富达国际：中国宏观经济前景日趋平衡且更具韧性

Group 1 - The core viewpoint of the article is that China's investment outlook is evolving and will play an increasingly important role in the current volatile environment, with the "14th Five-Year Plan" setting the direction for the next phase of development [1] - The macroeconomic outlook for China is becoming more balanced and resilient, supported by policy stability and the release of growth momentum, with a dual-track growth pattern of weak domestic demand and strong exports expected to continue [1] - The market anticipates that China's GDP target will approach 5% by 2026, driven by manufacturing momentum, diversified export markets, and resilient infrastructure investment [1] Group 2 - The Chinese stock market has shown signs of revitalization, with increased capital momentum in A-shares and offshore Chinese concept stocks due to consumer support, stabilization in real estate, and structural reforms [1] - Despite short-term volatility, mid-term confidence in the Chinese stock market is gradually recovering, supported by precise fiscal stimulus, monetary easing, and industrial upgrading policies [2] - Current valuations in the Chinese stock market, although having rebounded, remain below historical averages and are attractive compared to global peers [2]