宏利投资：偏好中资科技股投资机会 美国2026年或减息3次

Core Viewpoint - Manulife Investment Management assigns a "neutral" rating to mainland and Hong Kong stocks, favoring Chinese stocks for their investment opportunities despite not expecting explosive returns [1] Group 1: Economic Outlook - The Chinese economy is operating steadily, and Asian stock markets may benefit from a weakening US dollar [1] - China is increasingly exporting high-value products, including industrial equipment and new energy vehicles [1] Group 2: Sector Focus - Under the "14th Five-Year Plan," China is expected to focus on high-tech innovation sectors such as artificial intelligence, advanced manufacturing, and renewable energy [1] - Manulife is optimistic about Chinese technology stocks, particularly those related to artificial intelligence like semiconductors, as well as advanced manufacturing, robotics, and healthcare stocks [1] Group 3: Monetary Policy Expectations - Manulife's senior global macro strategist anticipates that the US will cut interest rates three times this year, with the first cut expected before the Federal Reserve chair transition in May, and the remaining two cuts likely occurring in the second half of the year [1] - There is a possibility that the current chair, Jerome Powell, may remain on the committee after his term ends, which could lead to a more hawkish monetary policy stance than Manulife's expectations [1]