全球股票策略 -2026 年股票展望：股票方向与区域偏好-Global Equity Strategy _Equity 2026 Outlook part 1_ Equity Direction and Regional Preferences

he UBStargesfocat UBS targets imply very similar returns by end-2026 for Europe, EM and the US (with the TOPIX giving much lower returns). Equity markets overall: we target 1090 for MSCI AC World end-2026 (+11%). The key supports are: i) if AI increases productivity from 2028 half as much as TMT was temporarily perceived to have done, then we can easily justify 7000 on the S&P 500, yet we think Gen AI - 'the steam engine of the mind' - will increase productivity more than TMT did back in the late 1990s. We ...