citic securities·2026-01-26 06:00Global Market Overview - The MSCI ACWI Global Index closed at 1,037.55, with a weekly change of -0.1% and a yearly change of +19.0% [6] - The MSCI Emerging Markets Index increased by 1.1% over the week and has a yearly change of +38.8% [6] - The US market, represented by the S&P 500, saw a slight decline of -0.4% for the week but has a yearly increase of +13.0% [6] US Market Focus - The Federal Reserve is expected to pause interest rate cuts in the upcoming meeting, with a low probability of a 25 basis point cut [10][15] - Short-term volatility is not expected to alter the long-term upward trend of the stock market, with companies like NVIDIA and TSMC highlighted for their growth potential [10][23] - The technology sector is seen as a key area for investment, particularly in AI-related companies [25] Taiwan Market Focus - A trade agreement with the US is anticipated to support Taiwan's economy, with a reduction in tariffs from 20% to 15% on non-exempt items [33][37] - The semiconductor industry remains strong, with significant growth in exports driven by AI demand, particularly from companies like TSMC [37][41] - Despite high valuations, the AI sector is expected to continue driving growth, with specific companies like Creative Electronics and Jentech Precision highlighted for their strong market positions [45][33] Philippines Market Focus - The Philippine market is expected to see interest rate cuts of 25 basis points in February and June [51] - Negative factors affecting the market are believed to be largely priced in, with companies like Bloomberry and Cebu Pacific Airlines noted for their potential [51]