新兴市场股票策略指南：下调中国市场评级-EM_Equity_Strategy_Compass_Tailwinds_Aligning-EM_Equity_Strategy_Compass

Vi e w p o i n t | 22 Dec 2025 18:15:17 ET │ 39 pages EM Equity Strategy Compass Tailwinds Aligning CITI'S TAKE We remain Overweight EM equities in a global context and see c.13% upside for the MSCI EM in 2026. Our constructive stance rests on three aligning tailwinds: (1) solid fundamentals (consensus forecasts +17% EPS growth), which could justify extended valuations; (2) Fed easing coupled with "goldilocks" global economic conditions; and (3) continued support from the AI thematic. Key risks to our outlo ...