利好来了！大行密集上调中国资产目标价

Core Viewpoint - The target prices for several Chinese assets have been raised by major financial institutions, indicating a positive outlook for the Chinese stock market despite recent declines in global markets [1][2]. Group 1: Target Price Adjustments - Daiwa Securities raised Alibaba's target price from HKD 165 to HKD 175, citing higher capital expenditures and expected growth in cloud revenue [3]. - Jefferies also increased JD Health's target price from HKD 40 to HKD 45, reflecting optimistic revenue growth expectations [5]. - HSBC raised Xiaomi's target price by 31.5% from HKD 49.90 to HKD 65.60, predicting strong sales for its new smartphone model [4]. - UBS increased JD Group's target price from HKD 250 to HKD 261, based on better-than-expected earnings and revenue growth [4]. Group 2: Market Outlook and Valuation - Robeco's China investment head noted that the Chinese market remains undervalued compared to historical data and emerging markets, maintaining a positive outlook on Chinese stocks [8]. - UBS's analyst expects a 6% growth in earnings per share for the constituents of the CSI 300 index this year, with potential for higher gains if the A-share market continues to rise [8][9]. - The average daily trading volume in A-shares has surged to CNY 1.9 trillion, driven by capital inflows related to AI themes, prompting Goldman Sachs to raise its growth forecast for trading volume [6]. Group 3: Sector-Specific Insights - Daiwa highlighted that JD Group's retail performance is expected to remain strong, leading to upward revisions in earnings forecasts for 2025 and 2026 [4]. - Citi projected a compound annual growth rate of 16% for global automotive camera modules, benefiting from the rise of electric vehicles and smart cars, leading to target price increases for AAC Technologies and Sunny Optical [5]. - Goldman Sachs raised target prices for major securities firms, including CICC and CITIC Securities, due to the anticipated benefits from increased trading activity in the A-share market [6].