[UBS: Continuing to Trade the AI Narrative is Reasonable, Maintains Overweight Position in Chinese Market] Sunil Tirumalai, UBS Chief Strategist for Global Emerging Market Equities, stated that global economic growth is expected to recover by early 2026. Factors such as fiscal expansion in developed markets, the Federal Reserve's balance sheet expansion, and stablecoin accumulation are keeping long-term yields under control. Investments in technology/AI are likely to continue, as the current phase is still in the early stages of the technology/AI cycle, with the overall environment being approximately 1.5 to 2 years before peaking. AI-related stocks are expected to maintain earnings per share growth of over 20% in 2026, returning to normal levels by 2027. In emerging markets, AI beneficiaries account for approximately 23% of the index, contributing to a return rate of over 42% by 2025. Sunil Tirumalai believes that Chinese companies are uniquely positioned as consumer-facing AI stocks within emerging markets, with valuations not having significantly rebounded. MSCI China remains UBS's primary overweight market among major markets.