安本集团中国区总经理茅蓓丽：中国市场马年奔驰展潜力

Group 1 - The market is expected to experience rapid growth driven by factors such as the rapid development of artificial intelligence, government support policies, effective stimulus measures, and a stable RMB exchange rate, potentially expanding further in the second half of 2026 [1] - The emergence of Deepseek in 2025 marked a significant moment for China's innovation, highlighting its rapid advancements and positioning as a global competitor in high-tech sectors [2] - The focus should be on the "infrastructure" of artificial intelligence, including data center infrastructure and software layers, with the ultimate winners being companies with scale, data access, and sustainable profitability [3] Group 2 - The energy storage sector and infrastructure-related sectors are expected to benefit from policy-driven demand, with power equipment showing improved pricing power and profitability visibility [3] - Consumer sectors, particularly those with strong cash flow and overseas expansion potential, are showing resilience despite being in the later stages of the consumption cycle [3] - The market may expand further in the second half of the year if policy support increases and demand recovers, with a focus on companies with pricing power and cash turnover capabilities [4] Group 3 - The RMB is expected to gain stronger support at the beginning of 2026 due to narrowing interest rate differentials between the US and China, alongside strong export performance [5] - A stronger RMB is generally favorable for the Chinese stock market, indicating more stable capital flows and improved risk appetite [5]