measures in 2026 that will enhance investment in advanced technologies [1][9]. Group 2 - The AI sector is highlighted as a key focus for investment, with foreign institutions unanimously agreeing on its potential [2]. - The AI industry is transitioning from "technological breakthroughs" to "scene implementation," driven by technological iterations, policy support, and market demand, making it a leading growth direction [3]. - UBS's Wang Zonghao notes that foreign investors are increasingly interested in Chinese AI companies due to their lower correlation with U.S. markets compared to other markets [3]. Group 3 - Innovation capability is identified as a core advantage for China, alongside its large production capacity and market size, which will continue to attract foreign investment [5]. - Liang Dawei emphasizes that technology stocks, particularly in AI, remain a core allocation for A-shares, advising investors to focus on "hard technology" with certainty in orders and production capacity [6]. Group 4 - There is a cautious outlook on the consumer sector, with significant divergence in growth observed. High-end consumer goods performed well last year, but overall consumer sector performance has been lackluster [8]. - Wang Zonghao suggests that if the real estate market improves, the wealth effect on consumers may also enhance opportunities in the consumer sector [8][9]. - Liang Dawei believes that strengthened consumer policies and a stable real estate market could create opportunities in consumer-related sectors, potentially rotating with the AI sector [9]. Group 5 - The market outlook for A-shares remains optimistic, with expectations of significant capital inflows as deposit rates decline and funds are redirected into the stock market [10]. - UBS's Meng Lei indicates that while foreign capital has not yet entered the market in large volumes, there are signs of a "deposit migration" occurring, with increased investment from insurance companies and private equity funds [10]. - Liang Dawei notes that both A-shares and H-shares have good performance potential this year, with foreign capital expected to play a significant role in driving the market upward [10].