看好A股！外资机构发声

Core Viewpoint - Multiple foreign institutions express optimism about the value of asset allocation in China, citing improved corporate earnings prospects and relatively low asset valuations as factors enhancing the long-term attractiveness of Chinese assets to global investors [1]. Group 1: Stock Market Outlook - Morgan Stanley has raised its target index level for Chinese stocks due to structural improvements driven by shareholder returns and recent earnings [3]. - The reasons for increasing China's weight in portfolios remain valid, including a rebound in equity return rates and an upward shift in valuation ranges, particularly in offshore stock markets [4]. - Goldman Sachs maintains an "overweight" stance on Chinese stocks, attributing this to the strengthening of the RMB against the USD, which is expected to enhance the preference for RMB-denominated assets and improve corporate earnings prospects [5]. Group 2: Sector Performance - Non-essential consumer goods, real estate, and diversified financial stocks (brokerages) typically outperform the market during periods of RMB appreciation, while defensive stocks tend to lag [6]. Group 3: Market Opening and Regulatory Environment - The Chinese capital market continues to open steadily, creating a favorable ecosystem for investment through institutional reforms [8]. - The China Securities Regulatory Commission (CSRC) aims to enhance the transparency and predictability of regulations, improve communication mechanisms with international investors, and optimize arrangements for qualified foreign investors [9]. - The CSRC will focus on systemic openness, strengthening the coordination of stock, bond, and futures market openings, and increasing the supply of internationalized futures and options products [10]. - Enhanced bilateral and multilateral cross-border regulatory cooperation is also a priority, with a commitment to participating in the formulation of international standards and rules [11].