UBS(US:UBS) 券商中国·2025-10-18 15:04Core Viewpoint - UBS has upgraded its global stock rating to "attractive," citing stronger-than-expected economic growth, easing tariff pressures, and a robust investment cycle driven by artificial intelligence [1][3]. Group 1: Global Stock Market Outlook - UBS has raised the ratings for global, U.S., Chinese, emerging markets, and Asian stocks (excluding Japan) to "attractive" [3]. - The firm emphasizes that structural trends remain solid, with strategic collaborations among AI-leading companies enhancing confidence in sustainable capital expenditure cycles and higher revenue visibility [3]. - UBS has increased its global earnings growth forecast for 2025 from 6.5% to 8%, expecting high single-digit growth next year [4]. Group 2: Focus on Chinese Technology Stocks - UBS has upgraded the rating for Chinese technology stocks to the most attractive, driven by increasing confidence in the ability of leading Chinese tech firms to monetize artificial intelligence [6]. - The MSCI Emerging Markets Index target for June 2026 has been raised to 1470 points due to improved corporate earnings expectations [6]. - Recent data shows a rebound in foreign capital inflow into the Chinese stock market, with $4.6 billion in net inflows in September, the highest since November 2024 [6]. Group 3: Investor Sentiment and Market Dynamics - Investor interest in Chinese stocks is growing, with many recognizing the diversification benefits and the expanding range of investable companies [7]. - A recent survey indicates that over 60% of global institutional investors believe emerging market stocks will outperform developed markets, up from 49% in June [7]. - More than half of the surveyed investors expressed optimism about the Chinese stock market, significantly higher than the one-third reported in June [7].