外资集体唱多中国科技股

Core Viewpoint - UBS warns of increased global market volatility in the coming year due to underwhelming AI revenue and geopolitical tensions, but remains optimistic about Chinese tech stocks and gold [2][3]. Group 1: AI and Market Sentiment - Prominent investors, including Michael Burry, have raised concerns about an AI bubble, exacerbated by Nvidia's stock price decline [3]. - UBS believes the current AI boom differs from the internet era, as global tech giants have strong cash flows and limited reliance on debt financing, allowing them to better withstand shocks [3]. Group 2: Chinese Tech Stocks - Chinese tech companies are expected to see profit growth of up to 37% next year due to their leading position in AI applications, and UBS asserts that Chinese tech stocks are still undervalued [4]. - UBS sets a target price of 7100 points for the Hang Seng Tech Index by the end of 2026, representing a nearly 27% increase from the recent closing price of 5598 points, with the index having risen nearly 30% this year [5]. Group 3: Broader Market Outlook - UBS anticipates the MSCI China Index could reach 100 points next year, approximately 19% higher than its latest closing price [6]. - High risks are associated with high returns, prompting UBS to encourage investors to diversify their portfolios to seize opportunities [7]. Group 4: Investment Recommendations - UBS recommends allocating at least 5% of investment portfolios to gold, predicting prices could reach $4900 per ounce [8]. - Fidelity International suggests that global fund managers will likely invest more in Asia next year, driven by a weaker dollar and a sustained AI investment cycle [8]. Group 5: Positive Sentiment Towards Chinese Market - Despite ongoing concerns about an AI bubble, several foreign investment banks, including Goldman Sachs, Morgan Stanley, and JPMorgan, have expressed bullish views on the Chinese stock market, particularly in the tech sector [10]. - JPMorgan has upgraded its rating on Chinese stocks to "overweight," indicating a higher likelihood of significant gains next year compared to potential downside risks [10].