Zhang Xiaoning, a Chinese stock strategist at J.P. Morgan Chase, told reporters in an exclusive interview that AI hardware supply restrictions will continue until at least 2028, mainstream technology corporate bond ratings are investment grade, and debt concerns are an “overreaction.” The bank continues to overbalance Chinese stocks, setting the benchmark target points for the MSCI China Index and the Shanghai and Shenzhen 300 Index at 100 points and 5,200 points at the end of 2026. The pessimistic scenario is 80 points and 4,000 points. Zhang Xiaoning judged that AI technology is expected to remain the core main line of the Chinese market in the second half of the year; J.P. Morgan expects AI to re-establish its leading position in the market, and the current pullback is a healthy rotation rather than the end of the AI cycle. What foreign investors are most concerned about is still the strength of macroeconomic policy support and the pace of implementation of the “six networks” investment.

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