Foreign investors continue to express optimism toward Chinese assets. On November 14, Citigroup raised its target price for TENCENT to HK$751 per share, reiterating a "Buy" rating. Bank of America Securities also maintained a "Buy" rating for TENCENT with a target price of HK$780 per share.
Morgan Stanley (MS) increased its target price for Bilibili Inc.'s U.S. shares from $23 to $25 per share, while Citigroup raised its target to $27 per share. CLSA lifted its target to $29.1 per share, maintaining an "Outperform" rating. Daiwa Securities also raised its target for Bilibili Inc.'s Hong Kong shares from HK$220 to HK$245 per share.
Additionally, JPMorgan significantly raised its target price for XPeng Inc.'s Hong Kong shares to HK$195 per share, and UBS increased its target for China Hongqiao Group to HK$38.60 per share.
Several foreign institutions have recently voiced confidence in China's stock market. UBS stated that Chinese equities offer favorable valuations and liquidity conditions, maintaining an "Overweight" rating. Executives from global asset managers such as JPMorgan Asset Management, Manulife Investment Management, and Temasek highlighted growing investor confidence in China's long-term market potential.
**Target Price Revisions in Focus** Citigroup noted TENCENT's strong execution in driving sustainable revenue and profit growth while advancing AI applications in enterprise and consumer sectors. The bank raised its target price from HK$735 to HK$751, reaffirming a "Buy" rating and identifying TENCENT as a top AI-themed pick.
Citigroup attributed TENCENT's Q3 growth momentum to high-margin businesses, including in-house developed games, Video Accounts, WeChat Search, and AI talent recruitment. Despite a 24% YoY decline in Q3 capex due to chip procurement constraints, the company continues investing in AI infrastructure and agent-based AI development within WeChat’s ecosystem, which is expected to yield significant future returns.
Bank of America Securities reported TENCENT's Q3 revenue rose 15% YoY to RMB 192.9 billion, exceeding expectations by 2%. Non-IFRS net profit grew 18% YoY to RMB 70.6 billion, beating market estimates by 7%. The bank praised TENCENT's execution, particularly in advertising and gaming, maintaining a "Buy" rating with a HK$780 target.
Morgan Stanley and Citigroup both raised target prices for Bilibili Inc.'s U.S. shares, while Daiwa adjusted its Hong Kong target. MS cited better-than-expected Q3 earnings, improved ad trends, and the success of the game *Escape from Duckov*. The bank raised its 2025 profit forecast by 14% and lifted its 2025–2026 EPS estimates by 2%, setting a new target of $25 per share ("Equal-Weight" rating).
Citigroup highlighted Bilibili Inc.'s Q3 ad revenue and adjusted operating profit beat, raising its U.S. target from $25 to $27 ("Neutral" rating). CLSA increased its 2025–2026 adjusted net profit forecasts by 14% and 7%, lifting the target to $29.1 ("Outperform").
JPMorgan doubled XPeng Inc.'s Hong Kong target to HK$195 and U.S. target to $50 ("Overweight"), citing AI-driven growth from Robotaxi, humanoid robots, and flying cars—though material revenue contributions are expected only from late 2026. The bank believes XPeng’s AI vision will positively impact its stock from Q2 2025 onward.
Citigroup maintained a "Buy" rating and $44 target for JD.com, noting Q3 revenue of RMB 299.1 billion (+14.9% YoY) surpassed estimates, with non-GAAP net profit at RMB 5.8 billion also beating forecasts.
UBS reiterated a "Buy" on China Hongqiao Group, raising its target to HK$38.6, citing tight global aluminum supply benefiting Chinese firms. Citigroup kept a "Buy" on Baidu ($166 target), highlighting Ernie 5.0 upgrades and upcoming self-developed chips at its 2025 World Conference.
Goldman Sachs reported Xiaomi’s SU7 Pro/Max delivery cycle shortening reflects manufacturing improvements, while Bernstein maintained an "Outperform" rating, recommending long-term investors buy at current valuations.
**Bullish Sentiment on Chinese Equities** UBS strategist Sunil Tirumalai projected emerging markets, led by China, to outperform U.S. stocks in early 2025, with full-year gains capped at 7%–9%. The bank favors Chinese consumer-facing AI stocks, which remain undervalued.
At the 2025 SSE International Investor Conference, executives from JPMorgan Asset Management, Manulife, Temasek, and EQT affirmed growing global confidence in China’s macroeconomic stability, policy support, and tech innovation. Temasek China Chairman Wu Yibing emphasized on-the-ground insights for capturing opportunities, while Franklin Templeton’s Tariq Ahmad called China’s valuations "compelling."
JPMorgan Asset Management’s Hugh Young described China as a "long-term story," dismissing concerns about missed opportunities. Manulife’s Patrick Poulin expressed optimism about China’s 15th Five-Year Plan driving corporate earnings and investment returns.