中国股票策略：开辟新视野

Investor Presentation| Asia Pacific Laura WangEquity StrategistLaura.Wang@morganstanley.com China Equity Strategy: Forging New Horizons Chloe LiuEquity StrategistChloe.Liu1@morganstanley.com Vicky WuEquity StrategistVicky.Wu@morganstanley.com Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision. For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. INVESTOR PRESENTATION M O R G A NS T A N L E Y R E S E A R C HAsia/Pacific China Equity StrategyForging New Horizons Morgan Stanley Asia Limited+ Laura WangEquity StrategistLaura.Wang@morganstanley.com+852 2848-6853 Chloe LiuEquity StrategistChloe.Liu1@morganstanley.com+852 2848-5497 Vicky WuEquity StrategistVicky.Wu@morganstanley.com+852 3963-3928 Exports continue to anchor cyclical growth, positioning China’s electronics and renewablesupply chains as direct beneficiaries China has been widening its lead in global export since 2022; We expect further accelerationgiven China’s best positioning in global AI/Energy Capex super cycle supply chain China likely to contribute 16.5% of globalexport market share by 2030… …while continuing to play a critical role in globalsupply chain despite diversification Consensus earnings estimates for MSCI China and CSI300–We expect further downwardrevisions for 2026 EPS but at decelerating speed Source: IBES,Datastream, Morgan Stanley Research. Note: Weekly data as of June 4,2026. We see stronger exports growth benefiting from global AI/Energy Capex super cycle; More clarityneeds to be seen to call a sustainable reflation Recovery emerging in secondary property prices across select tier 1 cities, while the nationalmarket continues to lag MSCI China trades at 11x 12-month forward P/E, ~8% discount vs. MSCI EM US-China relationship–We expect the truce to continue with selected relaxation re trade andtech restrictions; Overall a positive catalyst for equity market but not a game changer Foreign mutual fund flows strengthened further in 2026, YTD inflows reaching 60% of full-year2025 level, though still largely driven by passive funds Hong Kong IPO fund raising hit US$37bn and US$23bn in 2025 and 2026 YTD, respectively,making Hong Kong one of the most active IPO markets globally CSI 300 trades at 14.5x with ~32% valuation premium to MSCI China We stay OW on A-shares vs. offshore China–Bigger concentration in high-end upstream anddeep tech space while National Team stands by with deep pocket National team retains significant dry power afterselling ~US$88bn in Jan-Apr 2026 Key recommended trades for the next 6-12 months -Overweight A-shares vs. offshore;-Morgan Stanley China/Hong Kong Focus List and A-share Thematic Focus List;-ChinaBest Business Model;-China's Global Export Champions;-Event-driven tactical trade of Stock Connect Southbound inclusion/deletion. Morgan Stanley China/HK Focus List Appendix–Morgan Stanley cross-asset allocation and key forecasts Appendix–Morgan Stanley global real GDP growth forecasts Appendix–Morgan Stanley CPI forecasts Appendix–Morgan Stanley policy rate forecasts Appendix–Morgan Stanley global currency forecasts This report references U.S. Executive Order 14032 and/or entities or securities that are designated thereunder. U.S. personsmaybe prohibited frombuying certain securities of entities named in this report. Readers are solely responsible for ensuring that their investmentactivities are carried out incompliance with applicable laws. This report references export controls and/or entities that may be subject to export control restrictions. Readers are solelyresponsible for ensuringthat their investment or trade activities are carried out in compliance with applicable laws. Disclosure section The information and opinions in Morgan Stanley Research were prepared or are disseminated by Morgan Stanley Asia Limited (whichaccepts the responsibility for its contents)and/or Morgan Stanley Asia (Singapore)Pte.(Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H),regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contactedwith respect to any matters arising from, or in connectionwith, Morgan Stanley Research), and/or Morgan Stanley Taiwan Limited and/or Morgan Stanley & Co International plc, Seoul Branch,a