On August 31, Zhang Xiaoning, a China equity strategist at Morgan Stanley (Note: Here it should be Morgan Stanley instead of J.P. Morgan as the title suggests Morgan Stanley), expressed that supply limitations for AI hardware are expected to continue at least until 2028. Presently, the bond ratings of mainstream tech companies are all classified as investment grade, and market concerns regarding debt are deemed an "overreaction." Morgan Stanley maintains a positive stance on Chinese stocks, setting benchmark target levels for the MSCI China Index and CSI 300 Index at 100 points and 5,200 points, respectively, by the end of 2026. In more pessimistic scenarios, these targets are set at 80 points and 4,000 points. Zhang believes that AI technology will persist as the central theme in the Chinese market during the latter half of the year. Morgan Stanley anticipates AI to regain its leading market position, viewing the current market pullback as a healthy rotation rather than a sign of the AI cycle's conclusion. Foreign investors continue to focus primarily on the robustness of macro policy support and the pace of investment implementation in the "six networks."