Internet reports that this morning, the MSCI China Index rose, expanding to 20% from its April low. Judging from the current situation, the bullish trend in China's stock market is indeed increasing. Morgan Stanley said investors are particularly concerned about new technologies and new business models in the China market, especially new consumer themes and artificial intelligence/technology-related themes. Investors have also given more recognition to China's improvement in global technology competition, such as breakthroughs in artificial intelligence and progress in fields such as electric vehicles, batteries, and humanoid robots, and have begun to rethink the strategy of simultaneously investing in Chinese and American markets in a multipolar world. In terms of exchange rates, Morgan Stanley has shifted its view of the RMB against the US dollar from depreciation to appreciation. This shift reflects its expectation of a weakening U.S. dollar, which is expected to fall to 89 by the end of 2026. At the same time, the euro is also expected to appreciate by more than 10% against the US dollar. However, Morgan Stanley expects the appreciation of the RMB against the US dollar to be relatively moderate by the end of 2026, possibly reaching 7.05. (Jin Shi)