摩根资管中国：今年A股机会大于风险 关注扩内需等四大方向

Group 1 - Morgan Asset Management's China Equity Team believes that the opportunities in A-shares will outweigh risks by 2026, with a structural market trend expected to continue [1] - Key investment directions include: 1. Consumer electronics, which are still in an innovation cycle, with leading companies' valuations at relatively low levels, presenting medium to long-term allocation value 2. The lithium battery industry chain, supported by trade-in subsidy policies, is expected to see continued growth in domestic electric vehicle demand 3. The large financial sector, where if the equity market maintains a slow bull trend, the fundamentals of non-bank financials may remain robust 4. Emerging sub-sectors worth continuous tracking, aligned with domestic demand expansion policies [1] Group 2 - Global economic growth is expected to slow, but with gradually declining interest rates, the tightening pace of monetary policy in major developed markets is likely to ease, providing support to the economy in a low-interest-rate environment [1] - For China, reduced external uncertainties, a friendly policy environment, and a recovery in corporate earnings are expected to accelerate the profit recovery process for industrial enterprises [1] - In terms of asset allocation, improving corporate earnings are likely to support global equity market performance, but investors should lower return expectations and diversify to mitigate risks amid high valuations and geopolitical uncertainties [2] - A-shares are expected to become more attractive, with a focus on high-prosperity core assets, overseas-related sectors, and industries with improved supply-demand dynamics [2]