中国股票策略：全球跨国企业中国情绪指数（2025 年第三季度）-关税休战与促增长政策推动指数改善-China Equity Strategy-Global MNCs China Sentiment Index (3Q25) Improved with Tariff Truce and Pro-Growth Policy Initiatives

Summary of Global MNCs China Sentiment Index (3Q25) Industry Overview - The report focuses on the sentiment of global multinational corporations (MNCs) towards China, specifically through the AlphaWise Global MNC China Sentiment Index for the third quarter of 2025 (3Q25) [1][2]. Key Findings 1. Sentiment Improvement: The sentiment reading for MNCs increased by 3 points from 2Q25, reaching a score of 31. The percentage of MNCs with a positive outlook rose to 61%, up from 58% in the previous quarter [3][4]. 2. Sector Performance: Out of 12 sectors, 8 showed a quarter-over-quarter (QoQ) improvement in sentiment. The Utilities, Consumer Staples, and Consumer Discretionary sectors experienced the most significant increases, while Energy, Real Estate, and Materials sectors saw declines [5][12]. 3. Regional Sentiment: The sentiment scores improved notably in the US (up 18 points), while Japan's sentiment dropped by 5 points compared to 2Q25 [3][28]. Thematic Insights - Consumer Sentiment: The Consumer theme saw the largest increase in sentiment, rising by 17 points. Labor, Regulations, Macro/Economy, and Supply Chain themes also improved, while Trade/Tariff and Cost themes declined [4][12]. - Macroeconomic Context: There is a general expectation of stabilization in 2026 following high returns in 2025, with moderate earnings per share (EPS) growth anticipated. The report emphasizes the importance of fundamental and thematic stock picking as China navigates its position in the global tech race [12][13]. Additional Insights - Investor Sentiment: Positive feedback from foreign investors regarding the Chinese equity market is noted, with expectations of continued net inflows into the market in the coming year [12]. - Geopolitical Considerations: Concerns regarding macroeconomic and geopolitical uncertainties were highlighted by various companies during their earnings calls, indicating a cautious outlook despite some positive trends [19][22]. Conclusion - The overall sentiment towards China among global MNCs has improved in 3Q25, driven by positive developments in trade relations and pro-growth policies. However, challenges remain, particularly in the macroeconomic landscape and geopolitical tensions, which could impact future sentiment and investment decisions [12][19].