A-shares are positioning themselves as the primary vehicle for Chinese household wealth, serving as a long-term alternative to real estate, according to UBS. Broad tech remains the dominant near-term growth theme, Meng Lei, China equity strategist at UBS Securities, wrote in a note. Earnings growth and sustained capital inflows could drive further upside. While favoring growth stocks in a "slow bull" environment, UBS also prefers cyclical sectors benefiting from recovering PPI and industrial profits, and remains positive on small-caps amid ample liquidity.(金十数据)