UBS's latest outlook gives global stock markets a "reassurance" in 2026: it is expected that there will be 15% upside for the whole year, and the economic fundamentals will form a double support with policy support. From a regional perspective, the US, China, Japan and European stock markets all have upside potential, among which the United States will directly benefit from the technology, health care and other sectors with steady economic growth and loose fiscal and monetary policies; The Chinese market is particularly eye-catching, with the technology sector defined as "one of the world's most important opportunities", with 37% earnings growth expectations, abundant liquidity and retail capital inflows being the core drivers. In the main direction, AI and technology are still the first driving forces, and the increase in capital expenditure and technology popularization will continue to release momentum, but we need to be vigilant against the risk of local bubbles. UBS suggests that investors can allocate 30% of their positions in the portfolio to structural tracks such as AI, longevity economy, and power resources, and focus on Asian stock markets if they seek diversification.