关键时点 外资巨头发声

Core Viewpoint - Global markets are experiencing significant volatility, but several foreign investment institutions express cautious optimism about the Chinese market in 2026, driven by policy support, ongoing trends in the technology sector, and attractive valuations [1][7]. Group 1: Investment Outlook - BlackRock's Chief Investment Officer for China, Wang Xiaojing, highlights that the A-share market has shown positive performance over the past year, with significant gains in the CSI 300 index, small-cap stocks, and the technology sector [3]. - For the market to maintain its positive performance, four conditions must be met: liquidity must remain ample, the market needs to enter a phase of profit realization, policy expectations and incremental support must materialize, and geopolitical risks must ease [3][4]. - If these conditions are satisfied, the CSI 300 index is expected to perform well over the next 12 to 18 months [4]. Group 2: Sector Focus - The technology sector remains a key investment theme in the Chinese market, with expectations that it will continue to attract attention from both domestic and international investors [2][7]. - BlackRock's investment strategist, Lu Wenjie, identifies electricity supply as a critical factor for AI development, predicting that AI-related electricity consumption in the U.S. will double by 2030, which may lead to power shortages [5]. - Investment opportunities in power equipment and technology are highlighted as a high-certainty direction for AI development, especially as U.S. power shortages may necessitate the procurement of Chinese power equipment [5]. Group 3: Foreign Investment Sentiment - Fidelity International and other foreign institutions have noted that despite external uncertainties, Chinese assets are gaining attention due to policy support, industry trends, and valuation recovery [7]. - Fidelity's Asia-Pacific Investment Director, Stuart Rumble, mentions that the momentum for capital inflow into A-shares and offshore Chinese stocks is increasing, driven by consumer support policies and structural reforms [7]. - Swiss asset manager Guo Shaoyu emphasizes the importance of focusing on growth-oriented sectors in China, such as satellite and space industries, robotics supply chains, and practical applications of AI [8].