[JP Morgan Zhang Xiaoning: Shanghai and Shenzhen 300 are expected to hit 5,200 points by the end of the year] On August 31, Zhang Xiaoning, JP Morgan China stock strategist, told reporters in an exclusive interview that AI hardware supply constraints will continue until at least 2028, the bond ratings of mainstream technology companies are all investment grade, and debt concerns are an "overreaction." The bank continues to overweight Chinese stocks and sets the benchmark target points for the MSCI China Index and the CSI 300 Index at the end of 2026 at 100 points and 5,200 points, with pessimistic scenarios at 80 points and 4,000 points. Zhang Xiaoning judged that AI technology is expected to remain the core theme of the Chinese market in the second half of the year; JPMorgan Chase expects AI to re-establish its market leadership, and the current correction is a healthy rotation rather than the end of the AI ​​cycle. What foreign investors are most concerned about is still the underpinning strength of macro policies and the pace of implementation of the "Six Networks" investment. (21 Finance)