外资将继续增持中国资产！汇丰匡正：以韧性应对环球新变局

Core Viewpoint - The global market in 2026 is expected to focus on resilience, with an emphasis on Asia and opportunities within and outside the AI ecosystem [1][2] Group 1: Investment Themes and Strategies - HSBC's investment theme for Q1 2026 is "Resilience in Response to Global Changes," reflecting a diversified regional strategy and a reduction in the overweight position in the US market [2] - The "barbell strategy" for the A-share market includes maintaining positions in high-tech growth sectors while also investing in high-yield quality stocks to balance policy direction and potential uncertainties from overseas markets [4] Group 2: Asian and Emerging Markets Outlook - Asia is highlighted as a key growth engine, with positive policy factors expected to continue supporting the Chinese stock market in 2026 [4] - Emerging markets like the UAE and South Africa are noted for their attractive valuations and structural opportunities, indicating a shift of global funds towards these regions [5] Group 3: Foreign Investment in China - There is a trend of foreign investors under-allocating to Chinese assets, primarily due to a focus on short-term trading opportunities rather than long-term structural factors [6] - The potential for China's technology sector to enhance its valuation and the global diversification trend are seen as significant variables for future foreign investment [6] Group 4: AI Ecosystem Opportunities - The rapid adoption of AI is expected to be a major theme in 2026, with opportunities extending across various industries, including finance and utilities, driven by digital infrastructure and power demand growth [7][8] - The healthcare sector is also positioned favorably due to attractive valuations and advancements in medical innovation [8] Group 5: Market Sentiment and Risks - HSBC maintains a moderate risk appetite for the global market, with no signs of a slowdown in AI-driven investment trends [9] - Key risks include potential delays in US interest rate cuts and challenges in the AI supply chain, which could impact asset prices and corporate profitability [9][10]