瑞银：中国股票策略-近期优先保本

Investment Rating - The report maintains a cautious stance on the China equity markets, emphasizing capital preservation as the near-term priority [2][3]. Core Viewpoints - The report suggests that downside risks currently outweigh upside potential in the China equity markets due to escalating US-China tensions, global economic uncertainties, and a focus on short-term investments [2][3]. - The MSCI China index is trading at a 13% discount compared to its historical average P/E relative to MSCI World, indicating potential attractiveness despite the uncertainties [2]. - The report highlights that further deterioration in trade relations could lead to additional market drawdowns, as historical data suggests a 2% market decline for every 10% increase in tariffs [3][4]. Sector Preferences - The report recommends a tilt towards high dividend names for defensive purposes, particularly in the consumer staples sector, while avoiding exposure to export-oriented sectors [5][8]. - The most preferred sectors include high dividend names, consumer staples, internet, and A-share TMT, while construction and machinery are among the least preferred [8][9]. - Specific stock picks include China Mobile, NetEase, and Tencent Holdings, all rated as "Buy" with projected price targets indicating significant upside potential [8][36].