利好来了！外资机构：唱多！

Core 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][4]. 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," emphasizing the stability of structural trends [4]. - The firm believes that the strategic collaborations among leading AI companies will support sustainable capital expenditure cycles and higher revenue visibility over the next 6-12 months [4]. - UBS has increased its global earnings growth forecast for 2025 from 6.5% to 8%, expecting high single-digit growth next year [5]. Group 2: Focus on Chinese Technology Stocks - UBS has upgraded the rating of Chinese technology stocks to the most attractive, driven by increasing confidence in the ability of leading Chinese tech firms to monetize artificial intelligence [7]. - The MSCI Emerging Markets Index target for June 2026 has been raised to 1470 points due to improved corporate earnings expectations [7]. - Recent data shows a rebound in foreign capital inflow into the Chinese stock market, with net inflows reaching $4.6 billion in September, the highest since November 2024 [7][8]. Group 3: Investor Sentiment and Market Dynamics - Investor interest in Chinese stocks is growing, with over 61% of global institutional investors believing that emerging market stocks will outperform developed markets, up from 49% in June [8]. - More than half of the surveyed investors expressed optimism about the Chinese stock market, reflecting increased confidence in economic stimulus policies [8]. - UBS suggests that investors should reassess their stock allocations, recommending a shift from excess cash or bonds to equities [7].