JPMorgan’s Zhang Xiaoning: CSI 300 Expected to Target 5,200 Points by End of Year

Odaily News: In an exclusive interview, JPMorgan China equity strategist Zhang Xiaoning told reporters that AI hardware supply constraints will last at least until 2028, and that mainstream tech companies' bond ratings are all at investment grade, making debt concerns an "overreaction." The bank continues to overweight Chinese equities, setting its end-2026 baseline target points for the MSCI China Index and the CSI 300 Index at 100 and 5,200, respectively, with bear-case scenarios at 80 and 4,000.

Zhang Xiaoning said the AI technology sector is expected to remain the core theme of the Chinese market in the second half of the year. JPMorgan expects AI to re-establish its market leadership, viewing the current pullback as a healthy rotation rather than the end of the AI cycle. Foreign investors remain most focused on the strength of macroeconomic policy support and the pace of implementation of the "six networks" investment. (21st Century Business Herald)