炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 本报记者 刘 琪 进入12月份，人民币对美元汇率保持上升势头。 Wind数据显示，12月3日，截至16时30分，离岸人民币对美元汇率盘中升破7.06，最高升至7.05625，创 去年10月10日以来新高；在岸人民币对美元汇率也在向7.06靠近，盘中最高升至7.0613，亦为去年10月 10日以来新高。另外，中国货币网数据显示，12月3日，人民币对美元汇率中间价较前一交易日调升40 个基点报7.0754，为去年10月15日以来新高。 财信金控首席经济学家伍超明在接受《证券日报》记者采访时认为，随着美国就业市场降温，美联储降 息信号由模糊不定、争议分歧大逐渐变为大概率降息，导致美元指数整体波动下行，为非美货币创造了 升值空间。 数据显示，11月25日，美元指数回落到100以下，随后持续下行。民生银行首席经济学家温彬对《证券 日报》记者表示，由于美国GDP（国内生产总值）等重磅数据将于12月份议息会议后公布，本月美元指 数有可能呈现先下后上走势。全月来看，美元的走势变化可能对人民币汇率运行带来一定的扰动，不 过，总体而言影响或不会很大。 "国 ...

Group 1 - UBS analysts predict that emerging market stocks may continue to outperform US stocks in the first quarter of next year, but returns will slow down thereafter, with annual gains limited to 7% to 9% [1] - The firm maintains an overweight rating on Chinese stocks, favoring China over India, Indonesia over Thailand, and internet stocks over automotive stocks [1] - The report highlights that emerging markets present multiple opportunities, with China being a key overweight for the second consecutive year due to attractive micro and capital flow conditions [1] Group 2 - UBS expects the MSCI Emerging Markets Index earnings to grow by 18% in 2025, followed by growth of 15% and 10% in the subsequent two years, driven by AI [1] - The valuation is above the 10-year average by 0.7 standard deviations, but visibility on growth and lack of yield resistance should help achieve approximately 8% returns in 2026 [1] - On a macro level, UBS believes that the stability of the US dollar may limit broad positive factors for emerging markets, as the market has almost fully priced in the Federal Reserve's interest rate cuts [2]