UBS(US:UBS) 中国基金报·2026-01-14 13:30Group 1: Core Views from the UBS Greater China Conference - The 26th UBS Greater China Conference (GCC) held in Shanghai focused on the theme "New Frontiers: Recognizing Changes and Seeking Growth," discussing the interaction between China's mid-term economic trends and global growth, trade patterns, and capital market cycles [2] - The conference emphasized China's positioning in the artificial intelligence (AI) industry chain and the continuous breakthroughs in technology [2] Group 2: Optimistic Outlook for the Chinese Stock Market - UBS analysts expressed optimism for the Chinese stock market in 2026, citing improvements in the macro environment, strong policy support, optimized market structure, and ongoing capital inflows as key factors [5][6] - The Chinese stock market is expected to experience another "bumper year," supported by strong innovation capabilities, supportive policies, ample liquidity, and potential capital inflows [6] - The correlation between macroeconomic performance and stock market performance has weakened due to structural optimization, with innovation-driven sectors expected to lead market growth [6][7] Group 3: Earnings Growth and Sector Preferences - Earnings per share (EPS) in the market are projected to grow by approximately 10% in 2026, driven by revenue growth, share buybacks, and improved profit margins [7] - The A-share market is expected to see an earnings growth of around 8%, with a shift in growth drivers from the financial sector to a broader range of non-financial enterprises [7][8] - Analysts favor sectors such as AI (especially hardware and semiconductor equipment), leading internet companies, brokerage firms, and companies with strong international capabilities [7][8] Group 4: IPO and M&A Market Trends - The IPO market in Hong Kong is expected to remain active in 2026, with over 300 companies having disclosed listing applications, indicating a potential increase in financing scale compared to 2025 [10] - The M&A market is anticipated to continue its active trend, driven by domestic state-owned enterprise restructuring, large private equity transactions, and a rebound in cross-border M&A activities [11] - Private equity funds are increasingly focusing on European consumer goods, specific healthcare, and high-end manufacturing assets, providing opportunities for local investors [11] Group 5: Macroeconomic Outlook - China's GDP growth is projected to be around 4.5% in 2026, with inflation expected to recover and the Consumer Price Index (CPI) forecasted to rise to approximately 0.4% [14] - The investment sector is likely to see a recovery in infrastructure investment, supported by low base effects and policy coordination [14] Group 6: Developments in the AI Industry - The Chinese AI industry is expected to continue its significant progress, with improvements in model capabilities and the expansion of application scenarios [16][17] - The probability of an "AI bubble" similar to that in overseas markets is considered low, as leading model manufacturers rely on existing business cash flows for R&D support [18] - The commercialization of AI agents is expected to develop gradually, with a three-stage evolution process anticipated [18]