Morgan Stanley(US:MS) 券商中国·2025-05-30 07:12Group 1 - Morgan Stanley upgraded the rating of Chinese stocks from "underweight" to "in line with the market" and expressed optimism about Chinese tech stocks due to their strong innovation capabilities [2][3] - The firm prefers Hong Kong stocks over A-shares, citing that a weaker dollar, influenced by Trump’s policies, historically benefits Hong Kong stocks more than A-shares [2][3] - Goldman Sachs indicated that the potential resilience of the RMB supports an overweight stance on Chinese stocks, expecting a moderate improvement in corporate earnings and increased foreign capital inflow [3] Group 2 - Economist Hong Hao predicted a continued weakening of the dollar, suggesting that it will no longer be viewed as a safe-haven asset, leading to increased capital inflow into Hong Kong stocks [4][5] - Hong noted a significant rise in the base currency balance of the Hong Kong Monetary Authority and a dramatic drop in the overnight Hibor rate from 4 to around 0, indicating strong liquidity in the market [5] - Cambridge Associates reported that global investors are reassessing their US-centric portfolios and are increasingly interested in undervalued stocks in Hong Kong and mainland China [5][6] Group 3 - The Hong Kong stock market is benefiting from favorable monetary conditions, increased southbound capital flows, and a rise in IPO activities, with 26 new listings raising a total of HKD 77.2 billion (approximately USD 9.9 billion) [6] - The Hang Seng Index has risen approximately 15.9% year-to-date, with a current price-to-earnings ratio of about 10.5 times expected earnings, compared to 22.5 times for the S&P 500 [6]