Core Viewpoint - Morgan Stanley's 2026 outlook for China's economy and stock market indicates a significant shift in global investors' perception, moving from a market lacking clear growth potential to one rich in growth opportunities, particularly in sectors like AI, new consumption, automation, and biotechnology [1][2]. Group 1: Foreign Investment Trends - Foreign investment sentiment towards the Chinese market is improving, with expectations for continued inflows in 2026 following a substantial valuation recovery in 2025 [2]. - The MSCI China Index has shown significant valuation recovery, marking a milestone for A-shares and Hong Kong stocks, leading to a renewed interest from global investors [2]. - Passive funds have seen a notable increase in inflows, while active funds remain cautious, with less than 5% of their global investment capacity allocated to Chinese stocks [3]. Group 2: Positive Economic Changes - Three positive changes in the Chinese economy have emerged since the "9·24" policy shift: 1. Enhanced policy responsiveness, with a focus on development and flexible adjustments [4]. 2. Resilience and innovation among Chinese enterprises, showcasing advancements in AI, smart vehicles, and biopharmaceuticals [4]. 3. A shift in global investor focus from dollar assets to diversified allocations, with a growing interest in China's tech innovations [4]. Group 3: Policy and Infrastructure Investment - The 2026 fiscal policy is expected to prioritize infrastructure investments in new areas such as underground pipeline renovations and green transition projects, driven by carbon reduction goals [5]. - Increased support for consumption through measures like birth subsidies and social security enhancements reflects a flexible and rich policy toolbox [5]. Group 4: Market Dynamics and Investment Strategy - The market's driving logic is set to change in 2026, with a completed valuation recovery and a stable, reasonable valuation level that can attract new capital [7]. - The anticipated easing of global liquidity, including three expected interest rate cuts by the Federal Reserve in the first half of 2026, will support stock assets [7]. - Investment strategies should focus on high-growth sectors aligned with China's long-term development, such as high-end manufacturing, AI, and biotechnology, while also including quality dividend-paying sectors like insurance [7].

证券代码：603416 证券简称:信捷电气 公告编号：2025-025 无锡信捷电气股份有限公司 关于设立产业投资合伙企业的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 投资标的名称：无锡捷智联创产业投资合伙企业（有限合伙）（拟）（以 下简称"捷智联创"或"合伙企业"）。 ? 投资金额：无锡信捷电气股份有限公司（以下简称"公司"）以自有资金 出资 4,975 万元人民币，担任有限合伙人，认缴额度占合伙企业募集总额的 ? 本次交易经第五届董事会第九次会议和第五届监事会第九次会议分别审 议通过，无需提交股东会审议。本次交易与公司不构成关联交易，不构成重大资 产重组。 ? 相关风险提示：本合伙企业仍处于筹备设立阶段，后续尚需履行市场监 督管理部门等登记注册、备案等手续，具体实施情况和进度存在一定的不确定性； 本合伙企业在后期运营过程中，所投资项目可能受到宏观经济、产业政策、投资 标的运营管理等多种因素影响，投资进展及项目完成情况存在一定的不确定性， 存在投资收益不及预期或亏损的风险。 一、对外投资概述 （ ...