智通财经APP获悉，大摩发布研报称，中国股市整体前景仍偏审慎，并维持早前9月初下调主要指数目标的观点。
该行认为，当前国内需求前景依然脆弱，家庭去杠杆正转为信心驱动，即使借款成本下降，居民仍倾向减少债务并增加预防性储蓄，导致消费动力不足。而且，财政政策执行进度亦偏慢，今年前八个月一般预算支出同比仅增长1.2%，远低于全年4.4%预算目标。大摩经济团队预期，政府将通过针对性房贷补贴及加速能源基建投资等措施进行微调，但认为这些政策尚不足以扭转整体去杠杆循环。
尽管如此，大摩仍对部分具结构性机会的板块保持正面看法。该行维持对2027年6月的基准预测，包括恒生指数26550点;国企指数8900点;MSCI中国指数80点;沪深300指数4880点，意义主要中国指数未来仅有5%至7%的温和上升空间。报告强调，此较保守的前景主要基于两大因素：一是宏观数据转弱及GDP预测下调，显示企业盈利复苏将比预期更缓慢;二是流动性环境已不如3至6个月前有利。
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