高盛：中国韧性 - 茅台和 CATL、中国宏观、中国医疗保健、美国战略

Investment Rating - The report upgrades China to an overweight tactical rating and raises the MXAPJ 12-month index target to 690, implying a total return of 15-18% [2] Core Insights - The current rally has brought the MSCI China forward P/E to 11.3x, with potential expansion to 12x on policy support [2] - The report highlights that A shares, Hong Kong, Korea, and Taiwan are most sensitive to policy-driven rallies in China, particularly in sectors such as autos, metals & mining, insurance, and internet/media [2] - Kweichow Moutai is positioned to benefit from the premiumization trend in the spirits industry, expecting to maintain a 60% market share in the super-premium segment by 2035 [5] - CATL is recognized as a key enabler of global electrification, maintaining a resilient ~40% global market share in batteries [7] Summary by Sections Asia Strategy - The report raises the 12-month MXCN/CSI300 targets to 84/4600, indicating a 15-18% upside in total returns [2] - Sectors upgraded include insurance (overweight) and metals & mining (market weight), while telecom services is downgraded (underweight) [2] China Resilience - Kweichow Moutai is highlighted for its iconic brand value and sustained pricing power, with expectations of leading the China Spirits industry [5] - CATL's competitive advantages include manufacturing strengths, R&D effectiveness, and ecosystem strengths, reinforcing its market position [7] China Macro - The report discusses the current round of China stimulus, suggesting it may not be as impactful as previous easing measures due to a sluggish property market and limited demand-boosting measures [8] China Healthcare - The competitive landscape for GLP-1 drugs is evolving, with a focus on oral versus injectable forms and the market positioning of Innovent [9] China Semiconductors - Positive long-term opportunities are noted for China foundries, particularly Hua Hong, driven by increasing localized demand for semiconductors [9]